All Forum Posts by: Dan Gongora

Good morning BP community, This is a lot to ask but can someone help me determine an offer price for this property? I've been using the rental property calculator and I think I'm Over thinking it. I also think I'm doing something wrong because the offer price I come up with is sometimes way less than what the properties are listed at. I think the offer price for this and similar properties should be around 110k but that seems really low. Property link: https://www.redfin.com/IL/East-Dundee/503-Barrington-Ave-60118/home/17027076 Couple details about financing: FHA LOAN 3.5% down House hack strategy. I will live in one of the units and rent the other out. Property details: 503 barrington Ave east Dundee List price 194,900 Taxes 5,227 2 units A. 2 beds 1 bath $900 a month B. 1 bed 1 bath. I will occupy Tenant only pays electric and gas what would be your offer price? And could you walk me through your numbers? Are you using the rental property calculator or since it's a house hack are you more focused with getting an accurate mortgage estimate and making sure that the rent covers it? Thank you so much BP community

Hi Rose M. I haven't been to any local Meetups yet but I'm hoping to go soon. I've been told WCRT is good. I also downloaded the "Meetup" app to discover more local RE meetups in the area. There's quite a bit. You should check out that app.

Thanks Billie! This answers my question perfectly. I appreciate it :)

Hi Doug, Yes that's what's going to happen but not until after a year of me occupying it. I think from the research I've done the best bet is to cash flow right away which means analyzing a property considering I will be living in it. Thanks Doug!

Good morning BP community, I'm in the process of analyzing the purchase of my second 1-4 unit property. I plan on moving in to my new property "house hack strategy" however I am having trouble figuring out a good purchase price. Using the rental property calculator here on BP, I am not sure if I should enter the numbers as if I was living in one of the units or as if i was renting out all the units. I would greatly appreciate your feedback/opinions. the reason I ask is, if I enter the numbers as if I were living in one of the units "which is what is actually happening" the estimated purchase price i come up with is far lower than what most sellers are asking. so I can't help but wonder if I should run the numbers as if I were renting out all the units "which won't really be happening until I eventually move out" in order to come up with a more "fair" purchase price. I hope my dilemma makes sense. Can't wait to hear from you. Thanks, Dan

Thank you!

Thanks so much everyone! I really appreciate it !

Hi there, Can anyone recommend a real estate lawyer in or around Elgin IL? I currently own a 2 flat under my name and plan on purchasing another 2-4 unit property this year under my name as well. I currently have home owners insurance but I think it's about time I start with an asset protection strategy. it's my understanding creating an LLC combined with a general liability policy for each property is a good option but I would like some further guidance. Thanks, Dan G

Hi there, Are there any cash flow board game meet ups around the ELGIN IL area ? Please let me know as it would be nice to meet some fellow entrepreneurs. Thanks

Welcome Ramadan, I'm a local real estate investor as well. It's good to find fellow investors in the area. I moved to Elgin a little over 2 years ago to purchase my first rental property. I'm hoping to purchase my next rental property this year! let me know if I can help in any way