All Forum Posts by: Alex N.

Nick Feliciano can you put me on your list? I am interested in Chicago only. Thanks!

Welcome to town! There are a few meetup groups in the area and you should check them out. Take your time and get your bearings first before jumping in too deep--the right opportunity will find you.

Wendell: Sorry I accidentally hit the post button before finishing -- the numbers are at

http://www.biggerpockets.com/forums/88/topics/174249-help-chicago-foreclosure-triplex--deal-analysis-question

Hi everyone:

My wife and I are under contract on a Homesteps foreclosure property – it’s a triplex in the Tri-Taylor neighborhood in Chicago (average cap rate about 5.8% we think). There are city violations and a lot of deferred maintenance to be done. We’ve run the numbers over and over and wanted to hear your collective wisdom on whether we should go through with this and whether it is still a good deal? Any insights would be greatly appreciated—we are relatively new to this and have learned so much from the community here.

The purchase price is $326K with 20% down. Comps are about $430K. Each unit could rent out for about $1,400.

Required repairs due to city violations include (according to contractor quotes): $27K for brick work; $16K for roof (flat roof); $18K for wooden porch.

In addition, we anticipate deferred maintenance of about $61K for tuckpointing the masonry (3 walls), $13K for HVAC, $8K for bathroom/kitchen renovation, $4K for electrical/plumbing, $9K for footings on foundation beams (foundation seems ok), $5 miscellaneous. This does not have to be done immediately but should be soon.

We wanted to know if these figures seem reasonable and also whether the numbers make sense. Any thoughts you guys had would be greatly appreciated!

Hi all:

My wife and I have been going back and forth on this Homesteps triplex and we wanted to turn to the collective wisdom here to hear your take on whether we should go through this this deal (if it's a deal)? We have been running the numbers over and over and

Hi all and thanks so much for all the helpful advice posted on here. We are under contract on an REO (Freddie Mac) and it looks like there's a tenant inside still who has been totally non-responsive. Our thought is that they have been living there without rent and probably don't want to move--any advice on how to handle this?

Much appreciated.

Hi -- my wife is moving to Chicago and would like to work with a realtor who understands hard numbers and investors (and preferably has investment properties himself and herself). Does anyone know of any good agents we should work with? We are looking to invest over the next few weeks.

Bill Thanks for the very helpful posts. I ended up not putting in an offer because rents were lower than anticipated but will make sure to look at books in the future. Thanks for the helpful insights! Alex

Hi everyone:

thanks for providing such a wonderful forum for real estate investors. I am looking at a condo in Hyattsville MD and was wondering if it would be a good deal?Price is 45K but condo fee is about 400/month which is very high. With 20% down, closing costs (about 2K) and maybe 5K in rehab cost, I could rent it out for about $1.1K a month. Taxes are about $1.2K. I know people stick to the 2% rule which makes sense but the condo fee seems high and I'd love to hear if you think it's a good deal.

Looking forward to reading and meeting more people here!

Best,

Alex

This is helpful and I think committing on paper to yourself is a great idea. Thanks for the post.