All Forum Posts by: Audrey Parzyk

You can try giving them a document with comps in the area to show market values. If the appraiser doesn't work in your area all the time they may not know how much value certain features add to the property in your area. If you only bought a year ago you can use those same comps. They won't be 100% accurate, but unless some drastic places took place in your market the appraiser will know the price they give shouldn't be too far off. 

Are you working with a real estate agent? They can run comps for you that are much more accurate than Zillow or Craigslist. 

Hi Michael! 

Downers Grove/Westmont is a good area to invest if you are at Midwestern. Have you considered a house near the school so then you can have other students as roommates? Paying you rent would cover a good portion of the mortgage! Let me know if you have any questions about the area, I lived in Westmont before moving to the city.

We were actually just discussing this at an office meeting. Frame houses are much more vulnerable to water and the wood rots if there is not proper drainage around the house. This can cause structure and flooding issues that investors don't want to deal with. 

Hi all!

I'm new to bigger pockets and was going to get a little more education before jumping into any deals BUT I stumbled upon a house when doing a search for a client that I think will be a good start! I'm interested in doing buy and holds in Chicago and nearby suburbs. Any feedback about this deal would be much appreciated!

The property is a 3bed 1bath foreclosure listed for 125 being sold as is. In the suburbs in a top rated school district. It's obvious the owners were not happy about the situation and removed everything they could. Looks like some of the electric has been ripped out of the walls. It's pretty much a shell of a house and Just from the showing I can see the following repairs need to be made. Estimates are on the high side just to be safe. 

- total kitchen remodel $15-20K

-new washer/dryer $1500

- bathroom just needs cosmetic remodel 2K

- replace back door $500 (family member works for window and door company and gets a large discount)

- furnace is about 20 years old so would need to be replaced soon 3K

- possible rewiring of the house (worst case scenario) $7K

- repaint. Just pay materials as I have a family member that owns a painting business. 

- I was not able to see the condition of the roof or landscaping do to a recent snow storm. The plumbing has been winterized so I am also unsure if the previous owner did any damage to that.

- floors are either ceramic or wood and all in good condition

Similar homes that have recent updates have sold for 165-190 in the last 9 months. Taxes are 6,000. Rents for similar homes are 1300-1700. I am considering paying 100 at most due to all the work and time it would take to remodel. I would put down 40.

My questions are, are there any major items I have overlooked? Do banks give low mortgages for 60K or is that too low? Has anyone had issues with previous owners of foreclosures? Thanks for any feedback!

Hi Jamie

I'm a realtor on the northside and hoping to start investing in Chicago or nearby suburbs as well. If you would like to be set up on an MLS search for multi family I can help you out. I would love to get practice determining what is a good vs bad investment property. Hope we can learn together!