All Forum Posts by: Cesar Torres

Rogelio Rosales Welcome to BP. I recommend the podcasts. What areas do you like to invest in? I'm new to the game and currently looking for something in the western suburbs. Along the BNSF Metra line.

@Marcin Chojnacki Congrats on the nice profit! Good to hear success stories here in the Chicago suburbs! Wish you continued success! 

Jack Krasaeath Welcome to BP! Wish you the best of luck. Please share your insights on the forums. I recommend the podcast if you don't already listen to it. They talk a lot about multi-unit investing on there.

Posted this at midnight maybe that's why I haven't gotten any replies.

Hello BiggerPockets Community,

I've been looking for a fixer upper to rehab for my first home for a few months now. I've gone to see several houses and most that are in my price range (below 200k) and in my target area (Downers Grove to Brookfield, IL) are built 1900-1950. A few have had foundation problems. In this environment with short supply of houses I'm considering buying land and building new. My logic is that it may be less risk than rehabbing in terms of ROI given the high priced area and uncertainty of problems that come with buying an old home. My family is in the trades (concrete, siding, flooring) so I am thinking I can get a reduced labor cost on some inputs. I'd like to find out if for the same amount or maybe a little more I can just build new instead of rehabbing. I have a few questions.

1. Is finding a good deal for land easier than finding a good rehab deal?

2. I got pre-approved for 200k house. Is it realistic to think I'll qualify for a construction loan? 

3. What are some of the biggest risks or obstacles that come with new construction?

4. Any books, podcasts or other sources to read up on new construction?

5. What are some of the not so obvious difference between rehab and new construction?

I'd appreciate any input or advice on any of the above questions. Thank you so much for your time!

Welcome Angelica Osusky ! I am from the area as well and looking to get my first deal. I recommend the BP Podcast if you don't already listen. Good luck!

Congrats Ken! Good to see another success in Illinois. I'm currently looking for my first rehab in the southwest burbs. Any advice on potential costly repairs that may go overlooked at first?

@Reginald Pintang @Paul Timmins @Jimmy Chou @Chris Carollo @Dan Cecchin @Account Closed Thank you all for your advice and comments. I'm working with a mortgage broker and realtor now. I'm constantly scouring the mls to find a deal and the good ones sell really quick. 

Hi Bigger Pockets,

I recently graduate university with a finance degree. Got a J.O.B. and saved a couple grand, so now I need to move out of the nest egg. I've always been interested in investing in real estate. I'm looking to buy a 'fixer upper' to live in and the sell or rent out in 2-3 years or sooner. I'm open minded about my strategy not ruling out townhomes or condos but would prefer a single family home. 

I'm would appreciate any referrals to  real estate agents who are friendly to first timers both in investing and buying a home particularly in the Downers Grove, Westmont, La Grange, Brookfield area. Those are the four towns I have been keeping a close eye on. Also would appreciate any wholesalers with deals. I would need to finance this with a mortgage though, since I only have enough for a down payment about 10k.  

 I'm trying to knock out 2 birds with one stone. 1. Move Out. 2. Start investing in real estate. Pretty much trying to flip a house as a retail buyer. I'm sure I'm not the first to have this desire so please share your wisdom. If you have any advice for me I would truly appreciate it.

Thank you,

Cesar Torres

I am a retail buyer interested in that area.