All Forum Posts by: Phillip Mazur

We currently hold 5 rental properties totaling 15 doors. All properties are in northern Illinois and we have since moved to Arizona. We have been self managing from afar utilizing previous service providers and friends with an occasional new hire. The properties all cash flow nicely and current interest rates range from 4.25-5.25%.

We have owned these properties from 5-10 years and some will be needing some larger expense repairs. We currently have one vacancy and another coming up 5/1/24. It is very easy to get to market rents and increase cash flow if we place new tenants.

Property values have spiked in the area along with rising rental rates. There is limited inventory for purchase and average market time is less than a week with multiple offers.

About 1/3 of our current tenants pay regularly and on time. The rest of them have been slacking and usually 2-4 weeks late. We serve notice at 30 days and follow through with eviction if terms are not met. Needless to say, these late-payers are grinding down our tolerance and we are thinking of cashing out and moving onto a different investment or something within reasonable travel distance.

Current monthly cash flow ranges between $7200-$7700. If we sell everything, we will have about $1.1m to reinvest.

It has been difficult locating anything that would meet or beat our current cash flow given current interest rates.

We are looking to our fellow investors for ideas and support!! Thank you all!!!

We are experienced with purchasing at Sheriff Sale in most Illinois counties. Please message me to discuss further. 

One suggestion we learned in negotiations is an "escalation clause" in the contract. This would state that you will pay "x" over highest bidder in a competitive offer situation. We just recently won a bid like that offering $1k over competition and up to $10k over list price. Value was there and, if you want something bad enough, pay the price! Please remember to ask for the proof of the other offer amount so you're not bluffed interested something. I hope this helps and GOOD LUCK! 

I'm in Woodstock and would like to connnect with fellow investors as well. Just sent you a colleague request... Let's get together and talk! 

Hi Ryan! I'm a managing broker/investor from Woodstock and may be able to help you on your endeavors. Feel free to reach out to me if you would like to discuss your goals. Best of luck!! 

Hi Eddie! I'm a managing broker in Woodstock and full time investor. I'd be happy to meet with you and help you get started! Let's plan to meet and discuss your goals... thoughts? 

Welcome to BP, Steve! I too am an investor and full time real estate managing broker in Woodstock. I have coached several new investors through the beginning stages and would be happy to speak with you about your goals! I have 2 projects in the works and a 3rd under contract. If interested, we could visit them together as examples of what to expect. Thoughts?