All Forum Posts by: Leslie Frieze

Looking into sites that can assist in mapping crime/education/etc.  Several sights are good at some of the maps but feel that I continually bounce among multiple sites.   Neighborhood Scout seems to a "one stop shop" , but still costs $100 per year.   Anyone suggest if this fee is worth it? 

We plan to have a property manager...included about 8% pm fee in our numbers.  Still slightly concerned we are overpaying for this place...

Any feedback appreciated!

Hi -  We are under contract on our first buy and hold that we have been able to find that has decent numbers...Would appreciate any reaction or input anyone has to this deal...good/bad/bad assumptions etc.

Location - 63rd and Halsted (very close to the new whole foods development

Property - Grey stone with 2 units (3 bed/1 bath) unfinished basement with laundy and 2 car garage.  Owner doesn't know exactly when remodeled but likely between 2009 - 2012 so is in pretty good condition.  One unit is owner occupied right now and 2 one has never been rented.  

Price - 105,500

Financing - 25% down at 4.625

Rents - $1000 per unit so $2000 monthly...hoping that is conservative but curious thoughts...

Vacancy Assumption - 6%

Repair Assumption - 10%

CapEx - 6%

Property Mgmt - 10%

Cap Rate - ~9.5%

As always appreciate the feedback.

Thanks-Leslie

Hi - Curious what source most use to validate rental rates in specific areas in Chicago...I have been using Trulia as like the overlay of the crime stats but since only really listing places for rent I am looking for other sites that might have better rental stats.  What is everyone best source for reliable information?

Anyone have a good, reliable recommendation to handle tiling of 2 bathrooms, backsplash and fireplace.  Flip is located at North and Cicero in City.  

Thanks in advance.

Does anyone have a recommendation for someone to tape and mud a house in Chicago at North and Cicero?  We are ready to go now and our guy just got into some legal trouble so a little stuck...appreciate any help.

@Pat Parrillo 

Thanks for your reply.  I have read through the MKE posts and am planning on attending the Brew City meetups as often as I can.  Appreciate the suggestion and hopefully will connect with you in person soon.

Hi BP -  I am based in Chicago and just really getting started in real estate investing.  I have been around real estate for many years but just finally took the leap to purchase our first flip.  I work a W2 job for a large commercial real estate services company and licensed real estate broker and do some residential sales on the side.

The things that I am interested in from BP is similar to what it seems others say as well but going to say nonetheless:

- Network -  looking to connect with GCs and build my book of people to work on our deals

- Financing options - Currently cash financing first flip but looking to understand all options for hard money lending

- Find deals - so competitive in Chicago - so looking to have some good off market deals.  Also very interested in Milwaukee area as well

Look forward to connecting with everyone!  So much content on here and so many amazing stories it is so motivational everyday!

@ Chris T. 

Thanks for the information - reaching out now...if can find convincing BRRRR deal will look at as well