All Forum Posts by: Mike Rueffer

Looking for some recommendations for a General Contractor for flip that I’m looking to do in Batavia Illinois. It’s a total gut on the inside. Let me know! Thanks in advance 

Hi Everyone! So long story short there is a property that I found that is available and being sold "As-IS". The explination I got was the owner is older and doesn't want to do any repairs, so any work would fall on the buyer. Right now it is listed for $165K. My guess is I could get it down a little more to around $140-$150k. It would probably need $60k in renovations and that's just a guess right now but the AVR of the property (going off comps that are listed and sold in recent months) is roughly around $250-$280k.

So my question is where does one start with trying to raise funds. Do you go to a HML, Private, etc.?

I have a good paying job for straight out of college $55K.

I have no debt to account for anymore.

My only expense right now is Gas as I live with my parents to save money.

My credit score is 760+

Where should I look at and if anyone has any recommendations for the Chicagoland area lending wise that would be great.

Thanks everyone!

Hi Everyone! So long story short there is a property that I found that is available and being sold "As-IS". The explination I got was the owner is older and doesn't want to do any repairs, so any work would fall on the buyer. Right now it is listed for $165K. My guess is I could get it down a little more to around $140-$150k. It would probably need $60k in renovations and that's just a guess right now but the AVR of the property (going off comps that are listed and sold in recent months) is roughly around $250-$280k.

So my question is where does one start with trying to raise funds. Do you go to a HML, Private, etc.?

I have a good paying job for straight out of college $55K.

I have no debt to account for anymore.

My only expense right now is Gas as I live with my parents to save money.

My credit score is 760+

Where should I look at and if anyone has any recommendations for the Chicagoland area lending wise that would be great.

Thanks everyone!

@Michael Cohen is that assuming a SFR? From what I read with them it appears more along the lines of 25% for multi unit.

@Michael Cohen correct me if I'm wrong but they also require you to have residency for 1 year? I'm not looking for a place to live right now that's why I want to avoid this if possible.

@Paul G.

Around 1200-1500 a month. I have more but that is what I put away each month in a savings account.

Salary is 60k

Saved around 20k

Parents will let me live there as long as I want really. (Not that I want to stay there forever)

Looking for passive income on MF - Duplex, Tri, Quad.

Eventually I would get into flipping but for now I want to get into passive rental income.

Long story short...

I'm a recent college grad who is looking to purchase an investment property. I'm living at home for now, I have a good paying job, I save well over 1/2 my paycheck. Where do I go to get a loan. I don't want to dump all of my savings into a house right away, I would like to have some backup money just incase.

I know I could do an FHA loan for 3.5% down but I would prefer not to move in right away if I could.

Thanks for all the help!

Just my two cents, but it does not appear that this is a prime property to flip. With it being realatively priced into the market compared to it's comps, there is really no room for profit.

@Christine Kankowski and @Larry Turowski I appreciate both of you taking the time to respond! I will absolutely be using some of these when I talk to them!

So I have a lead on a property that is a private sale. What are some major questions I should ask. I have a couple in mind but I would like to see if I'm missing anything or if anyone has any other ideas! Thanks in advanc