All Forum Posts by: Neil Thakkar

Alderman's have certain schedules when they  are in there office usually about twice a week sometimes even after hours.  You can always setup an appointment with him or a phone call.  If they are working on it maybe give them some time but if it is hurting your business I wouldn't wait. 

I would go visit your alderman in person if you have time.  If he cares about his voters he will call code enforcement and get them to issue the owners a citation that they need to have everything remedied within usually 7 days.  

Before you do this, I would definitely talk to the owners as you don't want to create enemies in a neighborhood you just moved into. 

Hey Steve,

Just had a few questions: When you first walked through the property was the water damage already there?  If not you can always go to the bank and tell them they need to do a new inspection of the property as the condition of it has changed.  Sometimes they offer a discount with verified photos if the condition of the property changed from you first submitted your offer.  

I am a certified 203K General Contractor:  The repair list that the 203K inspector will create is usually whatever it takes to make the property habitable and safe.  

Funding your project you have several options:

1) 203K Loan - This is your cheapest option.  However there will be a draw process that does sometimes tend to slow down the project with draw inspections, paperwork, etc.  If you need any Mortgage company referrals let me know.  Like I said we do 203K Renovations as the General Contractor often.  However, if your renovation loan is less than $35,000 it is less paperwork but they only give out 2 draws (50% to start the job/50% when the job is complete).  The GC does charge a bit higher because they are floating a larger portion than normal jobs.   

2) Cash/Hard Money/HELOC/Private Money: If you can pay for the property and then refinance out as you will be living there that might be the least amount of red tape. Hard Money cost will not be cheap at all so if I was to choose the lesser of two evils I would go the 203K route.

Hopefully this helps.  Feel free to reach out if you want to discuss further.

@Eric La Pratt message or call me when you can I think I can help.

Hey Brian,

If you are still accepting quotes reach out to me I have an amazing contact.  Been using them for quite a while on all my projects and they work directly with us.  

Depends on if you will be doing duct work and switching out the existing units or just switching out the existing units?  Need a little bit more information to be able to give you a solid answer.  

Hey Don feel free to reach out to me.  I believe I can help you out with your GC needs.  Hope you are having a great week.  

Hey @Wendell De Guzman 

Wanted to thank you again for inviting me out at your networking event this past week.  It was great networking with some new people and some of your lenders.  I look forward in creating some synergy in the very near future.  I also got your e-mail about the Villa Park deal let me know how the walk thru goes as well as send me any other info you might come across about the Hinsdale Deal and other deals.   

Great post! Keep them coming.  

Neil

@Wendell De Guzman 

Interested in the next meeting.  Do you have a date and time in mind? 

Hey @Brandon Hall, 

Definitely look into investing in the US if you can.  My sister lived in Calgary for about 5 years and I got a chance to do a decent amount of research on the real estate there.  First I very well believe Canadian banks weren't as lenient as ours so they didn't end up in the troubles that our real estate housing market had gone into.  Pros and cons of course for that. However giving people like us an advantage on picking up properties very well below retail for numerous different strategies (Flips and Rentals).  Secondly, Calgary specifically is a city that does directly well dependent on the oil and gas industry.  As we all know there is no shortage of that and the demand continues to stay high.  You will find amazing opportunities if you choose to invest in US.