All Forum Posts by: Jose Gallegos

Looking to start some work in my investment property in Aurora, IL. Will need work done outside, windows, siding, porch and inside: kitchen, some flooring, all trim, Some HVAC work and other items. Does anyone have recommendations for a general contractor in the area? Thank you in advance.

Hello @Mia G. I interested in a meet up also. Just started investing in the west suburbs and looking to purchase more properties in the future. It would be great to network with other likeminded people. I can do either Wednesday or Thursday.

Thanks!

@Steve Milford

Thank you for your insightful comments. I will most definitely take them in to consideration.

Hello BP community. Thank you in advance for your input. I am starting out in REI and will be managing my first property for at least the first year. My property is located in a predominantly Hispanic area and I am wondering if it makes sense to have a lease agreement in Spanish since a good portion of the tenant bases does not speak English. And if so, is there is any recommendations online to download Spanish lease agreement templates.

@Steve Milford

Thank you much for your input. I was being very conservative when I wrote "at a minimum $100 per door" I was assuming very high vacancies, very high expenses. More realistic is $165 per door, 2.1 DCR, and that's including management expenses. The property is selling for a much lower price per unit of the majority of the properties I've seen. I expect to put in ~$40k of renovation work but I should be able to cash-out-refi to cover all the renovation cost and about half of my down payment, Assuming 75 LTV. Also I expect to be able to increase rent by 20% after the renovation. I'm calculating an increase in cash flow after the renovation to $175 per door. That's also assuming an increase in property taxes. Of course this would depend if the market holds up next year. The property is currently fully leased and two of the tenants leases are up in June. I expect to be able to refinance by lates August. I also hope that lenders don't tighten up their refinance percentages due to the market surge. Maybe it's a bit too risky for my first deal but I'm all in now. Closing soon. Do you think this is a good deal?

Hi @Jaki Gandara you’re in the right place. You’ll find all levels of experience here in BP. I’m a new investor. Im in the closing process of my first deal. Im also looking to make connections, collaborate and bounce ideas from other investors here in BP.

@Steven Birch

It's definitely more difficult to find good cash flowing properties right now. I just started investing in RE but I was able to find a really good cash flow property in near east side of Aurora. This is a solid C class property area. It seems, there's more deals to be found in these areas right now. A good portion of the stock would require some work though. So there's potential of doing a BRRRR

Best of luck on your search!!

@Daniel E. I will have to take a close look at this. Thanks for the tip.

@Jonathan Klemm thank you. It will be needing some work and I am a Mechanical engineer.

Thank you @Linzey Ledesma and best wishes in you journey too. Don't hesitate to reach out to collaborate or chat about REI.