Can’t find a deal in this Chicago Real Estate Market? You are not alone! John Warren of Presto Properties joins us to discuss how he acquired his 3 most recent properties.
John discusses properties he purchased in Bellwood, Albany Park, and Cicero. He shares how he acquired each deal, the strategy implemented, the nuances, and lessons learned. While breaking down the deals, John elaborates on partnerships, stabilized vs. value-add properties, and how he is growing his team to continue to scale efficiently. Lots of golden nuggets in this episode from one of Chicagoland’s finest!
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03:18 House Provider Tip: Use the time-stamp camera app!
04:50 Intro to our guest, John Warren!
07:30 Deal #1 - How did John find his Bellwood deal?
09:29 Why did John sell his previous building and use a 1031 exchange to buy the Bellwood building?
11:40 How did John get familiar with Bellwood and what went into the due diligence process?
13:03 What’s the permitting process like in Bellwood?
14:35 What were the lessons learned on the Bellwood property?
15:55 Deal #2 - How did John find his Albany Park deal?
17:25 What are the main differences between buying stabilized properties compared to value-add properties?
18:43 What are some things to consider when determining whether or not to enter into a partnership?.
20:50 How is John structuring his partnerships?
21:39 What was John’s outlook when recently making the decision to buy a stabilized multi-family compared to value-add?
24:40 Is John outsourcing management or keeping it in-house?
27:17 What were the lessons learned on the Albany Park property?
28:57 Deal #3 - How did John find his Cicero deal?
30:42 What was the background on the deal?
31:48 How did John assess the risk of buying the building sight unseen?
33:00 What are the numbers on this deal?
35:42 How has John handled tenants when coordinating the heavy rehab of the building?
37:00 How to get existing tenants to relocate when they are currently paying substantially below market rent?
39:45 What were the lessons learned on the Cicero property?
41:25 What are John’s plans for his local meetup in 2022?
43:00 What is John’s competitive advantage?
46:33 One piece of advice for new investors.
47:04 What do you do for fun?
47:28 Good book, podcast, or self development activity that you would recommend?
48:00 Local Network Recommendation?
48:42 How can the listeners learn more about you and provide value to you?
That’s our show! Thanks for listening!
Guest Name: John Warren
Guest Company: Presto Properties
Guest Link: https://www.prestopropertieschicago.com/
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