All Forum Posts by: Mitul Gandhi

New Pro member trying to get my first deal. I am looking to network with people in Chicago. Live in Lakeview. Follow and send me a message if you wanna grab coffee.

Also looking for real estate meet ups ? What are some good ones in chicago ?

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Yours seems to me to be listed right at value or a little better. I do wonder why both units are vacant. Be slightly wary. If the seller won't guarantee the legality of the basement and is overstating square footage, I would lean toward the basement being not legal.

Tax records and other buildings in the area indicate the SF is 2082, not 2650. They are probably adding the possibly illegal basement?

I don't know interior conditions (your listing doesn't have interior pictures, not a good sign IMO) but good comps look like

3915 N Saint Louis Ave at 425 est 2400 gross rent

3837 N Spaulding Ave at 420 $2300 gross rent

3748 N Spaulding Ave at 375, not brick but nice inside

If you are planning to do a big rehab, 3837 N Central Park Ave looks interesting at 600 as a comp. Gross rent 3500

Again, 2-3 flats are not my specialty.

Thanks for replying Eric.

Couple questions

How did you know that it's listed at value?

How would I go about finding out why the units are vacant?s

How did you calculate this ? "Tax records and other buildings in the area indicate the SF is 2082, not 2650"

What does gross rent mean?

What do you consider a good comp? What is the criteria for a good comp?

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Originally posted by @Lydia S.:

@Mitul Gandhi

Adjustment values may differ from location to location so there's no easy answer to that part. Is this going to be a BRRR property? Does your Realtor and Lender know that yet? The reason I ask is that FHA loans are for owner occupants so using this for a rental may be a problem.

Hi Thank you for responding. So you to clarify you can't use this as a rental if you live in the property as well?

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I am working with a realtor on my first purchase. I told him I only have 15K to put down and needed help finding different ways to fund it. I am a first time home buyer so I can put the 3.5% down with an FHA loan.

I am looking at this property here 3928 N Bernard St CHICAGO, IL 60618

I was hoping someone could help me analyze this property .

I was trying to use the BRRR calculator but im stuck at estimating ARV -

I'm having my realtor pull comps for me right now. I downloaded the ARV estimator word document- one thing I didn't understand is how do you know how much to adjust upward or downward. The example he gives is subj house is 1940 SQF while Comp is 2650 sqf he subtracts 8000 from the comp.

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Please add me [email protected]

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All Forum Posts by: Mitul Gandhi

Mitul Gandhi has started 9 posts and replied 28 times.

Post: Looking to Start Accountability Group

Post: Looking to Start Accountability Group

Post: [Calc Review] Help me analyze this deal

Post: Newbie Looking to connect with Investors

Post: Newbie needs help analyzing a specific Property

Post: Newbie needs help analyzing a specific Property

Post: Newbie needs help analyzing a specific Property

Post: Chicago REI Club Meetup