All Forum Posts by: Frank Patalano

Hey everyone! Just wanted to gauge some thoughts on a deal I have in my state. 

46 units 24-2 bedroom 22- 1 bedroom 

2buildings, each have a shared laundry room

PP-$1.8 mill

Rehab- $1-1.2 mill (confirming numbers this week)

Gross rent -$450k/year conservatively 

Operating expenses-$150k conservatively 

It’s in a great location, on a river that will be getting developed in the next 3-4 years so it could appreciate very well. My proforma has it at almost a 10 cap. Thoughts on this deal? When would this deal not be worth it anymore?

For me what's holding me back is fear, feeling like I don't know enough to move forward along with over-analyzing everything, not having enough in savings to afford covering expenses and wanting to move fast and take action.  A lot of things going on and knowing I need to work on my mindset, set goals and get clear about what I want. 

I am currently in a suburb of Chicago and have never owned a property.  I do not rent and am learning about house hacking.  I would like to get into a multifamily 4 unit and stay in one of the units.

 I’d love to learn more about this. I feel like it’s a bit different as a woman. I’m going to start looking for more connections on this website as well. 

Before this point, to be honest, it was fear. I am a woman entering into real estate without a solid relationship with a contractor who I can trust to help me with projects so I was always worried about that.

Also the fact that I’m going at it alone so that worried me. Now I feel more confident  because I have the education and capital to feel comfortable getting my foot in the door.

@Frank Patalano

Completely agree, im well knowledged with renovating and would be very helpful with keeping costs down, maximizing profits. Connecting with cash investors is a priority at the moment and is the main reason for my stagnation. That would be greatly appreciated if you have locals that would be looking to financially invest locally around the Chicago suburbs.

I would never want and exchage to be 1 way, is there anything I could do that you would benefit from?

I have been looking for local groups but haven't had too much luck.

Nothing is holding me back. BUT there's only 1 word to answer this question.

F E A R!!!!!!!!

Looking for seller financial or Sub2 deals in Rhode Island on a 3 family house and single family house 3/2, whit finish basement. I'm new so I'm only looking for 1 of each one. Also, looking for Gators for long term. DM me and lest work together and make it happen, thank you!!!

@Frank Patalano

Finances

I'm eager to start and have been tempted to start for so long. My W-2 paycheck is constant but with a ceiling and real estate investing is not as secure in terms of getting paid on a routine basis but the ceiling is endless. Nonetheless, still haven't committed to investing full time. Not completely favorable markets at the moment but im not too worried because the market, holistically, is linear.

I'm located in the distant suburbs of Chicago and have been researching pop. growth around me recently, many towns around are some of the highest growing in Illinois.

Knowing the political aspects of Illinois, I wouldn't dare invest in rentals but rather flips. Just updated my primary and looking forward to acquiring a HELOC to potentially support part of my finance for future flips but in a perfect world, I would greatly appreciate a Cash Investor.k

I finish undergrad in May; however, I have another year for my MSA and plan to sit for the CPA exam. I go to school in Buffalo, so I will into  any REIAs out that way. Thanks!