All Forum Posts by: Nino Alfano

this is a broad question. 

First decide how Much you are going to invest ? 

Than based off how much you have / approved for / heloc you can decide if you want to purchase turn key or not. 

Purchasing turnkey you will be able to rent right away and buying a foreclosure you will gain instant equity once you rehab. 

Than by deciding all that you can decide what type of town you will invest in a A-C class town. 

Goodluck! 

@Wesley Watson you do not need a LLC to flip properties In Chicago

As a contractor point of view the mold is nothing to be worried about. Seems to be everyone has already pointe dour the obvious that there may not be a bathroom van which caused it. Or possibly the old roof leak was the problem they fixed and the mold came during the 2 years unoccupied. 

you do not have to disclose to future tenants about mold. 

it depends on the underwriter. Go to a local bank they are going to be the ones that might be able to approve the loan. 

Usually 2 years tax returns in same line of work is required. For mine it was at least 

Hope this helps 

I won a property in romeoville il on auction.com took about 90 days to get the keys. Had a couple issues contacting them through my realtor. But that said and done I am in the process of rehabbing. 

Currently on a hold because the gas company took the meter and killed the line when they winterized. So Nicor said it'll be a 300$ fee to re do the line to the street. Only problem this was last week and they told me they are not resuming work till jan1st on top of that they are 4 weeks behind. 

So all said and done my realtor waived his fee which helped a ton. All goes well still going to be a nice flip. 

Purchase price 79k after closing and attorney fees and auction.com fees and stamps I ended at 84k.  

Since I own my own construction company. I will be rehabbing the property making my full gut rehab cost about 15-17k.

ARV is 140-150k

I should be on the high end of the ARV because of my finishings.

Hope it works once it is finished I will post a success story 

what @Crystal Smith said. 

2 types of loans and find a good wholesaler and realtor! 

I am a contractor and that's where I am. FHA and conv loan.

I have my live in 90 days FHA 203k (me being the contractor) going under contract and conv loan sing used for strictly flips.

Plus being the contractor saves a lot of time. When I walk into a property I immediately know how much it is going to cost me. 

Welcome to BP! If you ever need a quality contractor! You are in the right place,

it really has a lot to do with your sub contractors and where you shop for materials. His sub contractors could charge him more and he would also make more. 

Almost 800$ a window is steep though. That's top quality.  

23 windows should be no more than 12,500$