All Forum Posts by: Danny Duran

@Javier Rancier my partner, @Zach Shepard and I are making a trip to Puerto Rico from 8/13 - 8/19. The purpose of our trip is to get to know the PR real estate market and identify properties to acquire. We are primarily interested in acquiring units, designing/furnishing and operating them as short term rentals (Airbnb, VRBO, etc). We need to identify a property manager who can manage the end-to-end short term rental experience (corresponding with guests on Airbnb, checking them in to the unit, handling maintenance issues during the stay, check out, maid service turnover, etc). We wish to maintain control of our ability to operate short term furnisehd rentals, so, we will avoid properties with COAs/HOAs unless they expressly permit this activity and are friendly toward operators.

@Javier Rancier we intend to meet with real estate brokers, property managers, designers and other professionals during out trip to set up a team on the Island that can manage our interests since we live and operate in the US Mainland's Midwest. We'd also like to meet with hard money lenders and bankers to establish local financing relationships. Please share your insights.

@Scott B. Please share insights from your July trip to PR. What did you uncover and what are your next steps toward investing there? Do you have any advice for me and my partner to maximize our week trip in August?

@Juan Bravo Sounds like you are buying in PR. Do you have a good property manager or RE broker recommendation? What is your investment strategy with the property you are buying (may have already acquired)? Buy and hold to normal renter? Or, is it just a personal vacation home for you and the family?

Excited about PR and getting to know some like minded investors!

@Syed Lateef what is your break even period on the $10K furnishing investment? How many stays does it take? About how many months?

@Syed Lateef Thanks for weighing in. I have (2) luxury four bed / 2 bath units in E Humboldt that have just been completed (entire building gut rehab). 

We are pondering furnishing and renting vs traditional and 12-month leases. I'll ping you for the analysis you mention. 

@Zach Shepard check this out.

@Eric La Pratt Thanks!

I am looking for a short term furnished rental property manager. I didn't know who to go to in the city for this! My partner and I are considering this for our new gut rehab in E Humboldt Park. 

Please send me the name of the company and your contact asap. Thanks, Eric!

BPers - I am borrowing money from a private lender soon and seek best practices around picking a loan servicer (lender doesn't have one). I am in Illinois; lender is out of state.

In addition to advice, I'd appreciate any referrals to quality loan servicers. Thank you!

@Brie Schmidt @Ben Leybovich can you tag folks to this post who may be able to help?

@Meghan McCallum my partner and I are rehabbing a 4-flat in East Humboldt Park and a 3-flat in North Park right now. 

We intend to refinance out of our private money liens for the 4-flat and hold for a while; the 3-flat we intend to sell shortly after complete. 

The Norh park one is 8 minutes from the Kimball brown line stop. I am a north park native and can vouch for the quality and safety of the neighborhood. 

Maybe this would work for you and your partner's 2nd Home aspirations. This one will certainly pay for itself.  If it were me, I would live in the basement and rent the first and second four units out at the higher rents.  Or, you could Airbnb the basement unit (which will be gut rehabbed) as you have described in this thread. 

It's an off Mkt deal as it's in the beginning stages of renovation. I suspect it will be complete in May or June 2017. I would like to give FSBO a shot on this one to see how that goes. Since we will be leasing up the units, the tenants will cover all costs and provide us with cash flow while we wait for the right buyer and price to come along.

Let me know if you're interested. 

@Ryan Boren are you buying with cash or traditional financing?

The best flip deals require quick closes with cash or hard money. 

@Linda Govan I only buy in the north an northwest sides (cash and hard money). If you get off mkt deals in those areas please send to me. 

@Yolanda Sellers - is your two flat in the 5700 block of May Street? 

I just wholesaled a greystone 2-flat property to Aaron Vaughn in that block.  It sounds like the very same one you're talking about. 

@Kevin Huang in 2014, I closed in a 4-unit building in the north side of Chicago. My wife and I still owner occupy the property and live for free. That's right, our three tenants pay all the mortgage and monthly expenses.

Like you, I had an interest in Bucktown and Logan Sqaure. After surveying the Mkt and walking through dozens of multi-family buildings, I can to terms with the fact that I needed to look north and west of these hot zones in order to find a place that would work for my house hacking goals. I settled in North Park and has worked out very well.

With low money down loans mentioned by others in this thread, you can get there, too.

A partner of mine and I are working on rehabbing a 3-flat property in down the street from where I live. We are going to lease up the unites and then market it for sale afterwards.

This property is only an 8-minute walk from the Kimball brown line stop. May be something that'd work for you to house hack.

It probably won't be ready until April or May at the earliest. Send me a private message and we can chat.

That worked, thx!