All Forum Posts by: Jarrett Harris

Yep, purchased in Cook County of IL. (Cook county not, that Landlord Friendly, and Taxes are kinda out of hand) but this was still a good deal.

$137,500 Purchase price (25%) down

MOnthy payment PITI--$1205

Gross rent $2100/month

2  ONe Bedroom units $625/month

1  2 bedroom unit $755/month

 garage rented for $100/month

The 1 bedrooms are 50-75 under market value

The 2 bedroom unit is about $200 under market value

Coin op laundry in the basement also.

Roof is 2 years old

Agents gave me a 14 month warranty on HVAC to make the deal go through.

Well last week, my wife and I closed on our 2nd rental property. It is a house that was converted long ago to a 3 unit. This makes 7 units for us total. We bought our first property 5 years ago this month. Hopefully after all the hard lessons learned and knowledge gained from the first property, it won't take another 5 years to get our third. Thank God and thanks to Bigger Pockets. 

@Mark Killion

At this point We are no longer thinking about selling. 

Will hold on a bit longer. I am actually in the process of securing my 2nd rental property. A 3 unit in Lansing. 

Bump...

Hello everyone. I have not posted here in quite some time. I am learning in my mid 30's that life can get very very busy. 

The reason I am posting is that my wife and I are considering selling our 4 unit that we bought 4 years ago. We have invested a lot of money in fixing it up and finding the right tenants (and getting rid of bad ones). I am looking for a good agent in the area that knows multi family property. 

Any Help??

I also apologize if this is not posted in the right area. 

Welcome to BP. Well for you this doesn't really mean much. It just means the rent will be late. This could be a true story or not. Either way your next step is to confirm with the tenant when they will be paying their rent. Possibly with a late fee. Has this been a good tenant in the past? For how long? You  don't want this to be the start of them just trying to buy time until you have to evict them or they leave early and break their lease.

I have only been a landlord for less than 2 years in cook county il. However I have lived here all my life excluding college years. Cook county taxes are just a constant battle. On my personal residence I have had them go up and down 5-6 times in 10 years.  Be prepared to contest them every couple years. 

Welcome

Lets see...

My water bill was increased 73% this year, along with us now receiving monthly bills as opposed to quarterly.

Property taxes increase every year. Have to pay a law firm every couple years to contest them so they don't get out of control.

@Brandon Turner

All that traveling, and the Chicago area is not on your list?