All Forum Posts by: Forrest Williams

Hi @Ronaldo Marion,

I see you have the usual crew of Chicagoland hype men, so let me add my voice and say it's a great place to invest. I have two multi units in the Berwyn area, one cash flows great and the other I've recently acquired, so it's in the process of upgrading but should cash flow quite well too. With rate increases the profit margins are smaller than they were at the beginning of the year, and taxes in Cook county are quite high. However, there is appreciation all over the Chicago metro area and we have many different neighborhoods depending on your risk tolerance.

Like others here, I recommend finding an agent who also invests. It's worth it to have a second set of eyes on the property; they may recognize a problem you would have missed. They can help handle the paperwork, find you comps, private market listings, and many other small things. Also, it's good to know people in the business. Your agent may have some recommendations for contractors, landscapers, accountants, and lawyers.

I just started using First Midwest Bank, and they have been okay so far. Am not a fan of Marquette bank, their rates aren't great and I've had some issues in the past.

Hi Uddalok, the USA is a big place, and rents vary wildly from market to market. For $600 /mo you'll probably have to have roommates and split the costs. Organizations like Section 8 and CEDA can help you with finding low income housing if you qualify. If not, you'll have to find something rural or find some roommates.

Hi Rob, welcome to the forums! There are plenty of people looking for GCs here, so you'll fit right in. Are you also looking for clients?

Hawbecker and Garver are my go-to attorneys. They are based in Hinsdale. 

$687 is decent for an inspection. Multi units are more expensive than single family homes. You probably won't find a better price, and if you do, it'll only be a couple dollars less.

I've used White Glove in the past. They aren't exceptional, but they do a fine job and are pretty comprehensive.

Good points. I've noticed that local governments aren't interested in upgrading basements to garden units for extra value as well. Seems like that would be a good way to add more supply and more value, provided the units are up to code of course.

Congratulations on your imminent purchase! Hopefully everything goes smoothly for you. Now the tough stuff - you likely won't be able to stick under your 15k goal. Considering you've got a basement quote for $8500 and 3x water heaters will run you 5k, you're already getting close to your max. If you hire someone for the windows, you'll be over for sure. The windows are likely a safety concern for fire as well.

I wouldn't fuss with the boiler, that's going to be an expensive fix and boilers last a long time so you'll probably be fine there. You should bring the electrical stuff up to code certainly. If the roof isn't giving you problems, you may be able to get away with some small repairs until you can afford to replace the whole thing.

Owning property is rewarding, but it comes with some challenges certainly. Feel free to reach out if you want to connect and chat more.

Unless you have a dining room or another option to make a living room, I'd say convert it back.