All Forum Posts by: Russ Fry

So I found a 8 unit multifamily asking $325k. All 8 units rent for $800 including utilities. I did an analyst on BP which I provided below. Let me know what you think. I feel it is a pretty good deal since I ran the numbers at $5000 off asking price. I would prob not go in at that because this property has been on the market for close to a year. 

https://www.biggerpockets.com/calculators/shared/8...

I have looked into the area. It is the 7th largest county in IL based off Population. 34% of the population rents and the median age is 38 with an average household income of $49578. Numbers were based off a 2015 census. 

Now to figure out how to raise the down payment and do a little more research into the property and area. 

Let me know what you think...

The way I look at it, cause I'm brand new to this game also, is just like approached everything else in life. The reason I chose the Marine Corps over any other branch when I went in is cause if it is worth doing I wanted to be the best. You don't get better a life by playing the weakest opponents, you won't learn from people with out experience. So what if there are more people on here with more money or experience or time investing. Learn from them, if you want to succeed then this is where you will do it. It all starts with a look in the mirror and ask yourself if this is what You want and You will do what ever it takes to get there. Believe me I had to do that several times in boot camp. The only person who knows if this is what they really want is you. Don't listen to the nay sayers cause they never had the balls to do it themselves. My own dad said I would never be a Marine. I hear people tell me all the time that you can't do real estate investing cause you don't have hundreds of thousands of dollars to invest. Well guess what, I'm going to prove them all wrong. Good luck with you adventures, I for one am looking forward to my ride ahead!

Do you have anything in your lease about criminal activity? I am a LEO in Il and I deal with those types of calls all the time. A lot of the rentals in the town I work in have criminal activity reports that we have to fill out and send to their property managers. In their leases it states reasons for lease termination due to police arrests or calls for service.

So I am starting to analyze properties in hopes of purchasing my first multifamily in the next 12 months. I am planning of getting creative with the financing to hope to purchase with low or no money down. My question is there a certain price point for my first purchase I should be looking at like under 500k or does it not matter as long as the properties numbers are good? I.e. A good cash flow and return on cash.

I am new here on BP and live in DuPage. I cannot make next wed meeting but how often do you meet? When is the next meeting going to be?

Matt Motil yes I have, I have family in TN and I spent a great deal of time in West Ky. I am open to just about anywhere.

What are your thoughts in the Chicago market more of a buy and hold rental market or a flipping market?

I feel it has a lot to do with people in IL esp in Chicago tired of being taxed to death. I personally know several young families that are not purchasing because they hope to transfer out of IL ASAP. I for one am also tired of living in IL but I can't transfer with my full time work till my REI takes off. Numbers don't lie IL was one of the states with the highest amount of people leaving in 2016 and I'm sure 2017 won't be much different.

Just wanted to introduce myself, I'm located in the west suburbs of Chicago and have little experience yet in real estate. I am 38 married with two boys ages 4 and 2. I have read several books and just purchased the package deal here on bigger pockets for the two books written by Mr Turner. I have spent the past 13+ years in law enforcement and have 5 more to go till I reach my 20 for a full pension. My goal is to own 100 units by that time. I plan on investing in only multifamily apartments and build up a portfolio that will allow my family to live without having to put in a 9-5. I am currently attending business school full time through SIU and will graduate at the end of 2018. My short term goal is to make my first multifamily purchase by the end of next year!