First Chicago Duplex

[Raheem Moore]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $150,000
Cash invested: $4,200

This was my first property purchases with a FHA loan and Illinois Downpayment Assistance.

What made you interested in investing in this type of deal?

After graduating college I moved to the Northside of chicago and my Living Expenses (rent) were holding me back from greatness. Leading to me investing in real estate essentially living for free.

How did you find this deal and how did you negotiate it?

My real estate agent and I viewed this property first and honestly overlooked it, but decided to purchase once I ran the numbers.
My agent asked for 5k to be taken off the total price, and asked the seller to carry closing cost.

How did you finance this deal?

FHA loan

How did you add value to the deal?

The property was turn key all I did was update the basic maintenance.

[Paul De Luca]

Originally posted by @Raheem Moore:

@Paul De Luca hey buddy. You will NEVER find a turnkey duplex in the north side of Chicago for that price. I bought my first duplex in Englewood/ Greater grand Crossing area. It was very quite and right off the high way.

At the moment all of the properties that I manage/own are on the south/west side.

Got it, I misread your post and thought you said you bought it on the north side.