All Forum Posts by: Lindsey Matejak

Thanks everyone for your advice--it's very helpful in running numbers. We just went on the inspection and learned that although the building had been renovated to look nice, they left quite a mess in the bones of the place. We are looking at a number of major capex over the next 5 years, so we will need to rework all our numbers and either renegotiate or walk away. So disappointing how many places in this city are being bought, quickly and crappily flipped, and then sold for way more than they are worth. I guess a lot of people can be fooled by slapping some lipstick on a pig and charging a premium for a brand new remod. 

Thanks for your input, Frank! I have definitely seen articles about the declining population but have also seen as we've looked for property in Logan Square that property is being bought up as fast as it can be listed. It seems that most are being bought up in order to flip, but I guess I don't know that for sure. As a new investor I'm not sure what conclusions I should be drawing from what seems like conflicting information.

Gas & Electric are paid by tenants.

Maintenance, repairs, trash and water...I am working on more specifics on these costs before moving forward.

Rents are proven. New tenants just signed on for April 1 at these rates.

We plan to stay there for a number of years...I would imagine 5-6 years at the most due to plans of starting a family.

Thanks again for your advice!

I'm a new investor and have been crunching the numbers for weeks on a property we want to close on, but realized this week I had some calculations wrong that are making my numbers significantly different than I thought. The goal was to rent three of the units and live in the 4th--ideally having the rents cover our mortgage and expenses completely.

The property was completely renovated this year, so there shouldn't be any significant maintenance costs, but insurance and taxes are quite high because this is a 3 unit plus additional coach house with garage on first floor and unit on top floor. From my research, these are top rents we could get in the area as the market currently stands.

Could someone look at our calculations for a property and give us some insight if this is a good deal for Chicago? The property value will likely go up in the next few years because Logan Square is a hot market and so should rents but want to make sure its a good deal now. Please help. Thanks in advance!

Please click here to review: HERE

I'm a new investor and have been crunching the numbers for weeks on a property we want to close on, but realized this week I had some calculations wrong that are making my numbers significantly different than I thought. The goal was to rent three of the units and live in the 4th--ideally having the rents cover our mortgage and expenses completely. 

The property was completely renovated this year, so there shouldn't be any significant maintenance costs, but insurance and taxes are quite high because this is a 3 unit plus additional coach house with garage on first floor and unit on top floor. From my research, these are top rents we could get in the area as the market currently stands.

Could someone look at our calculations for a property and give us some insight if this is a good deal for Chicago? The property value will likely go up in the next few years because Logan Square is a hot market and so should rents but want to make sure its a good deal now. Please help. Thanks in advance! 

Please click here to review: HERE