All Forum Posts by: John Weidner
John Weidner has started 16 posts and replied 691 times.
Post: Advice on Buying in Englewood Chicago
- Chicago, IL
- Posts 710
- Votes 200
Originally posted by @David Zhang:
Hi Kendra!
I will fully admit that Englewood is not the nicest neighborhood to invest in, but the value and potential is definitely there. The area has hit rock bottom since the housing bubble collapse, but that only means there's no where to go but up! I currently live in Chicago, and am actually wrapping up a fix and flip in Englewood with some great margins(for me at least).
The house was bought for 48k, we put about 90k of repairs into it for a total of 138k, and we put it up on the market for 185k. 2 weeks later, we had it under contract for 182k, for a total gross profit of 44k. Factor in closing costs and some credits to the buyer, and we're looking at at 35k net. Not too bad in the "murder capital of the US"!
Do be warned though, other investors aren't suggesting you shy away for nothing. We had a break-in late December and had about 4k worth of damages, as well as another attempted break-in 2 weeks ago while it was under contract. The area definitely requires someone on site to monitor the apartment and respond to any alarm signals. PM me if you'd like any more information or advice. Good luck with your investments!
Regards,
David
Did it really close with only $9K in closing costs? Did you use a discount broker or something? 5% is $9K right there for commission + title, taxes, transfer taxes, survey, etc. etc.
Post: Where to find framing contractors who aren't general contractors
- Chicago, IL
- Posts 710
- Votes 200
@Account Closed
Its a good point about the yards
Alot of pro framers I know who do high volume use 84 Lumber and smaller regional type yards not the Menards etc.
Post: Where to find framing contractors who aren't general contractors
- Chicago, IL
- Posts 710
- Votes 200
To be honest should be one of the easiest to sub. They are basically carpenters
my recommendation is drive around your area and stop at new construction going up and stop the framing crew ask for the boss and tell him what your looking for.
Most framing contractors have GC license. You can sub a GC for framing. framing contractors sub for other GC's
Seen some bad framing jobs recently so make sure you vet them out especially if your doing a pop top
Post: Possible issues with paying Property Taxes late?
- Chicago, IL
- Posts 710
- Votes 200
You can pay them late - it's listed on the bill what you will owe and it goes out 2 mos exactly
Post: Chicago newbies earn 85k on no money down flip!
- Chicago, IL
- Posts 710
- Votes 200
Big difference between $85K and $12.5K.
Would still like to understand why someone is coming on here saying "Hey" we made $85K in Englewood!! No Money down etc. etc. Then 2 wks later its $12.5K.
Post: Chicago newbies earn 85k on no money down flip!
- Chicago, IL
- Posts 710
- Votes 200
The numbers are what they are and it's good you were profitable.
I have 1 question. Why is @Aaron Vaughn titling a thread "Chicago newbies earn $85K on no money down flip" when your profit was just $12.5K profit?
$85K is was different than $12.5K for profit you just clarified.
Post: Range cost to build a 2-car framed garage in Chicago
- Chicago, IL
- Posts 710
- Votes 200
I would budget at least $12K depending on siding type and if you add gutters.
Permit cost is $550
Post: how do you discourage tag-along boyfriend occupants
- Chicago, IL
- Posts 710
- Votes 200
I'm with @Kelsey Breedlove who cares if they pay rent and don't destroy the place
I see this as a Non Issue
Post: Tenant Skipped paying last month and left a mess....
- Chicago, IL
- Posts 710
- Votes 200
it's the Grind.
Clean the place up and move on.
Follow local procedures on the SD so you don't get sued.
Post: Kitchen Reno - Who Buys Cabinets
- Chicago, IL
- Posts 710
- Votes 200
6-8 wks on cabinets?
Too long - you need to find a shop that can deliver in 1-2 wks. What you want to buy is MTO Chinese Cabinets in Shaker White or Expresso
I buy my own and I'm there when they deliver