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All Forum Posts by: Dave Madoch

Dave Madoch has started 21 posts and replied 51 times.

Post: House-Hacking in Chicago

Dave MadochPosted
  • Chicago, IL
  • Posts 54
  • Votes 35

@Matt Byrne I bought my first multi-family last year with @John Warren (6 flat in Berwyn). He knows what he is doing and if you need an agent I couldn't recommend him enough. He oozes knowledge in this business and isn't shy to share it. He also hosts a great meetup. 

Post: Chicago Coin Laundry questions

Dave MadochPosted
  • Chicago, IL
  • Posts 54
  • Votes 35

I have been using Payrange since Nov 2019. My machines are new (SpeedQueen) and are in a 6 unit building. I feel people spend more when payment is not in a physical form. 

The software is pretty basic but gives you what you need; total coin revenue, total app revenue and # of transactions. They also give the ability to offer a basic loyalty program. 

We did have a tenant that was requesting a refund each week from payrange for no reason. When I noticed 2 months later I did let payrange know and they notified the tenant and warned them. They would not tell me which tenant due to privacy issues. 

@John Warren installed machines without the ability to accept quarters so I am curious how that goes. I go to the building every 3 months to empty quarters, although I could probably get away with every 5 or 6 months. 

Post: Chicago West Suburban Real Estate Investors

Dave MadochPosted
  • Chicago, IL
  • Posts 54
  • Votes 35

@John Warren

Thanks for continuing to have your meetups during all this #*@!  

Post: Chicago West Suburban Real Estate Investors

Dave MadochPosted
  • Chicago, IL
  • Posts 54
  • Votes 35

Looking forward to it @John Warren

Hello BPers

I am in a scenario where I hope the BP community will come through with some advice. My brother is physically disabled with MS and rheumatoid arthritis. He has been on disability for several years now and lives in a home that was purchased by my sister's boyfriend. My brother pays him $700/month which would normally just cover the mortgage but the owner of the house paid cash and never took a mortgage. He now would like to sell the house to buy a flip house. He offered to sell me the house basically at break-even for him. My PITI would be $800.

My brother has been turned down for Medicaid and food stamps because he makes "too much" with his disability check($2100/month). After he pays for his health insurance, medicine, food, and utilities he barely can afford the $700 rent. If I were to buy this house what are the odds of me getting him section 8 vouchers and using them to help me pay the mortgage and allow him to have some spending money? 

Any insights or advice would be great. 

@Bijou Diaou

It was a single was a single family home that we purchased for $265k in 2010. We sold it in 2019 for $425k and did a 1031 exchange into our 6 unit.

Personally I would do a house hack via FHA mortgage. Whether it is a duplex or 3 unit depending on your area's market. Then after 1 year you can refi into a conventional mortgage and repeat.

Have you tried to get an FHA mortgage? Typically they have lower requirements and only require a 3.5% down payment. My wife and I did exactly that for our first property and 9 years later sold it and bought a 6 unit multi-family.

Post: Move in inspection for tenants

Dave MadochPosted
  • Chicago, IL
  • Posts 54
  • Votes 35

What do you have your tenant do when they move in inspection wise? Do you supply them with an inspection checklist ? I plan on using Happy Inspector for doing my own inspection but would like to supply the tenant with something.

Post: local, REI-friendly Chicago banks

Dave MadochPosted
  • Chicago, IL
  • Posts 54
  • Votes 35

@Svend W.  I have used Blue Leaf lending for a couple residential and one commercial (for my 6 unit) and they were great to work with. They are a community bank. Ask for Mike Coyne and tell him Dave Madoch referred you. 


https://www.blueleaflending.com/