All Forum Posts by: Giovanni Garcia

Great to hear Jonathan that you're investing in this location to. But even better to know you are on BP! Jonathan Pliszka, I received my estimates from the rent-rolls which I required from the realtor when we did a walk through of the apartment. I also used Rentometer. Lastly, I happen to know a couple friends who live in the area to, which was all useful information. Honestly I'm not to sure what CHA is paying for 3 bedrooms apartments. In this building 2 units out of the 3 are 4-bedroom units! I will not be going the section 8 route with this investment but will be doing my due diligence on some great tenants. Also, any recommendations are beneficial here, I'm all ears!

I'd like to add in a sub-topic. I am having a hard time getting a loan out due to lack of financial income Verification. Does anyone have any input on a hard lender? Or other ideas on how to make the deal possible in the Chicago area?

Matt Devincenzo Thanks for going into detail about the coin-operated laundry, a valid point that needs to be addressed as far expenses. Thanks for the great perspective that you mentioned about buying the property for its current cash flow, rather than its fantasy potential. Very helpful!

Mehran Kamari Regarding the link I posted, I've now made it public. Hopefully it work! But I do not need to remodel any of the 3 units because they were already updated 2 years ago. Every unit also has stainless steel with wood flooring. I did actually confirm the rental prices and they are at moderate level. Similar units go for about $1250/1300. Only one of the units is on a lease and the other two are month by month. I would definitely need a good home inspector as you mentioned.

Thanks Mehran for the input!

Mehran Kamari Wendell De Guzman Matt Devincenzo

Hopefully this is able to clear up some numbers.

Purchase price will 142,600
Loan Term of 30 years
Interest rate 6%
Mortgage payment $855
Down payment 35,650
Rent unit 1 $1150 monthly 3 bdrm
Rent unit 2 $1150 4 bdrm
Rent unit 3 $1150 4 bdrm
Potential Rent income $44,100 Annual
Property tax $4.600 annual
Insurance $250 monthly
vacancy $1150
Property Manger $365 monthly
Yes everything is individually metered.
There is also extra income from the laundry units.
I also have the possibility to make the first floor unit into
a duplex which raised an eyebrow. I would have to put anywhere from
$3000 to 5000 to remodel.
Some extra upsides to the building is that it has advertisement on the side. Its stands by itself on a corner block with an empty lot adjacent to it for purchase.

Excel worksheet

https://docs.google.com/spreadsheet/ccc?key=0AuLyW-bfvp_IdDRpTTh4OGFXMGxYbUEwRE5rNGlwbXc&usp=sharing

Thanks for the comments everybody!

Andrew Herrig http://s23.postimg.org/6555k3na3/cashdvdsc.jpg

I ran the numbers using a cash analyzer which gave me a 60% CCR.

Raymond B. can you see if the above link works now?

thanks

maybe this link works!

http://s23.postimg.org/6555k3na3/cashdvdsc.jpg

Trying to see if this link works!

http://www.realtor.com/realestateandhomes-detail/3144-W-Jackson-Blvd_Chicago_IL_60612_M83228-42313?source=web