All Forum Posts by: Jon B.

Hi @Twana Rasoul - yes, I went with Core 3 Property Management and my experience with them has been very good.  When I started with Core 3, the person I worked with there went on to start her own property management company - Capital City Property Management - which I suspect is very good as well.

Congrats, @Reece O.!  Your success is an inspiration.  Best wishes to you.

Hi BP - I've been searching for my first rental property.  I'm starting with single families for my first deal, with the intent to graduate to multi-families at some point.  I've come across a property that I think makes sense on paper, and I'm interested to hear what you think.  (I'll be walking through it early this week and will learn about the state of the roof and any updates to mechanicals.)

The property is a 2-story, 3 bed/2 bath, 1650 sq ft SFR built in 1899 in an area dubbed the "Historic West-Side" of my hometown. It is mostly rent-ready (will paint a couple of rooms), and I will hire out the property management.

Here are the details:

• Anticipated Purchase Price: $64,000
• Market Rate of Comps: $85,000
• Anticipated Monthly Rent: $950 ($11,400 annually)
• Total Annual Expenses: $9070
  • P&I: $3177
  • Insurance: $300
  • Repairs: $1000
  • Taxes: $1769
  • Property Management: $1140
  • CapEx: $1000
  • Vacancy (6%):  $684
• Net Annual Cashflow: $2330 ($194/mo)

I see this as a nice balance b/t cash flow and potential appreciation.  So what do you think - deal or no deal?  Thanks in advance!

Welcome, @Ryan Morgan!  I'm in basically the same position as you.  I'm getting my financing arranged, looking at properties, and getting prepared to purchase my first deal.  I too, will hire out the property management.  Best wishes!

Hi @Andrew Meister!  I just thought I'd say "hello" as I'm just a few miles south of you in Springfield, IL, and I'm interested in connecting with others in the area.  I'm looking to purchase my first rental property in the coming months.  Any update on your progress on your flip or new opportunities you're pursuing in the area that you'd like to share?

Hi BP,

The subject says it all - I'm looking for an investor-friendly realtor in Central Illinois, specifically the Springfield, IL area.  Does anyone have any recommendations that they can share?

Thanks in advance!

Hi @Johnny Youssef - someone recommended Rentalutions to me.  I'm still evaluating it, but it looks like a pretty nice service.  You might check it out if none of the others mentioned above fit the bill.

Welcome, @Patrick O'Brien, from a few miles north of you up I-55!  I live in Springfield, IL, but work in Litchfield, and I'm brand new to the world of real estate investing - still trying to learn enough to make my first deal.  I'm glad you're here, and I hope to see you around the forums.

Thanks for your input, everyone.  I guess most of what I'm seeing in my area are not technically duplexes, but rather referred to as twin homes or attached homes that share a party wall with another unit owned by someone else.  The party wall agreement would govern modifications to shared parts of the structure.  It sounds like I should avoid these (unless I can get both sides as has been stated above), which makes sense.

I've just recently begun my journey to find my first rental property, and am considering newer (10 yrs old or less), mostly-rent-ready duplexes in good neighborhoods.  I have a couple of general newbie questions I was hoping someone could help with:

• When viewing duplex listings on sites like Zillow, some of the listings are obviously tenantless, as the pictures show bare rooms with no furniture, but some listings show fully-furnished rooms. Short of contacting the selling agent or owner, can it be generally assumed that a duplex listed on the MLS is tenantless unless otherwise specified?
• As someone with no experience, it seems odd to me that most duplexes I've seen in my area are listed as just one side of the duplex.  I guess I had always just assumed that a complete duplex (both sides, the entire structure) is owned by a single owner.  This seems like it could be a potential cause of conflict: if I own one side of a duplex, what if a shared part of the structure (the roof, for example) needs to be replaced, and the owner of the other side doesn't agree?  Is this a concern in reality?  Is it generally the case that a different owner owns each side of a duplex?

Thanks in advance for furthering my education.  :-)