All Forum Posts by: Mike K.

Hello!

I'm looking for a reputable real estate agent who can help locate properties in the western suburbs (Naperville, Bolingbrook, ect) of Illinois.  Interested in turn key properties and also duplex or smaller multi-family properties.

I would want to use the BRRRR strategy on this property

Side by side rental units (2) - each unit has 2 br and 1/2 bath

Hello - I had a post similar to this before, just looking to keep experimenting and learning how to correctly analyze properties I may be interested in.  Is there a way to attach documents to a post?

I found a property in my searching that is a short sale and looks like it would be a great deal.  Can anyone help take a look at my numbers and tell me if anything looks out of line?  The property is located here:http://www.realtor.com/realestateandhomes-detail/578-580-E-New-York-St_Aurora_IL_60505_M87021-59623

Again, im interested to see how accurate my numbers look (ie taxes/closing costs/cap ex/rent/ect.).?  I'm starting to get the hang of the spreadsheet and where to look in my search for justification of numbers.

Thanks!

@Jeff Valentino - Thanks for the info. 

Is there some type of public place to find out if a property is currently receiving some type of tax break as you mentioned?  There's no way I would have known that otherwise.

How would I estimate or figure out what my taxes on the property would be? I would not quality for any exemptions or freezes to my knowledge.

@Scott Hollister Thanks for taking the time to answer Scott.  Not sure why the link didn't post but the address is 6529 Vogt St Tinley Park IL

The rehab budget is small due to the fact based off the pictures the property is in great shape - I am still learning how to estimate that type of information though.

Vacancy is accounted for at 7% - It does not look like I filled out the cap expense tab as I thought the $1,200/year for "Maintenance & Repairs" would be the assumed cap expenses.  However I now realize even that is probably low.  Is there a standard % that can be assumed for that?  Howe would I know if windows or the roof is bad without actually visiting the property?

I am most definitely interested in doing as much BRRRR as possible - this is just an example of a type of property I would be interested in. I have run into lots of difficulty finding multi-family properties that fit into the BRRRR criteria though. Most units in the suburbs are priced quite well. I will continue to look though.

 I am really just using this to help get familiar with the spreadsheet and finding/estimating numbers.

And yes, I am a first time investor looking to get started.  I however am not currently in a position to house hack though as my family and I currently reside in our main residence in a great location for us.

Thanks again and any additional feed back is much appreciated!

Hello - I hope this is the correct forum to post this in...  I am still learning how to analyze deals and experimenting with finding and entering accurate information.  My overall goal is income replacement and i'm looking mostly for multi-family homes in the Chicago land suburbs. 

I am looking for the best way's to gather accurate information to help make my decisions easier and justifiable.  I have been using the "property_analysis" sheet by Ryan Sanders and its been great!

Just wondering how the analysis looks and if anyone would be willing to double check for accuracy or if I missed something.  I took all the numbers that I could find from the listing.  Any advise would be much appreciated!  This property is located here: https://www.redfin.com/IL/Tinley-Park/6529-Vogt-St...

Please let me know thoughts and thanks!

Hi all - Just wanted to do a quick introduction here and see what comes of it.

I'm looking for some advice on a few things and would love to get some feedback.

I am looking to find deals to analyze and learn the process of actually making sure the numbers work before acting on something - I have been browsing all the standard internet sites and I have reached out to a few realtors via listings hoping for them to help in the search. Are there any specific keywords used when doing searches? Often I find the results difficult to wade through as there is so much.

I have been looking for multi-family units as that aligns best with my overall goal of income replacement. I'm looking mostly in the western Chicagoland areas. I have also downloaded a few spreadsheets from the file section here on BP. Can anyone share a specific sheet they use to analyze deals and base their numbers off? It seems like some of the sheets contain cells or numbers that I do not have access to or would have to estimate - is that normal? Even if I use the free calculators here on BP - some of the info I just do not know.

I love the forums here and the wealth of knowledge is incredible. I am ready to jump in and get things rolling. Thanks for any advice and I hope to chat with more people soon!