All Forum Posts by: JJ Mayer

@Brie Schmidt - as a legit buyer, if I approach a local realtor and detail what I'm looking and my requirements (e.g., 2-BR and an STR friendly-unit), is that something I could expect a good realtor to assist with? or is that unrealistic?

Thanks @John Warren, appreciate the referrals.

@Brie Schmidt, @Charlie Shields - any recommendations?  Thanks!

Hi BPers, my job requires me to travel into a Chicago 3-5 nights a month, and I'm stuck paying hotel costs out-of-pocket.  I like the idea of buying (or renting) a condo in the Loop/New East side area, so I have a place to stay when necessary.  For all those nights I'm not using the place (e.g., every weekend), I'd like to AirBNB the place to hopefully breakeven on the cost of the mortgage/rent.

Has anyone done anything similar?  How have you identified buildings where AirBNB is permitted?  

Thanks team!

When evaluating the acquisition of a multi-family rental property (long-term hold), do you account for depreciation?  if so, how?

I typically only focus on cash flow exclusively, and consider depreciation and equity pay down as bonus/buffer.  Thoughts?  

Context: Currently looking at acquiring a ~$600k, 12-unit multifamily, and I wonder if I'm artificially setting the "hurdle" too high?

@Anthony Giaquinto DM me with more info of what you are trying to accomplish, let's see if there's an opportunity to work together

@Thomas Humbert - have you made a decision around Cadre?  would be curious to hear your experience...

@Anthony Wick - Thanks, appreciate you sharing your approach!

Here's the scenario - I've got my eye on 2 small properties (duplex + quad) in Northern IL .  Both represented by same company (Coldwell Banker), but different agents.  Prices are at $150k & $200K.  

Question - Can I approach one of the two agents, and make an offer of $320k for both properties - letting the agents work out a creative deal to make both sellers happy?  The agent I approached would potentially have a piece of two deals, and now have an aligned incentive to help me creatively close both properties.  Thoughts?

Quick Question - when you are buying an already rented/leased building (4-plex in this case), how do you think about the security deposit for the current tenants?  Do you adjust your price accordingly? 
For example using easy #s, if I'm considering offering $100K for a 4-plex and the 4 existing tenants have combined security deposits totaling $4k, should I offer $96k, making an allowance that I (as the future owner) will have this liability?

Thanks in advance forum geniuses!

@John Pflederer - wishing you luck on your getting your apartments to cash flow more consistently. me and my two partners are from Morton, and that's where we've been investing for the last 5-7 years. for the last 12 months we've been working with CRE brokers to take down our first multi-family, everything we've seen locally has been pretty thin margins, so we've been sticking with single family. we will be interested to follow your story.

@Steve Sanchez - if you would, could you please send me the local group info? we're mostly located in Bloomington, but would love to join the fun