All Forum Posts by: Kevin Kong

@Crystal Smith  Thanks for the reply!  I do know about zoning and everything that i have to get done that may be a problem.  I talked to many people and they all seem to not know how to go about this because what I'm looking for has never been done in the US expect California.  I went to illinois.gov website to look at the applications and zoning.  I do plan on calling the city hall of the area and see what steps i need to do.

@John Clark Thanks John!  The current place I'm looking into is currently an office space that I'm looking into converting and using it for my business.  Hopefully I wont get hit with some crazy penalties or anything but just in case maybe ill contact a lawyer and make sure my backside is covered.  Thanks for the help

@Eric M. thanks for the info.  Ive been searching high and low for the space i need for the idea i have. Yes those rules and regs are going to put me in a little bind but its not something i cant overcome.  I just need to figure out where i need to invest.  It seems like i might have to buy and build.

@Jason Albasha thanks for the info jason.  I didnt know there are special regulations for that.  I have a friend who works in the insurance field and specializes in the area that im trying to run.  It is not a nursing home or student stay but i do need the rooms for a type of stay.  I will look into that and figure more stuff out.  Also would you or anyone know any good commercial brokers?   

@Jason Albasha hi Jason my budget for lease would be from 3.5-10k monthly depending on sqf per room. For buying I would like To be under 900k. Again I want to build sweatquity Incase my idea doesn’t pan out, which is highly unlikely since I’m amazing, I can utilize it for something else such as rentals, Airbnb or just convert it back to offices to rent out.   I have several investors who are interested in my business and I have cash on hand Incase I need to put a down payment for lease option or even a down payment for purchase granted it’s the right price.   I’m willing to look at any property even if it is a little larger. If it’s more money I just have to talk to my investors to see if it’s viable for us or not. 

HI everyone!  I need help looking for some buildings in order to propel my business.  What I'm looking for are specific traits for the building that might be a little hard to find.  What I'm looking for is basically a motel/hotel but for a different reason.  I will be housing people but for a short stay. Roughly two weeks at a time. I also need to remodel them to be customized to my design for the business.  I talked to a RE Broker and he told me i might be looking for a commercial broker.  I would like to lease a building with a 3-5 year term to see if my new business adventure works out or if i can find a nice enough building to purchase that can harvest my ideas I'm willing to take a look at those too.  If i am Going to purchase I would like for it to be in not good shape so i can add sweatquity.  Even for leasing Im willing to find a not so nicer place and fix it up myself if the price is right. The areas I'm currently looking at are in the Chicago north suburbs or northwest.  Glenview, Northbrook, Deerfield, Wheeling, and pretty much those surrounding areas.

Needs:

10-100 Rooms around 200-400sqf

Each room needs own bathroom and shower (its okay if not but must be okay to add)

Area for facility should not be near any trucking commerical places.  Needs to be some what quiet for relaxation

Needs office spots for admin and accounting.

Needs common area

Needs full commercial kitchen

Parking Lot

These are some of the things I need from this building.  I dont mind to put in sweatquity and add these things if needed.  As long as the price is right.  Also if there are rooms that are HUGE but can be broken down into two rooms i dont mind that as well. If anyone has any leads or needs more information please DM me and I will respond as quick as possible.  I can be pretty creative when it comes to this and i do have a vision that i want.  Thanks again for your help!

Hi @Karen Bivans thanks for commenting on my post! I actually just asked about the loan to the person that is helping me look for my first property and it might not be a good fit for me. I think my financials wouldn't be a good fit at least. I think FHA with 203k is the way I'm probably going to go.

@Daniel Cullen thanks for the advice!  I never really thought a contractor would do that but then again you really can’t trust a lot of people these days.  You’ll definitely be hearing from me asking a bunch of questions so thanks in advanced for your patience. 

@Victor So oh I see. Nice maybe I can gather a list of my own and find some investor realtor to help me in my journey. I will definitely look into this meeting with Brie. That would probably help me an enormous amount. Thanks again!

@Victor So thanks for the advice!  Do you have any references for agents in the area??

@Victor So thanks for the reply! Would you prefer conventional loan or the 203k loan? I want to put at least 5% down so I may refinance and hopefully try to get a lower APR. I was listening to the BP podcast and they recommended to put at least 5% so you don't get locked into the interest rate for 30 years. Also should I do a turn key in Chicago? I would want to live where I work so the areas I'm looking into are Bucktown, wicker park, UK village, west town, Avondale, Logan square. I walk my dogs at night and I don't want to get jumped while walking them lol.