All Forum Posts by: Larry Smet

$17,500 for a duplex in Chicago - 2 x 3 bed/1bath but it needed to be gutted...

I'd say $100-140k, depending on finishes and who you get to do the work... this is Chicago after all...

 Hi Luke

I invest in Chicago from out of the country as well - I'd be happy to share some of my experiences and contacts with you - feel free to PM me.

To answer your questions:

1.  Yes, there are lots of foreigners (in the US even people living in other states are considered foreigners) investing in US real estate.  You need to be extra careful investing from a distance.  It's absolutely critical to have a very solid team in the exact area that you will be investing in and do as much due diligence as you can.

2.  Yes, you can use wires to transfer money directly to escrow accounts.  It's very handy for people like us living out of state.  As others mentioned you will need to find an attorney you trust in Chicago because you will need to use one and you will have to provide limited Power of Attorney for the transaction, unless you plan to go to Chicago for every close.

Hope that helps.

Good luck and let us know how it all turns out.

Thanks @Dumitru Anton

But this 2-flat is larger - the ground floor unit is a 3 bedroom unit. My property manager has been talking to the VA guys.... good suggestion.

Thanks for calling me out @Brie Schmidt, however I've been very displeased with the last 2 people I've used for my 2 latest flips.... If anyone has suggestions, I'm ready to get them too!  Having said that, I know someone who may be able to help - please PM me and we can discuss offline.

In addition, I'd check with your GC (if you have one) and your broker for any suggestions.  Depending on what is actually needed, they may not require full-blown architectural drawings and you may be able to get away with something much more basic - you should check.

Thanks Buy and Hold Gal @Teresa F.

Those suggestions are really appreciated!

@Walter Pape- not a lot, maybe an extra $1,000 for widening doorways and putting in a roll-in shower.  I was doing a gut rehab though so it would depend.  Long term the numbers look great... on paper, but so far there's been some issues getting it rented.  I need to get my property manager to follow up with some charities, etc. as others have mentioned.

@Alden Atienza- thanks - good suggestions!

Thanks @Account Closed - good suggestions.  What about Veteran's Affairs / Veteran's Administration?  Do you think they assist in that way?

Does anyone know if there's any organizations that assist people with disabilities find properties modified to accommodate them? Or alternatively if there's a targeted place to advertise?

We have a 2-flat (duplex) in Chicago where we modified the ground floor unit to be accessible (wider doors throughout, roll-in shower, etc.) when we did the rehab - a competitive advantage since almost all multifamily properties in Chicago have steps leading up to the first floor and can't be modified that way.  

Ideally we would find a Section 8 tenant or one who is subsidized through an organization that assists people with disabilities.  Thoughts?

Check out BP's hard money lender list and start calling all those listed for Illinois or nation-wide.