All Forum Posts by: John Weidner

highly certain of the ARV but too slim for me. Just wondering what people were thinking when they enter a property project like this with such slim margins.

So I've been chasing this property for over 2 mos. It keeps going on and off Homepath. Im a broker so I put my own offers in.

Listed: 149K

Purchase Price "at least" 191K (might go higher)

Repairs 62K (had my GC stop by to confirm my ball park #'s)

Purchase Costs 3600

Selling Costs 12800

Carrying Costs 5000

Reserve 5000

-----------------

All in 279K

ARV - 295-305K (confirmed mls comps)

Place was frantic today. They had like 30 offers. I was there today and there were 10 other parties when I was there for 45mins

I got home tonight after the gym and prepared to make an offer then my senses kicked in and I decided to not waste an hour of my time and instead search for other properties. Bid ended at Midnight 3/13

Would you invest $279K to make a potential 15K in 12wks?

$15-20K at least for the dig down and waterproofing maybe more

I could use a $29/sq Granite guy in Chicago area if anyone has a recommendation

@Andy Luick

Care to share these 20% return opportunities? Would love some insight

@Mark Ainley

Not many PM companies willing to pick up a single 2 Flat in grand crossing for $100 and change per month. Most want a portfolio to even entertain PM'ing. Assuming also your expansion into the suburbs is South or very far (north)west?

@Alex Heifetz I guess I don't see this as a bad investment. You got me curious on this one please send me the address I may have time to do a drive by for you. I'm also a broker so if it's MLS listed I could open the door

@Robert Taylor I've painted with everything. I don't paint my rehabs but rentals I've used Behr

I think Sherwin Williams is easiest to paint with. I think it cuts the best.

@Tim G. What kind of actual costs for the basement tear out and paint. I'm lining up a project here and the basement approach looks very similar to your execution. I was going to do the exact same thing

I also think you did ok on the roof and aluminum work price wise

$3000 labor would probably be my budget for a top quality job plus paint. I'm going $500 over for the priming

A bad paint job will kill your rehab

2 points - you don't use off white on a ceiling and Behr is not a pros choice. Sherwin Williams or Benjamin Moore. Personally I would use SW eggshell. There is a pro finish I can't recall the name that any pro painter with volume should get for about $18 per gallon.

Some good advice. Keep in mind your alternative is to fork over $350K plus on a N or NW side bldg and probably come out in worse shape due to higher taxes.

These places do cash flow. If you got it managed and there are tenants in there I say go for it. I might pick it up if you decide to pass....let me know

@Adam G

Welcome!

Multi Family inventory is getting low all over the N and NW side and prices are moving up quick. If you see something you like and the numbers work jump on it