![]() ![]() ![]() So the whole incentive with private money is to get started and finish quickly and use as little of their money as possible. Once you start taking their money, the clock on the interest starts to tick. The terms of the loan in the case of the “Mistake on the Lake” were higher than what we’re used to paying, but we lined up the timing of the use of the funds right, meaning we used our own cash before dipping into the loan. Question: The property featured in the episode was financed with short-term privateīryan: Someone just starting out in flipping properties is not going to be able to get that traditional lender to give them money because they don’t have a track record, so private money is key. As well, we have found a large market for 3 flats and 2 flats, so absolutely! We’re going to jump into it, but we don’t want to lose our niche single family. There are a lot of opportunities around fixer-uppers in class B and C properties and even opportunities within university housing. Since the show, we have had the opportunity to acquire 17 units in Woodlawn. Question: You talk at the beginning of the episode on how your ‘bread and butter’ was flipping single family properties, but after seeing such a large profit flipping this duplex, do you see multifamily flipping being a path your company will continue down?īryan: Yes, we’re probably going to go right around 75/25. We would have either staff from maintenance or even one of our contractors go look at the house and send us a picture of the property to confirm that’s what we’re buying. What we did was put systems in place to make sure we’re getting the right place so if we saw an opportunity, weĪlways had someone out there. Question: The property The Deed episode is about was bought at a judicial sale, and while the mistake was more of an oversight by an employee after that property did you have hesitations about going through judicial sales to acquire properties in the future?īryan: Not really. What made you decide that you wanted to try flipping properties?īryan: I have friends that were successfully doing it, so when Mark and I had the opportunity, we jumped into it and said, “let’s give it a shot.” We made a killing on the first one and on our second flip, we made about $40,000 in 7 weeks and from that point forward it was my passion. Question: The show opens with Mark Ainley and yourself talking about the first property you decided to flip and how you made a killing on it. GC Realty CEO, to get his take on the episode, flipping properties, and the experience. 753 Comments Following GC Realty & Development’s debut on The Deed Chicago with Sean Conlon, the “Mistake on the Lake,” ![]()
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