All Forum Posts by: Ronan M.

Well done @John Warren Good to see you have been able to adapt and make the switch to online meeting rather than just accept defeat and have no meetings. Should be a good discussion.  

Nowhere on the southside will work if proximity to O'hare is a important.  When life returns to normal (after CV-19)  that will be a long and stressful commute I would not wish on anybody. And it would not be much better on public transportation.   If Midway is an option then that opens some opportunities to live or invest in areas like McKinley Park or Wood lawn or Brighton Park which might have multi's in that price range. 

Have 1 multi in that general area. What experience are you looking for @Rj D. 

@John Warren Albany Park. Lawrence & Kimball area. 

Thanks for the tag @John Warren. Charlie and I have connected on this subject (I actually helped him buy the property) 

My "go to" guys for boilers only do the southside. And apparently they are so busy they don't need to go up north. 

@Charlie Clough looks like others on here second the opinion about switching to the individual furnace option. But if your boiler is working right now and you are getting heat... run it until it dies before doing anything and hope it doesn't die in mid Feb.       

Aside from the cost of installing the forced air furnaces do remember that installation will create a fair amount of mess in both units, particularly for the duct work. Definitely a summer job if possible. 

Thanks for the tag @Brie Schmidt and @Charlie Clough for the attempted tag !

@Kevin Scanlan Jr. Pilsen is hot but might be doable if you hustle and can do some light rehab (just got a 4 unit for a client for under 400 and it needs moderate work)  Check out Bridgeport or especially McKinley Park for your price range. The latter is a great area and super close for those that need to be near the Loop. Very nice neighborhood and the gentrification is spilling over from Bridgeport. Good train service as well with the Orange line.   

Don't know if the Rocket guys will be the best option for financing. Not sure how investor friendly they are. Get a local guy who know the biz and the local market. Brie's guy is very good. 

Feel free to reach out if you need any help.

Good luck with the investing. 

@Mark Ainley 

Unrelated to this post but can you PM me the info for that attorney you would recommend. 

Thx 

Hi @John Kelly

I saw your numbers for this deal on another post I think. The link on this thread does not work.

First off you cant be pulling your hair out to make the numbers work. Don't try to make them work for the sake of getting a property. They either work or they don't.

You are using the calculator wrong. You show no down payment for the loan. How would you buy the property with zero down ? Then your CoC looks great because you have no money in the deal according to the calculator.

Also, the long term financial calculator does not show reality either. You have not entered any growth percentages for rent or expenses. Your numbers show the same rent revenue for year 1 as year 30. I hope you can be getting more rent per month in 30 years. 

The end result you get from that calculator is only as good as the data you enter. I think you need to start over.  

Hit me up with a PM if you need any help

and Hi @John Warren

Ditto what @Bob Floss II says. If you cant do the deals and a HML can help you grow and scale your business what not look at that option. Just be sure the deals/flips can cover the financing and holding costs. Drill down into the numbers and make sure they work. And then be disciplined with the execution so you work to your deadlines and budget.

Credit Card debit would be a much more expensive option. 

Plus a good Hard Money lender brings more that just funding. Local real estate knowledge, contractor contacts and other expertise. Its in their interest that you succeed and not fail. 

@Patrick Britton see above.