All Forum Posts by: Sam Lee

anyone looking at househacking potential in logan square park?

did you end up buying?

update: I check out the place and put in an offer for $600k. everything looks turn key and the property is vacant actually. If rented the property can generate $5k/month or $60k on the conservative side. The owner spruced the place and repainted everything and fixed it all up. Let's see if there they accept

indeed you are right,

i'll give it my best shot and try to negotiate a bid within reason of the rules. If not it's a pass

Unit 1 is a 2bd 1 bath. $1500 

Unit 2 is a 2 bd 1 bath $1500

Unit 3 is a 3 bd 1 bath $1800

Unit 3 is a 3 bd 1 bath $1800

rents can go up a conservative $79,200/year total when i do market research. If I spend $5k on in unit washer and dryers and update some bathroom fixtures and kitchen stuff another $7-10k, I can attract higher quality tenants or/and raise the rents another $100 each. let's see how flexible the current sellers are, but if you all know any way to negotiate a blue chip deal i am all ears

thank you for your perspective

unfortunately in this market and this area at this point in time the buyer does not have the leverage as if it were 2010. :(

I will give them an offer of $650k contingent on the bank's appraisal and professional inspection and hope to get more wiggle room when we are negotiating. I would love to buy at $600k

Currently looking at a legal 4 unit in logan square in chicago. Seller is asking for $699k which is way off what the market would ask but the property brings in $66k/year in rental income with the opportunity to increase rent by adding in unit washer and dryer and expanding the unfinished basement and attic. The property looks turn key. Real estate taxes are $6000/yr. 

Using 50% rule the property is negative cash flowing at $278, the 1% rule puts the property valued at closer to $550k. But keep in mind this is a hot market and a very trendy area. The tenants would be tenants you would want to have, a lot of working professional types. What are bp's thoughts on this "deal". Also how would i not sound rude or offensive in trying to negotiate a more reasonable price?

Thanks!

vending machines

Vending machines are a great way to make passive income and are compatible with multifamily apartment units. If you are lucky enough to meet a vending business owner who is retiring you can possibly buy these machines already on location.

I met a retiree looking to sell his vending machines, and so i wrote an article about it, if you are wondering how much a machine costs and how much revenue they generate:

yup, I signed up for the mailing list at sjrei. I wonder if i can attend my first event for free as i am there to just have a sample of what the club is like.

Also, in terms of opportunity in the south bay area, it seems like most of the real estate deals here have lower cap rates and so investors rely on the capital appreciation to profit later. There are mixed part in san jose that offer some cheaper deals, but I am also looking at one area that looks like a good opportunity: East Palo Alto.

Can you tell me why this area is so cheap compared to the neighboring palo alto. I can get a 2b/2ba for 300k here and then across 101 the houses are in the millions.