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Old 04-03-2008, 07:31 AM
 
3,524 posts, read 4,522,130 times
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To get a property to cashflow in this area, you're going to be needing to put down at least 20%.

In fact, with the tighter lending standards, I think you'd be hard pressed to find any institution willing to lend to you for an investment property for less than 20% down.

Just an FYI.
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Old 04-03-2008, 09:42 AM
 
602 posts, read 478,102 times
Reputation: 173
Quote:
Originally Posted by irish setter girl View Post
...They just keep circulating people in and out of their homes and they actually make some good money doing it. You might consider doing something like this (on a much smaller scale) where you own homes and allow people to use them as a spring board after foreclosure.
Is this a chicagoland based company? I'd like to know more if that's OK.

Also, how can I find full time rehabbers in my area?
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Old 04-04-2008, 06:50 AM
 
409 posts, read 1,037,960 times
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I am not sure if it is within 20 miles, but West Evanston has a lot of plans for it and there are a lot of rehabbers rehabing homes there. They could be purchased for around $200,000 to $250,000 and flipped for close to $400,000. Skokie is also a good rehab market because new places are always above $900,000 and most cannot afford that. You can buy for around $240,000 and flip for close to $400,000 or $425,000. Lincolnwood is very nice, but it would be hard to find a flip for under $450,000 to begin with.
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Old 04-04-2008, 07:57 AM
 
3,524 posts, read 4,522,130 times
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Quote:
Originally Posted by BigV View Post

Also, how can I find full time rehabbers in my area?
Join a real estate investment club in your area. You'll have the opportunity to network and learn from the pros.
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Old 10-01-2008, 08:12 AM
 
2 posts, read 2,061 times
Reputation: 11
Default re

Quote:
Originally Posted by irish setter girl View Post
About 10 years ago we did condo conversions and rehabs in the city and in Cicero. I would NEVER do another project in Cicero and if you go into the city make sure you have a security fence and guard. We were in a decent neighborhood (condos in the 300-450k range) and still had issues. I can't tell you how many new appliances were stolen& vintage mantels pulled from the plaster in the middle of the night. Our security guards never slept on the job, they were actually kept pretty busy

How do I get into rehabbing houses
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Old 10-01-2008, 09:28 AM
 
1,156 posts, read 2,370,767 times
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When I was driving around Brookfield recently I got the impression there was a chunk of rehabbing going on. Really good schools too.
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Old 10-04-2008, 10:37 AM
 
2 posts, read 2,061 times
Reputation: 11
How do i get into rehabbing houses
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