All Forum Posts by: Ibn Abney

@Francis Rusnak Come South of the Loop!!! Tons of cash flowing properties and rental rates are surprisingly higher than many expected.

Not all areas south of the loop are warzones and property values are 40%-60% cheaper than similar properties north of the loop!! 

Good Luck!!

@Holden M Lombard welcome my friend!! Definitely in the right place!! The podcasts are a great place to start.

Can you provide the cross streets? The area is block specific. I like to be east of cottage myself.

Personally, numbers sound realistic but I get nervous when sellers find tenants, choose the PM firm, and handle city inspections. I would prefer if you do that due diligence! 

If you qualify for down payment assistance why not look for a better area to owner occupy a 4-unit? Live in one unit and rent the others? Or go more north and east of the city. As a first time landlord, I would suggest gaining alittle more experience than investing in that area. Experience is most important in rougher areas.

Nevertheless sounds like you are thinking about all the right things!!

Best of luck!

@Jake Svirsky 2% rule is a good one for sure as a gut check, but me personally I want to get all my down payment/ initial investment back in 3 years or less.

Therefore, a Break-even analysis is number #1 for me!! value add investing I found to be the best way to accomplish a 3-yr break even or less.

Good Luck

@Gary Freidman where on the southside? Not all areas are the same.  Also, what is the square footage? Do you need to repaint the entire unit? That will be you biggest expense.

Sounds like a reasonable price for a 4bdroom and a basement. If you were closer, you can do more yourself, but to pay a professional, sounds like normal rates.

Connect with @Mark Ainley. He is a SME in the area.

Good Luck!!

@Eden Amsalem reach out to my guy Chuck.. Charles Ryan.... By far the best!!!

https://realinspectionservices.com/

Tell him I sent you!!!

@Adam Fontana welcome!!! check out: https://www.biggerpockets.com/forums/521/topics/704793-south-east-chicago-real-estate-club-june-meetup

Happy to connect and discuss the chicagoland market

@Jason Xue Hey check out:

 https://www.biggerpockets.com/forums/521/topics/704793-south-east-chicago-real-estate-club-june-meetup

I was just talking to @Martin Neal about doing a South Loop meetup as well. The group moves monthly throughout different areas of the South Side to help showcase the area.

This group shares and discusses all things Real Estate!!! However, we share a specific bond and interest in Developing the South East Side of Chicago.

https://www.meetup.com/South-East-Chicago-Real-Estate-Club/

Real Estate Investing is a Team Sport!!!

The South East Chicago Real Estate Club is a local resource group for anyone interested in Real Estate Investing or Real Estate professional who wishes to promote their business.

NO SALES PITCH!!! NO GURUS!!! NO FEES!!!

@Ann Folan @Brie Schmidt @Bob Floss II

Great thread, @Ian Kibbe.

 thanks for adding value everyone.  In this situation now. We have the budget and we don’t have to dig. Budget $300k I want to add a garden unit in a 2-flat. Zoned RT4 now. Ceiling is 8ft already. 

Can you help me understand what’s the first, second, third step to get this done? Reading the county website is like reading a new language. Do I need a zoning attorney or can I apply myself?

Any advice would be much appreciated! Thanks

@Scott Wolf

@Scott Wolf per @Stephanie P. Rate is high due to no seasoning and non-warrant-able HOA.

Best rate I found was 7.25% but with a lender I was unsure of,

@Max T. thanks Max!! the key is to use your time under contract to source materials and contractors. We closed on 2/13 and started work 2/14. Looks bad but was mostly cosmetic. Plumbing, electric, and structure was in great shape. Fire damage sacred folks away

@Dave Sonnenberg I do my budgets by room, not by materials so dont have a full breakdown, but I can tell you materials was only $12K. Of which, I got 3% back using my chase credit card... :-)

On the repeat phase now. Also, I forgot to add $1500 for the lender Refi fee!!!!!