All Forum Posts by: Damian S.

You actually cannot refuse a Section 8 or CHA voucher holder from renting your apartment. If the rent price is covered by their voucher amount they just might be able to move in.

Other neighborhoods have older inventory w/ tiny bedrooms as well. I remember a two flat from my childhood that we lived in over in Belmont Cragin with those smaller room sizes. It's just what you have to deal with.

@Vincent Mazzaferro Sent you a PM.

Omitting information that the seller might've not been aware of does not constitute misrepresentation, due diligence is ultimately the buyer's responsibility.

@Jason Mcdaniel It's all about the relationships. Commercial loans don't have the same restrictions so with that being said the lenders put more emphasis on the deal. As long as you know what you are doing and you are willing to work hard you are bound to find a lender that will work with you. Experience managing properties would definitely be helpful for a newbie investor. Work with local lenders that know the conditions in your area - don't even waste time with national banks.

I would meet in person with the listing broker and the owner on any prospective properties so they can actually get to know you. See if they can carry back a note so that your LTV is 75/80 or whatever you can get from the bank with some of your skin in the game.

@Angelica Osusky I opted for a broker who charges a fixed monthly fee which is actually very reasonable. We also have live training webinars for all new agents and the broker is very accessible for any questions licensees might have. Very happy with my choice.

Utilities are typically paid for by the tenants, so I would only be concerned about the ones the owner is responsible for, i.e. water and scavenger. Contact the listing agent regarding any questions you might have.

I would stay away from having a professional term in a business name especially if you do not hold a license, even if it's legal in your state.

 The OP indicated that the figure is after P&I deductions..

And I agree, we need the rent roll and CAPEX numbers from the past three years to arrive at a better estimate. Look at comparables to figure max CAP rate you can pay and then deduct deferred maintenance from that figure.

 It won't go away very quickly because the owner does not have access to an alley and there is no other way unless they build some kind of an enclosure to make it look somewhat less unappealing.

Personally if I was in the market for a 1M single family residence I would stay away from a busy corner and a location where the next door neighbor runs a bar. Most people won't admit it but the location and the price are what is holding you up.