All Forum Posts by: George Rodriguez

My best friend who is a realtor agent, sent me this listing that is located in Roselle IL. First I wanted to know if it's a good deal, I believe it is but again I'm a novice and would like your opinion. If it is a good deal I wanted to know if I could be a aprentens on this deal, meaning I want to get experience from the begin to the end of the project. Ok now let's see the deal 

Like I said home is located in Roselle IL

Roselle, IL 60172

3 beds 2 baths 2,579 sqft

Quality custom Built 3-4 Bedroom home with a very large beautiful yard. Great family room with vaulted ceiling & fireplace opens to the large deck. Bright, sunny eat in kitchen w/ Sub Zero. Formal dining room has gorgeous hardwood floors. Lower level rec room could be used as a 4th bedroom. Huge clean crawl space storage area in lower level for plenty of storage. Furnace just replaced, Newer roof & stove. Home has been very well maintained just needs a little up to date decorating ideas! Easy Access to 355. Good Value and Location!! Home right next door just sold for 480K!! There is also another home in the same area that sold for 450k less sqf 

Asking price for this house is 309k I believe we can get the price down even lower 

FACTS

• Lot: 0.48 acres
• Single Family
• Built in 1975

• Dishwasher
• Microwave
• Range / Oven
• Refrigerator

CONSTRUCTION

• Exterior material: Brick
• Roof type: Asphalt
• Room count: 8
• Stories: 0
• Structure type: Ranch
• Unit count: 1

ROOM TYPES

• Dining room

OTHER

• Floor size: 2,579 sqft
• Heating: Gas
• Laundry: Shared

2013

$7,962+2.2%

Originally posted by @Matthew Putnick:

George - that unit is on the second floor - trees block the unit.  As a developer myself I would pass given the floor level or steeply factor this floor level into our number. 

Also monthly HOA dues for the unit are $1,136 per month so not the best building for a rental in my book.

Thank you for your advise, I love BP this website is great. I will continue my learning and continue my reading on The book on Flipping houses it's great book. 

thank you for your help 

Originally posted by @Lumi Ispas:

@George Rodriguez

One more thing, the unit is on a very low floor as I can see the trees through the window, so keep in mind that people that move in highrises care for views a lot, and the value of this unit will be much lower due to the no view.

 Unless the listing is wrong http://www.zillow.com/homedetails/3180-N-Lake-Shor...

And no I haven't seen the building yet 

Originally posted by @Crystal Smith:

Originally posted by @George Rodriguez:

I would like to flip and hold, because the way it looks right now no one will rent it. 

I assume what you mean by flip & hold is renovate & hold. Flip normally implies renovate, then sell. Consider becoming a PRO member and running your analysis thru the BP property analyzer calculators. They have calculators for you to assess profitability for flipping versus holding. I will say based on my knowledge of that area along Lake Shore, it will be difficult for you to get a positive cash flow @ that price point on a Condo. Check the HOA fees.

I will check on the HOA tomorrow and see but I'm leaning towards renovate and sell

Originally posted by @Michael Barbari:

@George Rodriguez

Have you used the rent calculator under the analyze tab? What is the hoa and taxes?

taxes are 3,843 the hoa I can't find I'll call the seller tomorrow and find out

taxes are 3,843 the hoa I can't find I'll call the seller tomorrow and find out 

Originally posted by @Michael Barbari:

@George Rodriguez

Are you looking to flip or hold?

I would like to flip and hold, because the way it looks right now no one will rent it. 

Originally posted by @Michael Barbari:

@George Rodriguez

Do you know what rents go for in the building for similar models?

 1 bed one bath goes for 1,300

2 bed room 2 bath goes for 2,300

In same building 

Originally posted by @George Rodriguez:

Lake Shore Dr Chicago, IL 60657

2 beds2 baths1,434 sqft

Here is a condo in lakeshore drive it's on the second floor and it's going for 214000 I need help analysis this deal to see if it's good or not. From the pic you can see it needs a kitchen redo and both bathroom redo. 2 beds2 baths1,434 sqft 

The comps in this building run  recently sold comps past 6 months 300,000-359,000

 Asking price goes for $214,000 rent I will check on