All Forum Posts by: Swetha Solipuram

@Greg Kasmer, thank you for your reply. This property did not meet 70% value of purchase price + rehab cost, infact it was slightly > 100%. So, I determined that it would not be worth it. The cash flow was great, so I was trying to take someone's input on if they see value in losing some money for cash flow at the end of the day. But, I thought it would be smart to not over complicate it so much, and pull out of this, so I can actually set myself up for success, do more deals this year than have one huge project where all my cash would be consumed. 

I would like advise on a buy, rehab and hold for cashflow multi family property

I have a 4 legal unit, and 1 additional non conforming unit on contract at the moment. As I get deeper and deeper into the steps of closing, the numbers do not seem to make sense. The purchase price + rehab cost is exceeding the ARV. When I first got this into contract, I knew the purchase price + rehab cost would be closer to what I can refinance it for, but I wanted to do it anyway because of the great cash flow. But after inspection, I realize this building needs a lot more budget to maximize the rents. My dilemma now is, is this project worth taking up and do the numbers really make sense or not.

I have rehabbed and held two multi families, but this is the biggest one thus far and any advise would be helpful. I can PM you the actual numbers if you can help me figure 

@Russell W. Thank you!

@John Warren, @April Pangilinan, Thank you for the recommendations. It is a major rehab for all 4 units

I reached out to RJ and he is not available. But I will reach out to Jonathan Klemm

I am closing on a 4 unit property in logan square, Chicago soon and it has been very hard to find a general contractor. I have reached out to most people I know, and the recommendation or two have fallen through due to availability. I have tried the bigger pockets network section and 0 results come up in the search. Does anyone have the same experience in Chicago or is this common anywhere? References would be very very very appreciated 

I hope this question is not too vague, but I have a deal with seller financing and would like to know how do I approach the closing? Seller and I agreed on the amount and loan term, but I have not done this before and would like help with closing and structuring it. Who helps us structure the payments? 

Hi,

I am looking for my 3rd deal. While looking for multi family, I am coming across a few buildings with retail space along with residential units. I am looking for someone to give me post covid perspective on risk that comes with a retail space. 

Swetha

@Jonathan Klemm - Great resources. Thank you for the info

@Eudith Vacio - The value of the property is going up by a lot

@Samuel Pavlovcik - Thanks for reaching out. It seems to be in RS-3, but I will reach out to you with further details

Hello, I have a 2 legal unit building in Chicago. I am looking for information on how I can legalize the attic unit. It has two exits and plenty of height. When I google information, it is flooded with ADU info, but my building does not fall under the qualifying area. Any information on how I can approach this here in Chicago, would be extremely helpful. Thank you!