All Forum Posts by: Frank Gigliotti

Hello

I live in the Chicago area and own a few multi units here. I have been to Tennessee a few times over the past two years and absolutely love it.

I was hoping to get a little advice as to what areas to look in. Multi familys seem hard to come by so I was wondering what you guys thought about buying land.

Any input would be appreciated.

Thanks

I would love to hear your exit strategy.

The 55% is the line are they are basing that on what it cost me. This was a total gut 3 unit.

The 55% is the line are they are basing that on what it cost me. This was a total gut 3 unit.

So I own a few 3 flats one which is mine free and clear of any loans, conservatively it's valued at 335. I stumbled on an owner of a 18 unit that wants to sell. I looked at the property ran the numbers and I want it! The problem is I don't have any cash so I went to the bank to inquire about a line of credit to purchase this 18 unit, it's a local bank that I've never worked with but did open a few accounts a year ago anticipating of me buying something (DA). So the bank comes back and only offers to give 55% of what I have invested in the property, is this normal practice? I'm a little disappointed because for one it would make the 18 unit deal more challenging to pull off and the property is worth over three times that much! Any thoughts

It is a boiler and i hear what your saying about sec 8 but 18 section 8 tenets sound like a nightmare....

My biggest concern is turn over . With the 15 units I have now there is very little turn over. 

Management is another concern,right now he has someone on site but she is retiring.

Hay Max this sounds Like a fun Project! I live and invest in Chicago,I"m also a realtor. I would be more than willing to help you but I think you need to do a little more reseach as far as where and what type of investment. 

Who much do you have to invest?

R U looking for a value add,distressed,new construction or a turn key? 

What kind of area? High end low end average or up and coming?

Chicago is a very big city with plenty of oppertunity but you need to narrow it down.

Good luck

I own a three unit building on the near south side of Chicago and I just met the Niebor across the ally who wants to sell his 18 unit. The numbers work and if all goes well I should be able to bump rents up by 25% which would make thew numbers even better.

My concern is that the building consists of 1BR and studios! The properties I own now are 3 & 4 units with mostly two and three BR. 

This would be a big step for me,,,Any thoughts

Not on an investment property, but if this is going to be your main residance thats different. If your a first time home buyer you may be able to put down as little as 3% or less.

I love the table saw analogy!!!!LMAO.

i just happen to be in this predicament,and it sucks !!! So what do you do? Nothing and be happy with the returns u have and be done, or keep going and pull a line of credit and and do it again???? DA