All Forum Posts by: Delroy Watson

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $475,000
Cash invested: $25,000

2 complete units with an unfinished basement. 2 and half car garage. Basement will be converted into a ADU.

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

Two reasons:
1. I wanted to challenge myself by acquiring a property that need rehab. This is because i am interested in obtaining my GC license to kick start my own business.
2. The area, Portage Park Chicago, is an up and coming area with great rental metrics due.

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

Consistent real estate platform (zenlist, zillow, realtor, etc) search.

How did you finance this deal?

FHA loan

How did you add value to the deal?

1. Rehab of both units.
2. Conversion of base to ADU
3. Added Gate to access half parking spot.

What was the outcome?

Available unit was rented above market value.

Lessons learned? Challenges?

1. Ensure budget includes vacancies.
2. Create scope of work before project begins to manage material cost.
3. Vet realtors carefully.
4. Shop around for great deals.

Hi All,

I have only been in Chicago for 5 months and purchase my first investment property (house-hack). I want to build my network, get a better understanding of this market and share my knowledge with others. I am researching meet up groups here in the Chicagoland but, I am open to connect with others like myself (first-timers) and experienced investors over coffee!

 Portage Park Area

Thanks for all the feedback everyone!

Hello Everyone, I just bought my first 2-flat in Chicago. However, I have a large unfinished basement I would like to convert to a 3rd unit. I am trying to get an estimated idea of the cost of this project. If anyone has done this type of project before and has a detailed/itemized breakdown of project cost (invoice), I would truly appreciate if you can provide me with a copy and any guidance.

thanks!

Thanks for the information everyone.

I am planning on buying my first rental property in Montgomery, AL. Should i buy already tenant occupied or BRRRR? I am looking at properties in the price range of 70K - 100k