^ I literally just filled out a BLS survey last night asking about my employees and company reveune. The Feds start sending you mean letters if you don't respond to their survey, so I finally went through the brain damage of setting up an account on census.gov to answer their damn questions.
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Originally Posted by Baronvonellis
I'd like to get into an investment such as you describe. How did you know that the first $135k two flat just outside of Logan Square would be profitable, after spending money to renovate it?
When you say you spent 30 hours a week renovating it, how did you learn how to renovate an apartment building to proper code? Were you physically doing electrical work, plumbing work, installing windows, and chopping lumber? Or did you hire laborers?
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The first building I got was a frame 2 flat with illegal attic apartment. The outside (roof, windows, garage) was all brand new, but the inside hadn't been renovated since 1956. I moved into it and lived in the construction site while literally rehabbing it with my own hands. I did electric, drywall, tile, painting, plumbing, etc all by myself. I'd get home at 430, Chow down on some leftovers, and start working usually until 1 or 2 AM. I didn't have the money to pay the whole mortgage myself for very long so I had to move my ass along so I could start getting rent. I still live in that illegal apartment, but I've since duplexed it with the apartment below making it much more livabile, but I lived in an illegal studio attic apartment from 1956 for 7 years before I got a decent place myself.
Then I used the income from this property to get another 3 flat a few blocks away which I completely gutted. Took me the whole summer of 2012 to do, at this point I had a roommate who was unable to find a job living with me and he earned his keep by essentially being an indentured servent until he found a job. He was a friend of mine from college and put in a good 3 months of hard labor before he landed a job in his field of choice.
A lot of the early work I did was safe, but not necessarily to code. I now know code well and have learned it through experience and lots and lots of YouTube. The biggest bit of help I had was that my Dad was unemployed for about 5 years starting in 2008 and put many long weekends and a couple of full weeks helping me out. He worked as a carpenter for two years before deciding to go to college so he taught me a lot about rough carpentry, but all the finish work, plumbing, electric, etc was just me learning how to do things the hard way. I even installed an entire mini-split AC system by myself.
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Originally Posted by woodrow
Why is this off topic conversation still going on?????
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Because this is the random off topic thread for Chicago??