All Forum Posts by: Russell Pitts

Hi, did you ever find anyone to help you? I'm looking to get info on the hazel crest area

@Jay Hinrichs , I've see many posts of yours and was wondering if I could get your feedback about this as well. Much appreciated!

The property is a SFR.

Hi all, I'm looking to purchase an investment property in this area. I'm new to the Chicago market and wanted to get an idea of what this specific neighborhood is like and what pro's/cons there are for purchasing an investment property in this area.  If anyone has any info please let me know.

Thanks,

Russell

@Larry Turowski Thanks.  I wasn't including capex.  I'll have to understand more what the state of existing components are for this house in order to estimate this.  I'll talk with the seller here and I imagine the inspection report will divulge some info on this as well.

As this will be section 8, I do have that insurance which I believe is 80% of the rent if the tenant doesn't pay.  Perhaps it's only if the tenant actually moves out though. I'll double check this. 

@Account Closed Great question.  Not sure, I'll ask the seller.  Is there a way to check historically what this property's taxes have been? I imagine there's gotta be a county tax office website.

@Ryland Taniguchi  @Lane Kawaoka  Guys, can I get your eyes on this if you got a moment?  Thanks!

Hi all, I'm close to pulling the trigger on this property in Chicago. I'm going through a turnkey provider.  The renovation has already been done and the property will be tenanted with a section 8 tenant.  I have a bunch of questions to ask the seller, property manager, etc. but wanted to get your advice on this "deal".

Location: The property is in the Hazel Crest area of Chicago.

Property: 3bed/1.5 bath, split level, with 2 car garage.  Built in 1931. 1,515 sq feet, 19k sq feet property.

Numbers:

Numbers:

I do know that the "fees" are high, but that's mainly due to some credit issues of mine which will be resolved in 1 year's time. But, even with that aside it does reach my goal of $300/month cash flow with a minimum of 10% cash on cash return.  As well, after year 1 I will refinance to a conventional mortgage to get even better numbers.

Any advice would be much appreciated!!!

I do agree that's a fine idea. My plan is to purchase investment property outside of my state. I don't have any plans of moving. ;)

 I should've mentioned, I don't plan on purchasing a multi Plex and have myself in one of the units.

Hi all, does anyone know of any lenders that would lend to someone in my situation? I foreclosed on a property back in September 2010. My only option for purchasing an investment property at this point is either cash, which I don't want to do, or by just waiting until at least September 2017 to utilize a conventional loan. Do you know of any good options for someone like me? My credit score is otherwise great and I have enough to easily put down a standard down payment, just this one blocker.

Thanks!