Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago,

User Stats

81
Posts
4
Votes
Sean B.
Pro Member
  • Investor
  • Chicago, IL
4
Votes |
81
Posts

Chicago 2 flat duplex.

Sean B.
Pro Member
  • Investor
  • Chicago, IL
Posted
So I recently bought a foreclosure duplex that was built in the early 1900's for $260k. Went thru the rehab process to bring the building up to date and spent about $120k on the renovations. Now the identical sister building is going to be up for So I recently bought a foreclosure duplex that was built in the early 1900's for $260k. Went thru the rehab process to bring the building up to date and spent about $120k on the renovations. Now the identical sister building is going to be up for sale. I spoke to the owners and he's looking to do a deal with me for $475k. He paid $445k 4 years ago and since did some minor updates including a new garage. While upfront it seems to be no deal, I'm wondering if I took the property subject to and keep his financing in place if I could make this work. Rental commands about 1400-1500 per mth I could also add a unit in basement for 10k that would return an easy 900-100. I spoke to the owners and he's looking to do a deal with me for $475k. He paid $445k 4 years ago and since did some minor updates including a new garage. While upfront it seems to be no deal, I'm wondering if I took the property subject to and keep his financing in place if I could make this work. Rental commands about 1400-1500 per mth I could also add a unit in basement for 10k that would return an easy 900-1000 mth. I'm guessing that the mortgage plus taxes run $2800. Thoughts.?
  • Sean B.
  • Loading replies...