1.5M Property in Wicker Park, Chicago for 30K down

[Michael Johnson]

Investment Info:

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

Purchase price: $1,500,000
Cash invested: $35,000

4-Unit building in Wicker Park, Chicago. 3-unit front building with a duplex up and a back brick coach house.

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

I wanted a place in a A class neighborhood in Chicago with good tenants

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

Off market deal from a previous listing a year prior. My agent @Jake Fugman caught wind it was about to be listed again, we got in prior to that happening and made an offer.

How did you finance this deal?

5% down federal loan

How did you add value to the deal?

Utilized a low down payment loan, maxed seller credit, tax proration and closed on the 1st of the month to maximize my cash and acquire this property

What was the outcome?

Closed with no issues, inherited great tenants and have really enjoyed living in this neighborhood

Lessons learned? Challenges?

It is possible to utilize low down payment loans and live in great neighborhoods in Chicago

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jake Fugman was my agent