All Forum Posts by: Keishee Hill

@Mike Wood yes it's a SFR home.

@Shadonna N. I'm doing a 203k loan and the repairs have to go through the contractor. I asked the contractor remove it from the estimate (so I could take care of it on my own), but the contractor said she can't because it's a safety issue. But could I tell her to use a repairman that I know to install the doors? Or will this not fly with the lender? 

Per the estimate, the doors are $350 each, so it's really the labor that I feel is ridiculous. 

I am rehabbing a home in the Chicago area and my contractor said that I have to replace the doors from the garage with fire rated doors. On the estimate, the price is $1,900 for materials and labor. That seems a little high to me. I am sure there is some contractor mark up in the price, but is the amount reasonable to install 2 fire rated doors?

Welcome @David Rogers! I'm an investor in Chicago and I'm also a CPA. PM me so we can discuss your taxes. 

@Rory Boone did you ever find a PM? 

@Mark Ainley will you please send me a PM with your contact as well.

@Keith Anderson I do not have a recommendation, but I would say stay away from John Sulek. I used him and he failed to recognize that the entire basement was filed with mold. The inside of the wood paneling in the built in cabinets down there were even rotten. He also said the roof was leaking because one shingle needed to be replaced, but that did not explain why every room and bathrooms in the upstairs had water marks running down the walls. I could even tell that the entire roof was bad. He said that he checked the foundation and it was fine. But there was a huge crack in it, which was allowing the mold to harvest (with the addition of the leaking water main, which he did not notice either). He also did not want to talk during the inspection or answer any questions. He kept telling me it will all be in the report.

Going through a broker will always cost more because they have to add their fees on top of the lenders fee. The option you have of going through a broker they can shop around for the best rates and run your credit once. Also, if they see the financing is going sour and might not meet the closing date, they can switch lenders. Going straight through a bank, you would have to start over and risk having the deal fall apart.

I have only used guaranteed rate for my personal home not for investing so I am unable to tell you how they are on that end. But they were fine for my residence. They had me a little stress at the end, but they were able to get the financing by the scheduled date.

@Victor Olowu

 which loan company did you use in Chicago to obtain your 203k financing?

Some of the best interest rates and fees that I have found with hard money loans only have a 6 month loan term. Is this enough time for a beginner fix and flipper?