All Forum Posts by: Raj Chris

Thank you very much @Henry Lazerow @Jason Givens @Crystal Smith for sharing your thoughts. Have a nice day!

Thank you @John Warren   

I agree with your point on Property Management. I will be in town one more year. So, I am not in urgency for a PM at this moment. However, I will reach out GC Realty to get an idea on their services and fee.

Coming to the Property, it has three boilers, three hot water tanks and three separate Gas meters. Tenants are paying the bills. I need to pay "Water+Sewer+Garbage" bill to City around $250 every two months and common Electricity $20 per month.

Also, Can you please share your thoughts on Dunning area ?

Thank you again.

Hi @Jake Fugman

It is two (3bed/1bath) and one (2bed/1bath).

Thank you very much for sharing your inputs. Have a nice weekend!

Hi BP Gurus / Seniors,

I am new to the REI and placed an offer for my first multi-unit property.

Here are the details.

Area: Near by Shabbona Park, Dunning

Number of Units: Legal 3

Built: 1950

Price: $455,000 ($450k (purchase) + $5k (Minor repairs: Nice to fix but not an immediate need))

Loan Type: Conventional (20% down & 2.5% interest rate)

Annual Gross Rent: $38,400 (Tenants pays Electricity + Gas)

Annual Expenses (Property Tax + Insurance + City utility): $10,000

Parking Space: 3 (Garage – 2 & Side Pad – 1)

Other details: Exterior Brick, free laundry in basement, all units occupied and it is a turnkey property.

Pros: Steps away to CTA Bus Stop; Good Elementary school (PK-8); Walkable to Shabbona Park Recreation, Restaurants and Grocery Stores; 10 mins drive to Schiller Woods; 15 mins drive to Airport & low crime to visit the property any time confidently.

Cons: Below average High School & 20 mins CTA Bus to Blue Line.

My Situation: I will be in Chicago area until next Summer and relocate to Texas. Meanwhile my plan is to setup the team and stabilize the property (its already in running condition, I just need to catchup). And if it goes well, will add another 3+ units down the line in near by area. So, it will be good if I need to hire Property Management for both properties together.

Why am I investing in Chicago if I will be moving to Texas: is that I couldn’t find any multi-unit (3+) property less than $500k in other large metro cities in east coast, west coast & south (in good & decent neighborhoods).

Now, my question: Is this wise investment based on the numbers above, selection of area (NW Chicago) and my situation of moving to other state?

Please advise.

Thank you