All Forum Posts by: Eric Bellefontaine

Thanks everyone for the information. Most of the surrounding properties have window units and there are a lot of rentals. So sounds like it probably isn't going to add as much value as I'd hope for. 

So I've been looking at some homes in my area, they are all older homes over 100 years old. I was wondering how do you determine if a renovation is going to add any significant value to a home? For example a lot of the homes I was looking at have Window A/C units, if you add central air does that add any significant value?

Thanks everyone for the great information. You all definitely gave me a lot to think about as well as a new perspective I previously did not see.

@Nik Moushon Thanks for the information, I was thinking of budgeting about 6% of rent income into repairs and captial expenses, I got to sit down and look at my numbers again to make sure that's going to be enough though.

@Karl B. Thanks for the information I'll definitely be keeping the plumbing in mind as I search

Hello BiggerPockets Community,

So I am a complete newbie to real estate investing. I decided to start my search for my first deal (2-4 Unit Multifamily rentals) closer to where I live because I wanted to self manage. Currently a good portion of the inventory in my area consist of 100+ year old properties. So I wanted to hear from you all about your own experiences with older properties. What are some things I should be looking out for to avoid costly repairs or fees? Is it a better strategy to find deals that are farther away but where the properties are newer? What good experiences have you had with 100+ year old properties? Bad experiences? Are there tenants that would even find a 100+ year old rental appealing?

Anything you can share about your own experiences, or any tips you all can provide would be greatly appreciated. Thanks!

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

Hey so I found this listing, and was looking at and wondering Is it a good deal? The numbers look decent to me. But, I have no experience whatsoever and want to make sure I didn't screw up the numbers here. 

Quick edit, the buildings definitely need some sprucing up, and I would assume that would raise the ARV, but I have no idea how to estimate that so I'm just setting the value off the idea that I can't raise the ARV for some reason.

@Zack Karp Thanks for reaching out. I'll make sure to contact you with any questions I have.

Hello Everyone,

Wanted to introduce myself, my name is Eric Bellefontaine, I am from the Greater Chicagoland area, currently out in Carpentersville, IL (the western suburbs). 

I am currently a home owner and recently became more interested in finding a way to build a passive income to better support my family and ultimately achieve financial freedom. My goal right now is to buy my first investment property with-in the next year. I'm leaning towards doing rentals. 

I'm a complete newbie to real estate investing and look forward to learning more from all of you.