All Forum Posts by: Ryan Wewerka

Hello - What are some of the more investor friendly title companies in LA? I can put together a nice deal with an investment grade tenant and originally planned to do a blend and extend on, but now am thinking I might assign it or do a double closing.

Also, any recommendations for good attorneys would be appreciated.

Thank you!

Ryan

4624 N Springfield Ave, Chicago, IL 60625 

This is an easy deal in growing Albany Park neighborhood of Chicago. There are many 'players' buying in this neighborhood and pushing rents & property values. This opportunity is a good play for both a stabilize and flip, rent and cash flow, or house-hack investor. 

The siding has been completely replaced, including new insulation, there is a new roof, newer windows, a new water heater, and the units were renovated in 2007. Very little work needs to be done. 

Unit Mix: (1) 1-bedroom / 1-bathroom, (1) two-bedroom / two-bathroom, and (1) three-bedroom / one-bathroom.

All of the units are month-to-month leases and rent well-below market. If you bring the rents up to market rates, you will be at an 11.85%+ cash-on-cash return (assuming 25% down payment with 4.25% interest & 30yr am). If you manage the property yourself and/or don't hire a leasing agent and remove the vacancy factor of 3%, this number will go up.

Asking price is $350,000.

Feel free to reach out for more information or to schedule a tour.

The subject property is a four-minute walk to the Chicago Transit Authority (CTA) 53 and 81 bus stops, and a 15-minute walk to the CTA Kimball Brown Line stop.

The subject property is composed of a one bedroom on bathroom apartment, a two-bedroom one-bathroom apartment, and a three-bedroom one-bathroom apartment. The units were renovated in 2007 and have hardwood floors & carpet in the living areas and tile in the kitchen. The property features a newer porch, new roof, new gutters, new siding with new plywood and insulation, a new boiler, and a new water heater. The plumbing is mostly copper. There is also a two-car garage and a common-area patio in the back. 

All of the tenants are month-to-month, with the current rents between 15-36% below market. There is an opportunity to add a third bedroom to the two-bedroom unit to increase revenue. 

I hope this post finds you all well! I have decided to turn my passion for real estate into a career and become a commercial real estate broker. 

Currently speaking with a couple of organizations and trying to figure out what will be the best path for me. Hoping to source the wisdom of the BP crowd for your perspectives of investment sales vs. tenant rep vs. landlord rep. 

I appreciate your consideration! 

Ryan 

@Stephanie Medellin & @David Dachtera

Thank you both for taking the time to respond to my post! The reason that they were removed is that they said they needed to create a clean contract with the agreed upon amount. 

To provide you with an update, I emailed & asked the broker why they unchecked the boxes and if they intend to sell the appliances. He said that the appliances will be mine, but for the purpose of the contract, they need to be unchecked. This seems a bit strange to me, but he suggested that I discuss with my lawyer to be sure that everything is clear before we finalize -- which I will. 

Again, I appreciate you both weighing in!

Ryan 

Hello! I hope this finds you all well. I am in the process of working through a contract for my first flip deal. On the offer I submitted, I checked the boxes to be able to keep the appliances because they are nice and in great shape. They accepted my offer, sent over a clean version, and all of the boxes were unchecked. Furthermore, in reading through the language, it looks like in the Personal Property section, they say "Any personal property at or on the Property may be subject to claims by third parties and, therefore, may be removed from the Property prior to or after the closing".

Keen to hear the community’s experience and advice here. Would certainly like to keep the appliances, but don’t want to prolong the process or alienate the seller if there isn’t a realistic shot of being able to keep them.

Thank you for reading and considering my post.

Ryan 

@Account Closed, thank you for the warm welcome! Please let me know if there is any way I can support your efforts.

Best, 

Ryan

Good morning -- I hope this finds you well. @Kevin Gilchriest and I are preparing to dive headfirst into wholesaling. The general feedback we have received from the community thus far is that good wholesalers are accurate and thorough with the numbers around our deals. We appreciate this feedback and are actively building our knowledge and database of rehab costs. 

The other part of being accurate in these numbers is having a thorough understanding for the market we are working in. We've been building up an understanding for some of the north side neighborhoods -- we live in Gold Coast & Lincoln Park -- but it would seem to make sense to focus our attention on where the greatest needs are. 

Curious to get a sense from the community of where the greatest needs for good wholesalers are?

Hello, 

My name is Ryan I am new to BP. Nice to meet you all! When I moved to Chicago 4 years ago I began to develop a great interest in real estate, and has since become a bit of a passion. Joining BP is one of my first steps to start me down this path, of which my ultimate goal (currently) is to become a developer.

I am currently working on finding my first flip deal. Also, my business partner & I are currently working to become highly active in wholesaling so that we can better learn the business & form mutually beneficial networking relationships. 

Hoping to get some recommendations on some good networking events/groups in the downtown area.

Looking forward to meeting you all! Happy to help in any way that I can.

Ryan