All Forum Posts by: Stavros B.

@Ken 

@Ken P. Heck of a deal. I've thought to mostly stay away from condos but I like how you are mitigating the risk of them by buying up so many and being on the board of directors. Clever!

I will let others way in to confirm but I believe that BBB rating are bunk and mostly derived by the company paying to be rated. What @Michael McDevitt is saying is far more reliable than any "objective" rating service. 

Originally posted by @Andrew Abbott:

Hello Everyone,

I'm interested in purchasing my first investment property in Chicago next year.  Trying to gather some thoughts/opinions on the market and maybe some specific neighborhoods to research further.

I'm currently renting in metro-Detroit and originally planned on setting up show here due to lower cost of living and affordability.  However, I love the city of Chicago and see the future potential from an investment standpoint.

If anyone has any thoughts/opinions (negative or positive) I would love some feedback.

Hey Andrew! You should connect with @Eric La Pratt, he used to live in Ferndale (house hacked a Duplex) before moving to Chicago. He's now in the middle of a rehab of a quad somewhere in the city. I'm sure he can lend some insights!

Originally posted by @Wayne Brooks:

Yes, plus self employment, SS/med.

 Thanks Wayne. If I hit the ~$100K threshold on my W2 I can back off the SS/med, correct? 

I know there is a huge spectrum for what tax you will owe on a flip but can someone provide any guidance on what rule of thumb I can use when modeling my profit on a deal? Is it simply my marginal rate on the gain (sale - purchase price - expenses - improvements - interest paid)? I like to make sure I'm level set on what the real net net profit should be so my expectations are not dashed come tax time. Thanks!

I used All Tops Construction on my personal residence. Excellent work and price although he's runs a slim shop so availability can be difficult. For reference I paid less than $6k for my 2,600sq ft house. Cannot recall how many squares but all the other completion came in $2k higher. He even used dimensional shingles. PM me if you'd like their contact information.

I am also in the hunt for a good CPA and attorney as I get back into REI B&H. I welcome any referrals that you have to offer. Live in South Lyon but will be operating in the metro area.

You had it at 100%, I would not recommend 1%. Put the 10% in and rerun.

You put in 100% capex instead of 10%. With that it's an excellent return I imagine! Post the updated one when you do. 

I just paid $7000 cash for new 95% 100kbtu, 3.5 ton 13 seer AC with humidifier. Will be about $6300 after rebates and tax benefits. I think you can do better on price. PM if you want a referral to the company I used. They're big and reputable. They service all of SEMI.