All Forum Posts by: Ryan Boren

Nino let's talk

Just closed on my first SFR and the numbers are as follows:

Purchase Price - $33,000.00 (Do not be alarmed in my area this is common)

Closing Cost - $5,703.05

Cash to close - $8,8411.93

Loan Amount - $26,400

Appraised Value - $45,000.00

Interest Rate - 4.625 %

P & I Monthly - $135.73

Insurance and Taxes Monthly - $324.36 (I have been rounding up to $500.00 for P & I/Ins/Taxes)

Rent Amount - $1,100.00 (tenant covers all utilities)

My dad and I manage the property so i do not factor in property management

Repairs so far - $350.00 (Roof and Main systems in good condition)

Hey BP,

I am currently interested in placing offers on two properties near me and was wondering how I can purchase both properties under the same loan? Ideally, I wish rehab cost could be included in the loan as well (probably wishful thinking). I have heard over a commercial loan to purchase multiple properties and avoid multiple closing cost. 

I am located in the south suburbs of Chicago if anyone knows any banks that provide the service I am looking for. 

Thank you!

hey john i currently invest in these areas could you email me your properties for sale at [email protected]. Thank you 

Hey everyone, Finally, one of my offers was accepted and the underwriter is asking for an insurance quote for one year on the property. For those who own SFR or property, I was wondering if you use an everyday insurance company such as State Farm, Allstate, progressive, etc or are you using a more private company that does real estate only insurance? Also, can anyone recommend a company with good rates?

can you provide further information on this property?

Hey everyone, Finally, one of my offers was accepted and I planned on owning my first rental property. As I was going to sign the e-documents the banker who we are using advised the closing cost will be 4500 plus 1300 escrow fee and a 450 application fee. Does anyone know of a more reasonable bank offering reasonable closing cost that will offer loans for homes under 40,000 as the house sold for 33,000 but has an ARV of 70,000?

Hey everyone, I just purchased my first rental property this month near Crete. Was wondering where you all consider the best places to invest in the south suburbs? I am familiar with everything from Beecher to South Holland but the property taxes are high in most of these areas. I live about 10 minutes from the Indiana border which has very low property taxes, but our realtor says there's no point in trying to invest there because the market is over saturated with investors making it nearly impossible to obtain a property.

Hey everyone,

Thanks for having me on BP! I am a first time investor looking for SFR or Multi Family in the south suburbs. I am currently partnering with my dad who's doing labor and I am taking out the loans and fronting some cash.

I hope to learn a lot from these forums and if anyone is from the area and has any tips and tricks for a newbie I am all ears and eyes. 

Thank you again,

Ryan B