All Forum Posts by: Alex Fraher

Hey Justin,

I've been happy with AK Tax Service and they have a location in Bucktown and Lakeview.

Best of luck and let me know if there is anything I can do to help you on your journey!

Thanks,

Alex

I've been in my current condo unit for 1 year. I have a leased signed for mid January at $1,950 but my costs are only $1600 and will only be paying $1,100/month for the unit I'm moving into, so I'm excited about that $850/month monthly swing. The 4-flat is off the 606 in Humboldt Park and is about a 7% CAP based off of 12-month leases but the plan is to Airbnb 2 of the units which will significantly increase the returns.

Congrats Derek! While good deals are hard to find I disagree that the numbers don't work for multi-family in Chicago. I closed on a 4-flat last month that I'm excited about and saw another 2-flat with strong potential today. Also have some reservations using the term "forced appreciation" but you can definitely improve condo units and add value. I'm moving into the 4-flat from my condo unit now but it didn't really need any updates to get it rented.

Would love to discuss strategies further with you anytime!

Hi Anuj,

I'm happy to refer you to the Airbnb management company I've been working with, but they won't touch condo units because the associations almost always prohibit it. From what I've seen you'd need to buy a multi-unit. Let me know if you'd like to discuss further!

Thanks,

Alex

I'm a big fan of the Millionaire Real Estate Investor book by Gary Keller. Welcome David! Let me know if you'd ever like to discuss investing strategy!

Hey Liam!

Just sent you a message on Facebook. Would love to help you out and catch up!

Thanks,

Alex

Hi Charlie, There's not a quick and thorough way to answer but I'd be happy to have an extended conversation on all the points you brought up. In general, it's tough to cash flow positive in "A" neighborhoods like the West Loop but perhaps you've gained some equity and refinanced along the way. Your maintenance/capex costs will obviously vary depending on the condition of the property as well. I'd review the inspection report you got when originally purchasing for a better idea on lifespan of the main appliances/utilities. A conservative expense percentage for a multi family building would be 30 to 40% of gross income. But since you'd only be responsible for the interior of the unit it would likely be a lot less. I work in the West Loop if you want to grab coffee or lunch sometime? Thanks Alex

@Account Closed!

Thanks @Chris T.!

Hi Michael, I'd love to help. Are you looking to owner occupy or pure investment? Do you have any other particular criteria or neighborhoods in mind?

Yeah, it will definitely need a lot of work, but I'm confident in the upside. I just sold 1646 N Fairfield which is a similar frame 3-flat with coach house for just over $1M last month.