All Forum Posts by: Chase Gruening

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Springfield.

Purchase price: $127,000
Cash invested: $21,600

Purchased with 15% down on a commercial loan both sides rented within 5 days. Each side rents for $950 and $995. both units 3/2

What made you interested in investing in this type of deal?

Cash Flow and size of property with both units being 3 bedroom

How did you find this deal and how did you negotiate it?

was on market for a long time. listed at 150k then 140k. had contract for 135k and ended up appraising short and negotiated it down to 127,

How did you finance this deal?

15% down commercial loan at 4.75 20 year ballon

How did you add value to the deal?

Marketing, it was poorly marketed

What was the outcome?

rented in 5 days

Lessons learned? Challenges?

still more to come here. always learning

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dominic Campo and Matt Seman

I have never done a refinance and we are considering doing a (cashout) refi on a four plex with current interest rates being low. I am trying to figure out if it is worth going through the process. How can I get a good Idea of what the appraisal will be?  I know if it is appraised based on the the income it will do better. Is there a way I can ask for that type of appraisal.  I had my realtor run the comps and there is really on one true comp in the last 6 months for this property.  Any help is appreciated!

Thank you

Have learned a ton since first deal in June a four plex, all through the mistakes. They are the best teachers.

Have second deal, a duplex under contract (see below). Tenants pay all utilities and purchasing under a commercial loan. No points, taxes, or fees upfront. Same terms I purchased 4 plex on. Inspection and appraisal will be right around 1k.

Anything I am missing? Any opinions on this deal?

Have learned a ton since first deal in June a four plex, all through the mistakes. They are the best teachers.

Have second deal, a duplex under contract (see below). Tenants pay all utilities and purchasing under a commercial loan. No points, taxes, or fees upfront. Same terms I purchased 4 plex on. Inspection and appraisal will be right around 1k.

Anything I am missing? Any opinions on this deal?

Looking for a lender that will do 80% - 85% cashout refi in central Illinois (Springfield) area. Any help? Thank you!!

Thank you for reply’s so far. This has helped tremendously!

Property purchased in June of 2019. A brand new flat rubber roof was installed with labor and materials warranty....

10 days ago a tenant contacted me in regards to a leak. It was quickly determined it was coming from the roof. I immediately contacted installer and he told me he would head out and re seal the the drains.  3 days ago we had a major rain and leak was now worse. There is now damage to dry wall. Roofer was contacted and said it must need to be patched and is showing no urgency to get it done. "needs to patch the roof and wait 2 days for it to warm up and dry up."

I now have water damage to the dry wall and still a leaking roof. From my understanding with the roof under warranty and the damage caused by roof the installer should be responsible for damage. 

Does anyone have any experience on how to proceed in order to make sure this handled professionally and appropriately?

Should I involve an attorney?

Who should I contact after the roof is fixed in order to determine if dry wall needs to be replace?

Thank you so much for any help!!

What is the Facebook group called?

I’m in!