All Forum Posts by: Mike B.

The high taxes you see in the suburbs is often a reflection of the school districts they're in. $25k on a $600k house certainly isn't the standard.

Make sure you have your property manager lined up before making a purchase. They will make or break your investment.

Take the time to get on a flight and view the property and neighborhood before purchase.

Get a third party inspection done.

Speak to the tenants and ask them about the building. 

Get an opinion of value from an uninterested third party.

Network to gain some contacts in the area in case something goes wrong with the property and/or management co. 

You're not finding them because the MLS and Loopnet are where investors go to sell, not buy. Just sent you a pm of a 6 unit I got under contract last night.

Step 1 is to hire the architect. Make sure he/she is self certified. It can make all the difference in the world in regards to timing. Self certified architects can typically get permits in 30 days. After you get the plans, give them to your contractor to bid the work. Regardless of what they tell you, contractors cannot give you an honest bid without seeing the plans.

The answer to your other question is no, you can't pull an ez permit to correct most building violations.

You can pay for a plane to write it across the sky and the building department will still not pick up the phone. Go to City Hall (9th floor) and ask direct. It's the fastest way to get your answers.

I never get involved with multiple offers. Even if I win, I feel like I lost. 

If their deal falls apart they'll come back to you. Tell them you're at $75k now.

Little Village has a pretty healthy balance of cash flow with appreciation. The barrier of entry is lower than the north side neighborhoods. It's a strong rental community and there's a ton of development happening. Your close to public trans (pink line), close to expressways (55 to the south 290 to the north), it's next door to Pilsen, the Paseo trail should yield similar results as the 606, multimillion dollar developments in North Lawndale, 31st & Kedzie, etc... and it's very easy to get downtown. I'm also optomistic on McKinley Park as well.

First Eagle

A seller like that is more likely to respond to a personal handwritten letter (IMO). I'd also build the relationship before I threw numbers out there. Outline your interest, address his concerns and invite him over for coffee to discuss.

There's plenty of flat fee brokerages in Illinois that will accept anyone with a license.