All Forum Posts by: Lee Lockhart

Everyone, Thank you for your response! 

Hello everyone! I submitted an offer on a 6-unit multifamily in Chicago. The offer is $190,000. Every unit is 3bd/1ba. Tenant pays for their heat, electrical, and hot water. Four units are rented. The remaining units are rent ready. The owner is collecting rents ranging from $850 to $1000. I feel with some value added repairs, rent can't reach $1000/unit. I feel some added cosmetics are needed. The property is located in a middle of the road neighborhood. There are apartments on the black. According to the owner, everything is updated. Water was in the basement, but owner said the drain needs rodding out. I will have my plumber and electrician to check everything out before purchase. Taxes are $6000 per year. Is there anything I'm missing? What do you think of this deal. 

Hello,

You may can go FHA and qualify for a smaller down payment (2% to 5%)...

Hi Oscar, I'm a licensed and bonded general contractor that works throughout the Chicagoland, Cook County and the surrounding counties. I've been a GC since 2008. I started working for investors. Most of my investors have several projects going on at once so I've learned to schedule and negotiate material and labor at more affordable rates. All of our trades are licensed with their own insurance. I have a long list of subs and I have severa people working under me. We understand the time constraints and budget obstacles that most investors face. I'm transitioning to working on and building up my rental and investment property portfolio. I would be happy to help out and go over any questions people may have as far as rehabbing... Thanks 

Hi, I'm an investor and general contractor based in Chicago, IL. I'm interested in learning more about investing and want to work with others to help achieve our investment goals.