All Forum Posts by: Angel Moreno

@Jack Orthman I got the ARV looking at other multi family that have sold in the area. A similar triplex in the same neighborhood sold for 210k I just used 190k to be safe. Two of three units are already rented out. The first unit the owner had the plumbing and electrical updated but the whole unit needs to be finished. Drywall, flooring, kitchen, bathroom etc. I've talked to a few contractors on BP and they estimate to finish the first unit 35k-45k. He's an older gentleman and having health issues. Doesn't have the motivation to finish it. He lives across the street and has the triplex paid off and rents it out to son in law.

@Angel Moreno if I can’t find financing anybody interested in this deal? I’m willing to wholesale it if I can negotiate the price down further.

@Jayson Cain sounds good I will reach out thank you.

I found a distressed tri-plex in Zion Il with a motivated seller. The after repair value is around 190k and seller willing to sell to me for 90k as long as it is a quick and easy sell "without the bank". I'm assuming he wants a cash sale but I believe a hard money lender could help me acquire this property. The estimated repairs are $40k. I don't have any experience I just been reading Real Estate books but this deal fits the 70% - rehab cost rule. 

How can I find financing for this property and be able to do a fast close? 

@Jonathan Klemm yes I’d like to make some connections with investor friendly agents that work in the Chicago area. Thank you.

@Jonathan Klemm I’m currently waiting for my house to close as I am selli bf to my tennants. I expect to profit around 34k and want to use that money to house hack. If I can manage to do it by the end of the year it would be the most ideal of situations.

What are some areas you recommend to househack in the chicagoland area? I’m also looking into lake county. Thank you.

Looking to buy my first duplex in 2022 and was wondering what are the best areas for both cash flow and appreciation to consider in the Chicagoland Area? Thank you in advance.

I’m selling a single family home to my tenants and want to use he profit to buy my first duplex. How can I use a 1031 exchange to avoid paying taxes. Is this something I have to hire an attorney for? Also, does all the profit have to be used in the DP or can I use it to renovate the property I buy as well?

Thank you all!

Hello everyone, can anyone recommend a closing attorney in the cook or lake county IL area? I’m looking for someone to help me with a double closing. Thank you.

Hello everyone I found two distressed properties with motivated sellers that I’m looking to wholesale in the lake county IL area. How can I hire a contractor to come with me and inspect the properties and give me a rehab estimate?