All Forum Posts by: Syed Lateef

@John Casmon yes it is under $1MM. Do you have any recommendations? What is their Loan to Value? i would like to do a cash out re finance

Can anyone recommend me any Commercial lenders for the North-side of Chicago?

I am looking to refinance my property

If it is possible to de-convert condos back into apartment building and the recent comp sales of a similar type 3 unit multifamily are more than the sum of what the 3 condos can sell for (again using comps) then i would choose whatever option makes most money

Its just laying out the 2 options and finding out which option gets you the most money (cost benefit analysis)

Curious to know how they would come up with the break out of the sale. If 1 unit is nicer or bigger than the other, shouldn't that owner get more?

If doing all this work will get you substantially more money then i would do it. If its not, then i would assume its easier to just sell your own condo 

Guaranteed Rate does FHA 203K loans. Keep in mind if your doing an FHA loan their are owner occupancy requirements. You must live in the property. So if your intent is to move to Chicago from Indiana to live int he property you are rehabbing, then you should do that type of loan

I use Venmo. Paypal owns Venmo. This is a very easy way to collect rent. Its free and easily connects with all major banks to simply login 

After the money comes into my Venmo account i can transfer it to my checking account. Takes 1 day or 2 to do so

I would go with option 2. You wont find any good properties in decent neighborhoods for $100K. It would probably in south-side/west side neighborhoods for that low of an amount. I am not a fan of condo investing either as the association manages the maintenance on the property and you can at any time get hit with a special assessment.

The type of neighborhoods i would look in is Albany Park, Avondale, Irving Park, Portage Park, Rogers Park etc

If your using an FHA loan you cannot do this for a multi-family in Chicago while living in California. There are owner occupancy requirements when using a low money down loan with FHA.

You would need 25% down to invest out of state

I reached out to 4 vendors (ones who specialized only in coin laundry too). I can send you their quotes if interested. 

ABT beat all of them.

I purchased SpeedQueen coin washer and dryer for my property in Jefferson Park and its been great so far. We even bought the same package for our Logan square property.

In the first 3 months i made $175 dollars from 4 units. I charge $1.50 per wash and $1.50 for dry. The income is a nice cherry on top to my monthly rent

I reached out to like 3 or 4 vendors and got pricing. The best pricing i got was from ABT. I can give you the contact information of the sales person who got my the deal. I am sure she can match the same pricing i got.

I bought the package for $1,977

@Nnabuenyi Anigbogu may be able to help.

He is working on a flip right now and did exactly what you just mentioned