All Forum Posts by: David Ocampo

@Kyle Galloway Very cool! I have a small quad on Warren, near the uptown arts district.

If you have any suggestions for a GC, Electrician, etc, I would greatly appreciate it.

I'll def check out Property Boss as well. It's difficult to find any PM that services the MC area, I'm finding.

@Kyle Galloway Thanks! I'll check them out. Are you in MC as well?

@Adrien S. Hi Adrien, I'm also interested in Property Managers in NWI. Let me know if I can pick your brain for a min.

I'm looking to connect with a property manager close to Michigan City, IN.

Appreciate any and all recommendations.

I'm a first-time landlord currently managing a quadplex. When I purchased the property, it came with outdated appliances. I'm looking to get them all replaced especially now since most of the units are vacant.

My question is: what's the best way of getting rid of them? Should I do something like a Craigslist post, free to whomever takes them or hire some guys to take them? Thanks to all for taking the time to review and respond.

Thanks, @Megan Greathouse. Have you had any success with multi-family properties?

Newbie question, so please forgive my ignorance.

I'm interested investing in multi-family (2 to 4 units) residential properties and, during the pre-approval process, the lender stated that I would need to put 25% down if using a conventional loan. It would be purely an investment property and not owner-occupied.

Is this down payment requirement the norm when dealing with multi-family residential properties? Does anyone know of any lenders in the Chicagoland area that would work with less, say 15-20% down? Aside from own-occupied, is there a different angle I can take?

@Andrew Johnson, that's some good advice. I have built my own spreadsheet in Google sheets implementing several rules of thumb as well as slicing the ROI via cap rates, GRM, etc. The intent is that if it passes a conservative review, then it's worth further investigation.

I'm also interested in this market as well. I'm in the near western burbs of Chicago and I have considered expanding my search to this area. @Brian Hoots would you mind if I PM'd you a few questions?

Thanks @Scot Howat for the invite. I'll be sure to check it out - I just joined the meetup group.