All Forum Posts by: Matthew S.

there is a wonderful program that sounds like it could really help you right now and it's called welcome home Illinois. It's a $7500 down payment assistance program that only requires you to put $1000 down. I'm about to close on a place in chicago with it, 

thanks Terry,

My goal is to buy and hold eventually creating a passive income producing portfolio. I agree that 4% ROI isn't considered great in real estate. Can you help me evaluate the numbers on this one?

howdy BPr's,

I'm considering making my first offer on a property and wanted to get some advice and feedback before pulling the trigger.

Here are the stats:

Asking price: 140k - haven't started the negotiation process yet, I wouldnt pay full price

- purchased for significantly less in the recent past and is clearly a flip

- new: water heater, furnace, roof, windows, kitchen, bathrooms, some new drywall, Wood laminate floors other minor improvements. Place looks great and the work was a B+. 

Single-family home built in the 1900s, converted into a duplex.

First floor is 950 ft.² two bedroom one bath - ($950 min rent maybe $1200.) (average is $989 per rentometer and this is a WAY nicer than average.)

Second floor is 500 ft.² one bedroom one bath with separate entrance - ($550min rent maybe $700.) (average rent is $689 per rentometer.)

- I'm trying to be as conservative as possible with my numbers so I don't get Burned later.

Two car garage with new electric garage door open ( bonus for the big unit.)

Driveway with spots for additional vehicles (2) 

Unfinished basement which I will add coin op laundry to. Possibly be converted for storage or a small rec room ( not sure if it's really worth it.)

Both Have a separate electrical and gas meters but would share one water heater. Also both of separate thermostats, but only the downstairs has air-conditioning. May have to buy a window unit or two for the upstairs

Piti - $975 

Trash - $15

Water for both units - not sure... $35? 

Area is a C+ or maybe just a C. 

Needs: dishwasher ($500 I can do the install.) coin op laundry machines. Maybe one or two window ac units.

I had my uncle, who is an architect by trade, take a look at the place. He seems to think everything is sound and thinks that the only things that maybe be done would be a new porch within the next five years and possibly new stairs (outdoor) which lead to the second unit within 5 years. 

My plan is to owner occupy the first level and life hack my mortgage until I can purchase a second property. Putting only 20% down would leave me about 40k in cash to play with, but I don't make very much money on the books so I'm concerned financing might be an issue. I suppose that's for another post though.

Any and all feedback would be appreciated

Thanks Josh. I was thinking closer to downtown since there is a metra station. Any thoughts? 

howdy BP'rs,

I am new to real estate investing and was hoping you could help me learn how to evaluate market. I'm looking to purchase my first multi family owner occupancy property and I want to make sure I don't make any mistakes. My goal is to buy-and-hold for cash flow

I currently live in the suburbs of Chicago Illinois, and have noticed the market is flooded with deals in Elgin Illinois. I know the area personally, as I have worked there, and it is far from a war zone. Certainly not the nicest city in the world, but it seems quite safe. 

Would any of you be willing to research this market for me, show me how you did it, and give me some feedback?

Also, I love this site. So much good info. Loving the podcasts Brandon 

Matt