All Forum Posts by: Shamar Gregg

@Jacob Dawson

My 4 unit (Chicago Area as well) did not have appliances either. I thought about used appliances but also the issues down the line that might accompany them resulting in you spending even more money. So I ended actually looking for a while and found a great link (a sales manager) a home depot (Cicero). I got 4 fridges (ice dispenser), 4 stoves, 4 microwaves, and 1 dishwasher ALL with a 5-year protection plan and delivery/installation for $8900. If you think this is a good deal then I can definitely link you to that person. The discount is big because you buy it in bulk. 

@Nour Hatab 

Even though we are in different areas (Chicago), I would say the same bit of advice applies. 

In my opinion, it is almost always better to buy than to build. Average building costs are currently around $200- $250 per SQ. Now, if you want let's say a 3 unit building with 1000 SQ per unit, that would cost you at the low end avg $600K.

Now, taking into consideration your ROI, it's just not worth it. Chances are you can find the same size building or bigger for WAY less than 600K.

Here is my real-life example, I have a 4 unit building at 4860 SQ total, bought for $410K. Now if I had to build the same building at today's cost per SQ, I guarantee that $410K would certainly not do it. 

My 2 cents. 

Based on the narrative above, I would honestly say it all comes down to personal preference. 

For one, if it is a really good deal, I personally would not pass it up. Once I become the owner, I would just remove all tenants. This might sound harsh but as I stated if it is a superb deal, one you can't pass up, I would take this route. This is because yes, I do agree it probably would be somewhat awkward to have the mom still living there. 

OR you just removed the one that is always late and keep the mom. 

If this is a property you really like then don't let current renters sway you from the deal. 

My 2 cents. 

I know my post is late, however, I have something very similar so I thought it would still help. My property is 4 unit brick building, appraised at $415K. I have progressive, I too got crazy quotes from state farm. Attached is my 2164 policy from progressive.