All Forum Posts by: Dave Madoch

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*This link comes directly from our calculators, based on information input by the member who posted.

I am trying to put together an argument to sell this property and buy a multi-family.  We originally lived in the property for 4 years and it has been a rental for the last 4 years. We purchased in 2010 with 3.5% down(FHA)/$265k sales price and refinanced 4 years later right before we changed to a rental with a 4.25%/ 30 year loan/$250k. It is not cash flowing at all and that is why I would like to get rid of it. We could sell for $425k

Thank you for your help

I am just not sure how to put this through the calculator to get an accurate report. 

@Russell Brazil   is cobrokering the same as a referral? So my sister would get 20-25% of the commission?

@Russell Brazil oh I know the pain I will feel if I don't use her.  

I am just starting out and I am torn on what is the best way to choose a realtor. Of course to make things difficult my own sister is a realtor but she is not familiar in the areas I want to buy. I have one realtor sending me MLS emails right now. Is it normal to go through realtors until you find one that will actually do work for you looking for deals rather than just setting me up with MLS emails and waiting for my call? I have purchased 2 properties in the past and I did all the work finding properties which I expect is the case most of the times.

thank you 

@Anson Wu   Yes I did buy the spot more out of necessity than investment. In my area(Fulton Market) parking is a nightmare so we are using the spot still for personal use. We are considering making a move this year to sell our house in south carolina, putting this condo for rent and house hacking  a3 flat somewhere in Chicago, just not sure where yet. 

Once we do that we will sell or rent the extra parking space, not sure yet.  

thanks

Dave

Hello

Any recommendations for an accountant in Chicago that is reasonably priced? I am looking for someone that is knowledgeable about investment properties. We are considering selling our rental in South Carolina and using the proceeds to buy a few other properties. 

thank you 

Dave

Hello All

My tenant just contacted me to let me know his son became ill, went to the doctor and the doctor told him the symptoms we related to mold. He was tested and showed mold in his system. I am having the house tested for mold and then plan on fixing the issue if comes back positive. 

Any advice or things to be careful of as I know this can be an expensive? The house is in Charleston, SC and is a crawl spcae underneath as most houses in SC are like this. I just want to do everything right legally. 

thanks

Good point. thank you

Hello BP

I am trying to get started buying multifamily properties in Chicago surrounding areas. My wife and I have no problem house hacking but ideally, wait one year for personal reasons to go that route. We have a SF rental that has about $200k in equity. I talked to a lender and he suggested we do a refi and pull out $100k and that would allow us to buy 2 properties in the $200k range. If we pull that much money out of the SF property we would be at a break even or possibly loss of $100/month until we raise the rent again. It makes sense to me to leverage this money to obtain 2 cash flowing properties but I wanted to get some pros and cons from the bigger pocket crew. What would you do?

thank you