All Forum Posts by: Michael Smith

@Ryan Steele

HAHA its just an avatar

Speaking of devil last week my friend Erik talked me into going to meet you in person so this will happen i will bring you the leads ;) with my real face behind them

Who knew ppl hate baldwin that much ;) on a side note note i did see the play on Broadway and baldwins monolog was not a part of it

Hello Michael here

I'm looking for my first purchase of mfh. i already have few properties but all of them are sfh in the burbs. I'm looking to transition into mfh market.

I want to start small, 3 plex sounds just perfect to me and if make mistakes i can still cover for them with out going deep under water and drowning ;)

I'm looking for someone who has experience in mfh market in Chicago and doesnt mind to be a broker / agent for a smaller deal like 3 plex

I have 4 areas in mind and a budget i want to start with.

If you can recommend someone that you have worked with before please let me know

Thx for replays. Interesting how "staus quo" can be preserved up the point that its easier to live in a lala land than to make any changes ... bureaucracy - a cancer of any society.

Based on what you guys wrote drooping down from 7 to 4 should not be at least a zoning problem good to know

Thanks again

I'm looking a t a place that is listed as 7 units in chicago in RT-4 zone

After quick lookup i got contradictory pieces of information

1 up to 3 apartments

2 low density apartments with no number attached to it

so my questions are

1 is is that ok that it is a 7 unit

2 can i reduce the number of apartments to lets say 4 units or do i need special permits to do so

thx

1x 3beds and 1 bath

2x 2beds and 1bath

no garadge but there is space to built one there is parking on the streets .. but its street parking

i did comps for places after rehab and i did undervalue mine by 20% for safety

not sure about vacancy rate this building needs a gut job so there is no one living there at the moment. It was constructed in 1913 solid brick im going to see the place later on this week but roots look solid from distance its 2,700 sq feet

I have a gc to go over the property with me so i should get some numbers but looking at it right now from a high level perspective

thx

Thank you very much for your help.

This would be my 4th property. I had a great agent but he is exiting the market. From my perspective i'm already doing all the comps in the area etc got my super awesome inspector to check the property and a very good lawyer who helps as well.

Market is getting a bit warmer and im just trying to figure out if i can sweeten the deal for the selling side. and if i can what are the drawbacks if any

sorry im in single family homes but also looking at 3 plex right now

I Have found an interesting 3 unit property in chicago. It requires a lot of work but that is where the opportunity.

Now looking at rents in the area i think i will get around 3.3k after costs it should be around 1.5k looking at places in chicago the cap rate that i have seen is around 7 -10% i will use the 10%

my NOI would be 15k with 10% cap the value of the property would run at 150k ?

can anyone comment on this for 150k you cant buy much in chicago proper and i was looking at the cost of getting this place to run around 300k

does this deal is just off ?

Thx for comments

can anyone advise me on the process of buying property with out the buying agent in the picture

The idea is simple if i bypass the buying agent so i will do all the paperwork myself all the commission would go to selling agent

i think that would make him more interested in the deal

Are there any caveats pith holes that i should avoid ?

Thanks

absolutely not trying to cut in on your market share but perhaps you can answer this question and that is assuming you are managing your properties alone

how much time do you spend on management of those properties ? what do you thing is a sweet spot number of hours per property ?

And if you don't mind how long vacancies you have on average ?

just couriers of how does that compare to Naperville area

for me 4 hours a month is a good number per property the less the better

vacancies in my experience it varies on the time of the year 3 - 4 weeks is expected but in winter dec - jan it is dead