All Forum Posts by: Lynn Por

hi , thanks for everyone's valuable feedback . That's it what I start to like about bigger pocked . I don't feel like I am all by myself as an investor .

In terms of number plugging , I know I can't blindly rely on wholesaler's number . Based on the number they gave like taxes, you are right , Brie. It can be 28K . I usually add at least 20 K or more than wholesaler's number . From this bundle deals , it stated I can get 23 percent ROI . In terms of rental income , I think I can accept even it is 10 % ROI and wait for appreciation . The numbers still work providing I can rent all them out and providing I am not over paying the houses I acquire .

1. The point is Am I able to rent them out easily to good tenants providing there are many foreclosures around the area ? If I can , it seems to me the number works. Like crystal said , about 70 percent of those sales in park forest are foreclosures . 

2. Can I said the foreclosures are usually grabbed by investors ? It seems to me that this neighborhood are in rock bottom in terms of house value . Doesn't it look like opportunities for  investors to grab bundle deals ?

3. When I check the zillow , the houses from this deals stated the foreclosure estimates are around 60K . But when comb the neighborhood using zillow ,the houses about the same size ranged from 15K to 60 K. It seems to me 34 K for each deal is not at rock bottom yet ...I am a little lost at what is the real Market value round that area . 

Above is my opinion . Your feedback and my further research tell me I should hold on and find out more. I will drive down this neighborhood to have a real feel about myself and hopefully I can find out what is the real deals over there . If I can get 15 K, why should I pay 34 K?  I look forward to your input so that I can learn more from each of you . 

Lynn

Hi, This is Lynn . I just receive this potential deal and is interested to take action . 

Please give me some input . Thank you ! My concerns are: is it consider safe to invest forest park ? Is it easy to rent out ? 

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6 deals in park forest being sold as a bulk package. Earn an income of 55,000 per year and 22 percent cash on cash return.

We have 6 deals in park forest all single family homes in good condition need minimal work. For only 36,000 a piece. You can rent each property section 8 1100 to 1300 per month each property 2 homes are already rented currently generating $2800 in section 8 income.

450 Tomahawk Park Forest IL Good condition already rented no work needed

407 Watseka Park Forest iL Good condition already rented no work needed

401 WInnemac Park Forrest IL Good condition no work needed

353 Marquette Park Forest IL Good condition minor work needed

239 Allegheny Park Forest IL Good condition minor work needed

226 Arrowhead Park Forest IL Good condition minor work needed

Click here for pictures Buy and Hold numbers Purchase price $215,000 Rehab $30,000 Operating expenses $22400 (taxes, insurance, utilities) Vacancies/maintenance $11800 Rental income $6600 per month, $79200 per year. Net cash $55,000 per year!Cash on cash return on 23 percent

Hi Derek , 

Thanks for the valuable info. I usually use zillow but will check the trulia for crime areas. May I know which area of south Chicago you are investing in for flip ? 

I decided to take my first step to drive to South Chicago  like  60651 zip to check out, and also bronzeville . 

Hi Mike 

Thanks for the info , May I know where does Pedro focus his area for wholesale ? I will shoot him an email . I do drive around Bolingbrook and it is my preference . If you come across any deals from there, woodridge  or Aurora . Let me know :) 

Lynn 

Xavier , thank you again for taking your valuable time to analyze the deal. I quite often have the list of deals but just afraid to pull the trigger because I am not familiar to the area . I did end up buying one property in other state from turnkey company and will close in 3 weeks . ( that is passive enough as an investor :) ) 

thanks for your valuable info , Xavier . I am not sure that property is still there by the time I have been  familiared to that neighborhood . But let me drive around the neighborhood first before I put the offer . 

If anyone knows any experinced realtors and contractors active in Chicago ,please let me know .i can let the realtor lists the properties even if they can't find the deals for me. Thank you . The contractor I know only focus in suburban of Chicago . 

Thanks for the feedback , Daniel . I am planning to drive around like you said . I was looking around my surrounding area like Bolingbrook , Aurora , my source is limited .Most  of the deals from the wholesaler are from Chicago .. 

Hi

I am Lynn . I have moved to suburban of Chicago for a year and is interested to invest in Chicago neighborhood . I am not familiar in Chicago neighborhood .

1. Which neighborhood is better to avoid even for flipping and which neighborhood worth to consider with deals under 80K ?

2. Below is one potential deal from a wholesaler . Can anyone help me to analyze if it is a deal ? If yes, is it safe to invest in that neighborhood ? I don't want to watch my back every 10 minutes . Thank you for your feedback . 

Address 1109 N KeystoneChicago, IL 60651

Cook County

Asking Price $49,000.00

Type Single Family Home

Beds 4

Baths 2

Sq. Ft. 1642 sq ft

Year Built 1912

Garage 2 Car Detached

Basement Unfinished

Lot Size 3,810

Dirt Cheap Deal in Humboldt Park area of Chicago Brick Single family. Only $49,000 After Repair Value $164,000. Estimated cost of rehab 50,000 to 60,000 for a flip. Brick single family home 4 beds 2 bathrooms over 1600 square feet.

Taxes $3060

Fix and Flip numbers (these are just example numbers)

Purchase Price: $49,000

Repair Costs: $50,000

Holding costs: $2940

Closing costs: $3280

Realtor fees: $6560

Resale Price: $164,000

Net Profits: $58,780!!