All Forum Posts by: Jay Ash

Hello,  

I found an 8 unit building on the South Side of Chicago.  I'm in San Diego for work but i'm from Chicago I will definitely need to get property management. The first months rent fee cuts into my cash flow for the year if I have to rent up 8 units every year.  

After doing the math, the property management guy makes more money on the deal than I do ($5213.04 for fees for the year @ 7% of rents collected on 8 units.  $6,206.00  for his first month rental fee for renting the units.  That is $11419.04 for the year to the property managment guy ). I'm upside down!

I've attached the analysis for your review.  My Deal

I'm getting the building for $208,000.00

I'm estimating $75,000.00 of repair  

** The down side is the gas. I have to pay for heat. I Called the Gas people and they said its about 850 a month for the year. They averaged the bill out. In the winter the bill is about $1000.00

The loan is from CIC Chicago (Check Them Out.  Seems like a good deal) 

-10 Year Term

-25 Year Amortization

-3 Year ARM, 2% adjustment period cap, 5% lifetime cap, adj based on 350 bps above comparable treasury rate

-Construction/Stabilization period interest Prime + 3

-No prepayment penalty

-4.75% current initial loan rate

-Required minimum DCR 1.25:1

Hit me up with your thoughts. 

Thanks 

Claudia, 

When you are able, can you PM me with information on your loan options? I have a 7 unit building that I'm looking at and I need to figure out financing for it. 

Thanks 

Jason  

Hey, did you get that building?  I've been looking in the area myself for a multi unit. 

Sam, 

Do you have more pictures of the building and inside? If so could I get them?

Thanks 

Hello,

I’m looking for a few people that have done a prehab to tell me how much they paid to get that done.

I’m looking to buy a building in the Chicago area. I plan on doing the lawn, clean the outside and inside of the building, and get it in good shape for someone with more experience and money than I have.

I don’t think I will do anything major. This will be my first pre hab.

If you have the time, please leave some feedback on a project that you have done in the past.

I look forward to reading your post

Thank you

Jason 

Hello,

I’m looking for a few people that have done a prehab to tell me how much they paid to get that done.

I’m looking to buy a building in the Chicago area. I plan on doing the lawn, clean the outside and inside of the building, and get it in good shape for someone with more experience and money than I have.

I don’t think I will do anything major. This will be my first pre hab.

If you have the time, please leave some feedback on a project that you have done in the past.

I look forward to reading your post

Thank you

Jason 

Dale, 

Why is Cook County so bad?

Hey Markeilsha, 

I'm Jason from Chicago.

I saw you looked at a house in Englewood Chicago. I'm thinking of investing in the area. I would like to know how your experience was with Englewood. Do you think it is worth the time and risk to buy in this area?

Thanks

Jason