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Updated over 5 years ago on . Most recent reply

User Stats

76
Posts
36
Votes
Kyle D Birch
  • Rental Property Investor
  • Chicago, IL
36
Votes |
76
Posts

Chicago Investor needing next move advice

Kyle D Birch
  • Rental Property Investor
  • Chicago, IL
Posted

I'm 31 with a wife and two kids. We are both teachers making around $80k a year teaching in Chicago. Our portfolio is listed below.

SFH purchased 7/19. $350k 3.5% equity and we live in it.

4 Flat refinanced in 2019. Appraised at $427k and we owe $319k.

2 Flat purchased 7/19 appraised for $172k pre rehab, owe $154kk. Rehab is two weeks from being done.

The 4 flat has a non conforming basement rented and the garage is rented. Gross $6300 a month, net $3,200 a month after all expenses.

2 Flat has leases in place and will gross $3,000k a month and net $1,300.

We will have the rehab paid off in 2 months with our only remaining debt being student loans & 3 mortgages.

I have done 4 flips in the last 5 years which was used to purchase/rehab what we have and pay for a wedding.

My goal is to be out of the classroom in the next 3-10 years and be strictly investing/managing.

I am looking for advice & guidance on what to do next. I would love a mentor who has been down a similar path. I am willing to partner with or pay the right person for mentorship.

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