All Forum Posts by: Chris Winterhalter

@Account Closed

@Irene G.

It took around 90 days with plans, permits and construction. It just depends on the scope of work though and the amount of fire damage. It also depends on the contractor and pricing. A lot of "restoration" contractors can do the work extremely fast on a 7 day week 12 hour day schedule but at a price. I like to move fast with construction however it just takes hiring the right contractor.

@Annunciata R.

I'm sorry I didn't mean to be harsh with my response however I just don't believe it's the best use of your real estate investment. But let's put my opinion to the side. You want to be in the juice business to help promote the health of the area? Okay here are some thoughts (take them or not)

• Go talk to successful juice bar operators around your area. I am sure you will find one that wants to expand and would come in as a partner or as a consultant.
• Or let's say you find a really successful juice bar model in the local area...you could see if they would be willing to license or franchisee the brand at a small fee.
• You could also go the franchisee route with strong brand recognition.
• Use the smallest possible space that you have available. A juice bar as I am sure you know can be extremely small. You can also add more space if needed.

Also I was definitely not advocating that you lease to the medicinal marijuana shop rather a better credit tenant. I also was not trying to crush your dreams. I'm going to get a juice...

@Thomas Mitchell

Great deal! You should have negotiated a side of beef (of the calf that got out) in the deal. You could have had a celebratory dinner!

@Annunciata R.

Yea don't start a juice bar. That's probably the best advice I have.

Who wants to be in the juice bar business between you and your partner? It sounds like you just want a tenant that would be a juice bar because you believe it would get good traffic from the 24 HR Fitness. Do you want to start and run a juice bar? Does your potential partner want to run it? Let's say you start a national franchisee juice bar with the best chance of success (for a non-juice bar experienced person). Someone needs to manage and run this business. I understand that your not worried about the profit but rather helping the community. However you would be better off leasing the space to a solid credit tenant and giving away the profits (plus the amount you will lose on the juice bar) to a local health charity of your choice. Just my dos centavos.

@Joseph Weisenbloom

I've had snakes, bedbugs, fleas, mice, termites, rats, other rodents etc etc. But I would have to say the worst thing I have seen infesting my units is a BAD TENANT! Nothing is worse or causes more damage!

On your end of it...do you need to repair any soffit, facia, flashing, or siding where they are getting in? Or are they just nesting around the roof and siding?

@David Sugg

What are you trying to finance? I.e. product type, project type, price point etc etc. Are you able to obtain bank financing or are you looking for an alternative? I'm going to assume you are looking for hard money because you reference "Private Money Gold Mine" in your post. Like @Ned Carey mentioned I would never pay for a list of hard money lenders. If you are in need of a hard money lender and can't get the funds from the private side I would stick to a local HML. Someone that you can build a relationship with and will work with you (as much as any HML's do).

@Ryan Nelson

I could be wrong but I don't think any SBA loans provide construction financing (for any product type). I know you can get around the owner occ part for certain pieces of real estate like hotels however I really don't think this deal would qualify for an SBA loan. I'm not an expert but I would definitely reach out to the bankers who are closing these loans on a regular basis in your area.

@Martin Z.

Is there a reason you don't want to deal with a broker? Actually a lot of commercial insurers won't deal directly with the owner but only through a broker. A good insurance broker can be a great addition to your team. If it is truly a good commercial broker they will have a lot relationships with several different companies. I tried to connect straight with the insurers several years ago and didn't get anywhere. I would spend some time finding the right broker and gather quotes through him/her.

Like @CK Hwang mentioned you can try Lloyds. They hold my policies right now for multi-family.

@Samson Kay

I wouldn't live anywhere in Chicago where cap rates are above 5 or 6 but that is just my personal preference. My main experience has been with the city and right around it but I am sure a lot of other people will chime in with areas on the outskirts. If you are willing to commute an hour then your options are going to open up. I wouldn't live north of Lincoln Park, South of South Loop or West of the West Loop. However that is just my personal preference of being in the city. Everything in that area isn't going to come with a cap rate. I would live in the city and invest outside of it! Sorry if that doesn't help much.