All Forum Posts by: Roman Pak

I can't imagine not doing so. 

I don't think that's the case, and by "wholesale" I assume you mean below market value and not deals from a wholesaler.

If you're (conventional) financing with a bank, they want to see 20% down regardless of what the property appraises for, (unless it appraises for less than what you are buying it for in which case they might not finance it). They look at the sales price and they take 20% of that, plus don't forget closing costs/fees.  The more money down, the more favorable the terms for the financing, usually. 

If the property appraises for more than what your purchase price is, then you have instant equity. I don't know of any bank that still does no money down financing. 

Very interesting. I just watched it. Thanks for the recommendation. 

I'd be down for something in the NW suburbs. Let me know what I can do. 

I'm in northern Illinois and am currently working on a project and facing the same issues. I closed on the property in the middle of December, and work has been going on for the last 4-5 weeks on the interior. 

The exterior, however, hasn't gotten an ounce of attention because of the cold. One of the challenges we face is having to pour new concrete for a walkway, which will not be done until it's at least 32 degrees out. Also, the cold makes it that much harder to repair the roof, which is something we also need to do. 

My feeling is that you get the best deals possible when they come up, regardless of the weather and do your best to schedule exterior work to coincide with the warmest possible weather. The thing I learned was that I should have scheduled the exterior work to start as soon as I closed, since it was still in the 30s and 40s. 

I was dealing with the same exact situation for my first property. I had a contractor come with me to as many showings as possible, thinking that he would be able to spot something I couldn't see and that he could get a jump start on getting his crew and subs ready. What actually happened was that he found stuff during the rehab that he couldn't see either during the walk-through's, his original estimate was within a few thousand of mine, once we closed on the property, the demo was delayed by more than a month because of other projects he had been working on. Overall I don't think it's hugely beneficial to bring a contractor to every showing, you just have to trust your instincts, and and the numbers. 

I believe knob and tube was phased out in the 40s, so it's highly unlikely. 

Congrats on your first deal! Exciting isn't it. How did you end up finding it? MLS, direct mail, referral?

IMO, a 3/1 rental is a way better deal for a college student than a 1/1 dorm room with three people sharing it. 1 bathroom per dorm room is very common at least in the Chicago area. The upside for your rental though is that each student would get their own bedroom. If it's a good deal, go for it.  

Congrats on the first deal, and best of luck on your next one!