All Forum Posts by: Dave Madoch

I posted this in the main real estate thread and didn't get any input. I am hoping the Chicago specific forum will help. Thank you

I am considering buying a 2nd spot in the building I live(West Loop/Fulton Market Chicago). The area is booming and parking is scarce. I am still waiting on the price that he is asking but guessing he will go for $30k-$35k. I am curious what is the overall opinion out there on buying a spot for investment reasons(we will be using the spot for the next 1-2 years while living there). Once we start to rent the space only, it will go for at least $250/month. I just want to hear pros and cons of purchasing a space to rent out and/or sell in the future.

Thanks

I am considering buying a 2nd spot in the building I live(West Loop/Fulton Market Chicago). The area is booming and parking is scarce. I am still waiting on the price that he is asking but guessing he will go for $30k-$35k. I am curious what is the overall opinion out there on buying a spot for investment reasons(we will be using the spot for the next 1-2 years while living there). Once we start to rent the space only, it will go for at least $250/month. I just want to hear pros and cons of purchasing a space to rent out and/or sell in the future. 

Thanks

Thanks Brie. I have been looking in the Andersonville area as I think that is a great rental area. It is just the multi familys are $400k and up. I just need to educate myself on how to raise the initial purchase money and then pull the trigger. 

Not too sure on areas yet. I am just starting out. Well not exactly just starting, we own a SFH in South Carolina that is a rental and are closing on a condo in west loop this friday. I really want a multi family under my belt this year. Since I am closing on a unit this week, my cash will be low and am still learning about private lending and raising capital. Right now I am trying to get some practice analyzing deals with the BRRR calculator. I live in the city but work in the south west burbs so in terms of area, I can go anywhere in chicagoland. I just want to avoid high crime areas.

What is the best way to research the demand for rental units in certain neighborhoods? I know the obvious areas like wicker park and bucktown, but those are not in my price range. I am seeking a triplex or fourplex in an area that is on the upward trend. I would like to look on the edge of the city limits but am uncertain if I would be able to keep the units rented. Thanks

I currently am closing on my second property. My wife and I plan to live in for 2 years and then rent out but I want to start planning for the next property. I have been reading plenty of the forums but am looking for some structured strategies. We are interested in getting a few more properties, possibly a multi (2-3 unit) or 2. My questions are mainly about what are the strategy options and how does one get financing back to back? Are there any book options that are for beginners that are mainly for rentals, without the get rich quick theme? Or podcast recommendations ? Thank you

Hello

I am turning my home into a rental property in SC and am moving to IL. I may buy a place in IL and eventually rent it out as well. I was told an Scorp in SC would be best but would I be able to use that Scorp for the IL rental too? Also is an Scorp really the best option for 1 or 2 rental properties over an LLC?

Does this hold true assuming a 4% rent increase per year, in a very high demand area of charleston and if I plan to hold onto it for 10-20 years?

*********** In the next year I plan to get the management plan in place. Currently I plan on using a friend in town that has several rental properties himself. I am hoping to find a good long term tenant before we leave town so the first year will be low management. In terms of maintenance I have a few handymen that I would be using in case anything pops up. We are unsure what area we will be moving to in chicago but most hopefully near the lake and probably northside. I just learned that I will not be able to buy anything for 2 years because we will need 2 years of rental income on our taxes. My wife is in school and wil not have an income for another 2-3 year.

In about 1 year we plan on moving out of state and rent out our house. I would like any input on if it is worth trying to refi. We have lived in our house for 3 years and purchased it for $265k with a FHA loan. Our current principal is at $250 and rate of 4.875% (with 2 more years of $112/month PMI to pay). I am only guessing at our current value of $290k but would need to get an appraisal. My question is is it worth trying to refinance right now to try and get my payments down or should I wait a couple years and if I wait a couple years will I need to tell my mortgage guy that it is now a rental property? I think I can get $1800 rent per month and all in (P&I, homeowners, flood, taxes) my payments are $1830/month. Any input would be greatly appreciated
thanks
Dave