All Forum Posts by: Brian Murphy
Brian Murphy has started 3 posts and replied 10 times.
Post: Potential deal, looking for guidance

- Oak Park, IL
- Posts 10
- Votes 6
@Michael Plante thanks. Lots of moving parts. Where there’s a will there’s a way…
Post: Potential deal, looking for guidance

- Oak Park, IL
- Posts 10
- Votes 6
Hi BP community. I have found a potential off-market deal. It's a 5 BR (3 up, 2 on first floor) house that needs work being sold by owner located in Oak Park, IL. The house is currently lived in, but would need extensive rehab - new kitchen and bathrooms, new exterior siding, refinish floors, landscaping. Not sure of the condition of the roof. I think the house was gifted to him. The property includes two tax parcels. One has the house, the second is a side yard without a house. He is asking $340,000 for both lots but I believe he would come down from that. Comps in the area that are fully rehabbed sell for $550 - $650k, often higher if higher end finishes are in place. Yearly property tax bill is $9k for the lot with the house, $1,100 for the empty lot.
I plan to check with the village about splitting the two lots to determine if I could either sell the second lot to a builder, or if I want to get really crazy, hire a builder to build a second house.
Yes, this is a bit complex but it seems like there's a lot of potential here and that's how money is made.
I'm looking for the following:
1) Anyone in the area that has experience on large projects that would be interested in partnering.
2) If no to above, any GC recommendations who might actually have availability.
Thanks!
Post: Chicago networking/ meet up events

- Oak Park, IL
- Posts 10
- Votes 6
@John Warren can you let me know when your next one is scheduled?
I'm in for a meetup as well. Would prefer in-person if possible. I guess depending on the size/interest would dictate the ability to have an in-person event for virtual.
Post: Good cash flow, cap rate & CoC return - top of market price

- Oak Park, IL
- Posts 10
- Votes 6
@Sarah McCluskey if prices drop significantly, you go with a hold strategy, not an exit strategy. In fact, if that happens, you’ll want to try to go with a buy strategy if possible. Numbers look good for a hold.
Post: [Calc Review] Help me analyze this deal

- Oak Park, IL
- Posts 10
- Votes 6
*This link comes directly from our calculators, based on information input by the member who posted.
Post: Storm Window Installer in Chicago or Western Suburbs

- Oak Park, IL
- Posts 10
- Votes 6
I had Larson storm windows installed by American Thermal Windows. They did a great job. Work was done about eight years ago and they're still holding up great.
Post: [Calc Review] Help me analyze this deal

- Oak Park, IL
- Posts 10
- Votes 6
Originally posted by @John Leavelle:
Howdy @Brian Murphy
The first thing I see is it looks like your using conventional Residential Financing in your analysis. 5 plus units is a Commercial deal. You are not likely to get 20% down payment, 30 year amortization, and the interest rate may be higher. It will also probably have a balloon payment. Double check the potential financing.
Most everything else looks good.
Thank you John. You were right, this would be a commercial deal. Not the right first deal for me... I'm still looking.
Post: [Calc Review] Help me analyze this deal

- Oak Park, IL
- Posts 10
- Votes 6
*This link comes directly from our calculators, based on information input by the member who posted.
Just came across this deal. It's 5 2br units. Still need to check the condition of mechanicals and roof. Furnace is hot water boiler. Each unit has it's own electric service - tenant responsible.
Post: Drain tile repacement

- Oak Park, IL
- Posts 10
- Votes 6
There was obviously a water problem. I did this in my primary residence and it actually worked extremely well. The fact that this was completed actually may be a good thing. I haven't had a problem since I had this done four years ago. But definitely ask about it and maybe find out who did the work. Good luck.