Roscoe Village (Chicago) Two Flat

[Jimmy M.]

Investment Info:

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

Purchase price: $525,000

Upgraded from our Condo (which we are renting in Lincoln Park) to our first two-flat in Roscoe Village. Our goal is to add 10+ units over the next 10 years. We did cosmetic rehabs here and plan to live here the next year or two then repeat the process again!

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

We want to reduce our monthly costs and start to grow our multifamily portfolio in Chicago.

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

MLS. Multiple Offers and came in with a strong offer and a letter.

How did you finance this deal?

Conventional 30 year.

How did you add value to the deal?

We did paint, hardwood floors, updated landscaping, along with various other improvements. We will continue to upgrade bathrooms, etc.

What was the outcome?

We are happy house-hackers now!

Lessons learned? Challenges?

Learning every day. Good tenants are key for owner occupied!