All Forum Posts by: Cramer Guzaldo

Bought 7 six flats this year, closing on 8 this Monday. Now have 110 units. 

Any Agent who brings our company an off MLS deal, will be paid the brokers commission as well as we are offering 5% ownership in the building or buildings you bring us. This ownership will be for life. Example, 6 flat at 550k with expenses and a $1050 market rent average, will produce 2k of profits which would be $1200 a year in passive income. You also will receive 5% or refinance opportunities.

Requirements:

Must be licensed RE Agent

Deals have to be off MLS

Minimum of 6 units

Has to be located in the Chicagoland and suburbs/South Wisconsin area.

Has to be potential deal

No soliciting

Send deals to [email protected]

This for the hustlers!

I actually refer to my self as the property manager. I don’t say I’m the owner because when the tenants know you are the decision maker. Not to be deciectful but whenever a tenant asks for an upgrade and your just the property manager you buy time to price it out and run numbers before giving an answer. And the positive is if you decide to say no it seems like it’s ‘’the owners’’ I know some won’t like this but I’ve gone the owner route and found its way easier to keep tenant relations positive when your ‘’pretending to be the middle man’’, let me know if you guys do something different or same thing. 

Lol everyone in here giving you "advice" when they've never done it. I liquidated the **** out of my 401k, paid the prepayment penalty, then invested that money into multi family. 5 years later, 9 buildings, 62 units. I would say do it and don't look back. Best Luck

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $1,200,000

12 unit multi family building in the heart of Edison Park in Chicago.

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

We are always investing in multi family

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

Word of mouth, and we began negotiations immediately after we heard there was turbulence between an old potential buyer and the seller.

How did you finance this deal?

Conventional financing 25% down 25 year mortgage.

How did you add value to the deal?

We realized the rents were much lower than market value so we have gutted and began renovating each unit as it becomes vacant. This has added over 1k in rents and that’s with just 2 units being renovated.

What was the outcome?

Much higher rent and moral in building with existing tenant

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Marquette Bank- Pat Touhy
Guzaldo Law Firm- Real Estate Attorney/Specialist
Barley Construction

Hey All,

Hope everyone is doing great in their real estate ventures!!

As we begin to close out 2018. Ive began to reflect on the year, while I haven't posted in a while, the one thing that has kept popping up most of the year, which is....

The ungodly amount of phone calls that I receive on a daily basis. Quick background I co-own/manage 192 multi family units. This is my full time job so the time is there and I do know how to do almost all of our reno's and fixes. However the problem I'm having is that every time i start to get into a grove for the day, the phone decides to non-stop ring. with problems ranging from backed up toilet, to my light bulb in my bathroom is out. 

So the big question I have is do any fellow landlords out there use any type of app or program for your phone that allows you to set up a sort of "Mock" business line. I mean this in the sense that if someone called it goes to auto answer with a telepromt that says press 1 for maintenance, 2 for lease and rent and etc... this way the tenant is able to make their voice and problem heard but i don't have to sit and have small talk and constantly stop what im doing to answer a phone call that in all reality shouldn't have been made. I have the new iPhone Xs so i believe i heard your able to get two lines on one phone now but the problem is i don't want just another line that i have to answer i need help sorting through the real calls that need attention from those frivioulos 8pm phone calls that they saw a squirrel climbing on the gutter. 

PS I know the obviously solution is to hire someone to answer phones, but for 35-40k a year Id much rather find an alternate solution.

Thanks All!

As mentioned above your numbers are off, and off in a not so good way. However your management fee is high, you could always self manage and potentially double your profit. Also im not sure how it is in your state but here in Chicago you can't do multi family lending longer than 25 years  and you have 30 years which could eat at your income. 

Personally I would not invest close to 90k after closing costs, inspections, etc. for a $400 a month return because based off those numbers in order to recoup you initial investment it would take roughly 18.75 years to make that money back, assuming you don't refi.

Also in my experience for that return on a C property often requires alot more repair and maintenance than you have listed  

Hey All,

So the question for the day that I have is for all you Multi-Family owners what are some of the best systems you have in place right now that allows you the least amount of headaches, not having to physically be/check in at every property and general misuse of your time from tenants who like to call about the smallest of issues? 

Hey All, So the question for the day that I have is for all you Multi-Family owners what are some of the best systems you have in place right now that allows you the least amount of headaches, not having to physically be/check in at every property and general misuse of your time from tenants who like to call about the smallest of issues?

If still looking for a plumbing company. D.A.M Plumbing are the guys to go to!