All Forum Posts by: Nick Patterson

I like small community banks.  Great for relationships.

Check out Marquette Bank, US Bank, First American..

You are probably looking at doing a cash out refi

Good post!

Take action!

3.9% CAP

Thats crazy!  Even in Manhatten!

Place your money in a Vanguard or Lendingclub account and get much better return with no hassle.

Avondale maybe...Hermosa, Belmont Craigan, Norridge Park.

Spread your search out to growing areas.  I will guarantee you will be spinning wheels in Lincoln Park/Lakeview and Logan Square.  

Have you visited the south shore yet?  If not, please do.
Depending on the street you can buy 6+ unit buildings for this price.

This sounds fishy to me, the seller is telling you he has 60% equity but yet not paid his mortgage?

Remember you will never find a deal online.  Just listings.  Its your job to make them deals.
If a property was listed online and it was a deal there would be 100+ offers and it would be gone in seconds.

You are so young!

When your 20 year loans hit maturity you will only be in your 40's

Such a long term game we all play.

I spent 5 years in the learning phase before making offers and really "learning"  

Make sure to place offers and get properties.  Not that hard.

Think big.

Im familar with this property as I invest in this area.

In fact, I even gave them a nice low ball offer that they didnt take :-)

Its in solid condition, what types of violations are on the report (Link didn't work for me)

No seller I know will fix violations, they are a pain and Chicago is very complex when it comes to permits and the building department.  Your better off getting a credit off the price and you take care of them.  Thats probably a reason why they are selling.

Are you planning on living in the property?  

Hi Cindy

I think thats a great area to invest in.

I would walk the blocks, talk to neighbors, really learn property values and start throwing out offers.

Section 8 tenant?  

Why $15K down.  With that amount just get a traditional loan
5% is around $4K ask for that. 

Whats the interest rate they are providing?

Im kinda of a jerk.  $15K out of your pocket for only $260 a month is crazy low.  You will have many expenses you can't think of now (New dishwasher one month, next month new window, its always something) You will never see that cash flow positive.

What am I missing, why would people look at deals with so low returns?  Appreciation gamble?

Better off placing $15K in a dividend paying stock or lending club and getting a guaranteed return with no risk.