All Forum Posts by: Larry Smet

Locals.... and investors that may not be so local @Mark Ainley   ;-)

Welcome @Dan Wood 

Hi @Linda Quinton , if you "follow" the person you're interested in you'll see what they post.  You can keep track of them that way.

PS - Good to see a fellow Aussie on BP (although I'm only a citizen by descent)!

And how much deferred maintenance have these properties gathered over the years? Each of these properties could easily need gut rehabs. Your theoretical 35% COC drops pretty fast when you don't have any tenants and have a big rehab bill coming out of the gates....

Welcome @Christopher Malone 

Don't forget to set up your key word searches (i.e., for "Chicago"!) to gather more intel and make additional connections with folks in your market.

Hi @Tim Key 

I'll second the recommendation to find a good realtor.  We've found all our flips through realtors (however, some of those were through my broker's contacts who were wholesalers).

You can also get leads from others on your team as well (inspector, attorney, contractors) because they're always around real estate and good ones keep a look out for deals.

Don't forget having a good general contractor on your team. If you have a handle on the ARV (from your broker's comps or CMA) and you conservatively estimate your holding costs (always assume it's going to take a little longer that you think!) - then the only other factor you need is to accurately estimate the rehab costs.... and throw a contingency in there, just for good measure. ;)

I'd recommend you also read J Scott's books on flipping and estimating rehab costs.  Both books are excellent.

Happy flipping,

Larry

Welcome @Scott Krueger 

Don't forget to listen to all the BP podcasts - they're a treasure trove of info.... and of course to ask questions  :)

Happy investing!

Hi @Kortez Walker 

We're actively flipping in Chicago but Chicagoland is a big place with a huge range in prices - what type of properties and end purchasers are you aiming for and what areas or price ranges are you looking at?  On the north side it's significantly more expensive and we're typically selling to owner-occupants, on the south side it's typically less expensive and we're selling more to investors (or owner-occupant investors who plan to house hack a small multifamily property).

Happy investing

Hey Josh

Welcome to BP.  As Brandon Turner said, don't forget to listen to the podcasts - it's a great way to see how many ways you can make money in real estate.

Happy investing

Larry

I've used Robert Kahn from the firm Sanford Kahn.  they specialize in evictions

His number is 312.263.6778

Hi Elliot

Illinois is an attorney close state - in Chicago you don't close at a title company, your attorney does.  And you'll find that most attorneys have a favorite title company that they work with.

Closing costs are extremely expensive in Chicago (as you're finding out) so I agree with  the other comments - you want to assign any deals that you find, not do double closes.

Good luck

Larry