All Forum Posts by: Michael Ream

@Evan Kraljic Awesome renovation, Evan! I'm familiar with South Mpls and have been in a lot of duplexes and single family homes there; this one stands out.

 @Alan DeRossett How/what method do you use to report rents paid on time? This would work well for my tenants!

@Henry Lazerow Also late to the party, LOL! Great deal, Henry. I've been seeing higher income and credit score tenants in Portage Park as well.

Great job, Emily! Love those older houses as well! Did you finish the basement at all?

Congrats Amanda! Did you completely redo the kitchen and bathrooms? Add any additional bathrooms or bedrooms?

@Jonathan Klemm Thanks! I'm in Des Moines, but I'm a Chicago native and I travel there frequently for business and to visit family and friends. Always looking for deals and connections; I'd like to get another multifamily in Portage or elsewhere on the Northwest side: Jefferson, Irving, Logan, West Town. 

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $750,000
Cash invested: $200,000

Purchased an offmarket six unit in Portage Park with a mix of apartments; in good condition but a little worn around the edges. Had two tenants move out right away and did cosmetic rehabs, then had two more move out and did cosmetic rehabs, finishing each rehab in time to rent out the following month. Building is now worth close to $1mil. Current leases are $1,650 (3/1), $1,300 (2/1) and $1,000 (1 BR/Gdn.). Also have three garages which rent for a total of $375.

Thanks everyone; great advice as I move forward!

@Patricia Steiner So I've learned; I'll definitely do better on my next project...

@Account Closed Sorry, I meant what specific language should go in the _contract_?