All Forum Posts by: Larry Frank

After repairs is it valued at 525?  If not then its value would be higher by about what you put into it.  Are you going to rent it out?  If so its a good deal in my opinion if you still get a better than market cap rate going in.  

My heating bill is 300-400/month in the winter months.  Is it worth installing smarter technology in each individual unit?  If so what would you recommend?

I recently purchased 6  four units MF properties in Racine.  Demand has been really intense and I find it hard to close on other properties, especially at the 2 unit level.  I'm still trying to buy more.  Does anyone have a general contractor they would recommend for rehabbing units in a B class area?  

 I use Landquest realty.  I think they are good but I'm interested in knowing what others think.  If you talk to them make sure to mention my name.  

yup looks right.  Welcome to the housing bubble.  5% for repairs is probably a little high and maybe you can get PM down to 8% if your in higher rent areas.  

On second thought 2600 for mortgage is way too high for a property that would rent for 1600.  What year are you using in amortization for your mortgage.  2600 is a property that costs around 500k.  

Pony up the 10k and have them sign a promissory note.  What does your attorney say?

I just cannot believe there were condos selling for 30k in Chicago in 2009.  If only I knew! 

Hello BP,

Since I started here a year or so again I have purchased 3 multifamily properties in WI (I live in Chicagoland area).  I am looking to invest in multifamily in the Dayton area (in good school districts).  I like Oakwood area.  While I have a license in IL, I am looking for an experienced broker in the Oakwood or centerville area for help finding multifamily units.  Ideally, I  want a broker who deals with multifamily and invests in some of his own.  My perfect property is the BP special, C-B class building that needs some value add, (ideally cosmetic).  The perfect purchase would be a brick building, sloped roofs, separate entrances, no elevator, build after 1960 with an owner who is "motivated."   

I will also require a property manager.  

Any recommendations please PM me or post below.  Thank you! 

2 Flat is great because you buy on cap rate and not the high priced condo market. If your owner occupant unit was rented out (which will happen when you move out) what rent could you get? Then what would your NOI be and your expenses? What is your cap rate off of that?

You can get cost insurance instead of full replacement.