Ready to Flip!!! - Posted by Denise - IL


Posted by Jim IL on March 03, 1999 at 22:30:38:

Give me an e-mail next week after the convention and I’ll get you the
name(s) of good contrators. I have one that looks really young, but knows his stuff, and works for reasonabe prices. I only point his appearnace because it surprised me, and I wasn’t sure of his competence based on that, but he came through BIG time. He basically took a look, wrote down notes and got me an estimate the next evening. He also is familiar with all the area city, and county codes, for compliance.

Also, on my flip in January, the sale price was $43k and $58k, we covered all closing costs for the second deal and half for the first, and that was approx. $2500.00, and worth it for the $10k plus we made. By covering ALL/most of the closing costs, we were able to get the deal done, for some reason, that is what it took to get the other parties to go along.
Good luck on yours, and tell us about it when it is done, whether you complete it or not. It really helps us all to learn from others experiences.


Ready to Flip!!! - Posted by Denise - IL

Posted by Denise - IL on March 03, 1999 at 18:28:01:

OK! My partners & myself are ready to flip a piece of property but are a little nervous (how about that?) about estimating accurate costs of repairing a severly damaged home. If anyone has a contractor/handyman/rehabber in Chicago area who can be called at short notice to view property & give accurate estimates please send my way! We’d be willing to pay a small fee for such services.
Also: What are typical closing costs for a “flip” if a double closing is used? Just making contact with some title companies & want to make sure we’re getting the best deal.


Re: Ready to Flip!!! - Posted by HankM

Posted by HankM on March 04, 1999 at 10:52:52:

Chicago is a real big place (master of stating the obvious) … the contractors and handymen that work in my area, probably would not be interested in even going to see a project that was too far away. After all Cook County is about 800 square miles. Where are you? I’m in Oak Park and I do most of my stuff in Berwyn and Cicero with occasional forays into other nearby areas.

As to closing costs, it’s pretty darn competitive here so the prices are not going to vary that much. Chicago Title is the “big dog” in town, but there is also Greater Illinois Title, Mid America Title, Prairie Title and loads of attorneys that will do closings. I’ve heard that Chicago Title was shying away from simultaneous closings, but I haven’t personally had an experience (then again I don’t use Chicago Title unless the seller stipulates it and won’t give in).

Email me if you like, or just give me a better sence of where you are.