All Forum Posts by: Trevor Fritz

Interested in following this topic. I hope you find something that matches. I have been looking to find something similar but haven't been able to find anything where the numbers make sense. Check this link out on FHA loan limits though: https://www.fha.com/lending_li... 

3k rent for 250k condo? That would be great but I’m not sure if that’s possible. 

In my experience, it is currently difficult to find something that will meet the numbers you are looking for in my opinion.  With 100 year old homes, many need a significant amount of work with the foundation, siding/tuck pointing, roof, etc. In my opinion your best bet is in the Irving Park area or Humboldt Park (but even that area has started appreciating quite a bit). Finding a 3-4 flat may help your numbers out as well, but then there is usually a decent amount of capital necessary to fix up the units and get them rented out. Good luck in the process, it is fun, but just be patient and find something that works for you and allows you to live for free or close to it. 

Awesome and congrats! What are your rents that you are projecting on each unit? 

Hi everyone, throughout my research I consistently come across those who preach the 50% rule. Does this rule hold true for multifamily homes in Chicago or is this ultraconservative due to the high rents? When I have factored this in, every place I have seen doesn't come close to cash flowing. Thanks in advance! 

I have been looking for multiunit places for quite a while and have had a hard time finding anything that I feel is worth the risk. 

Maine factors being:

1. location/crime

2. Age of buildings (hard pressed to find anything under 100 years)- but I am also looking at 3-4 units.

3. Great cash flow numbers (unless in high crime areas)

very cool! Contrasts. What are the HOA fees just to get a better sense of your returns?

DM me, I may have someone that can help you out or at least give you a quote.

Hi everyone, 

As I navigate my way through finding a second property to buy, I am considering buying a primary residence in the Chicago area, near I90 between Irving Park and Wicker Park. I work in the suburbs and spend a considerable amount of time staying out there due to work obligations and coaching.  Ideally I would find a 2 bedroom and rent out either 1 of the bedrooms at all times or rent out the entire unit for an additional cost when I am not staying in the city.  I am closely following the city ordinances that loom on the horizon regarding airbnb as well.

The questions I have are:

What is the typical demand you have seen? (posted for all 7 days, how many do you get rented out?)

What may I have to provide these short term tenants? 

Any headaches or positive stories you have had?

Thanks for the help and I look forward to hearing back and learning from you all!

Hi Kyle, couple questions. What is the vacancy rate? Have you checked into that you can rent the condo out (I have run into this problem a few times as the association can cap this number)? Are there any special assessments coming up (make sure to do a thorough inspection and maybe have someone come by that you know first to take a quick look at the building and then do an actual inspection. I think the numbers look pretty good since the association fees are not too bad. I posted an image of what I came to about cash on cash return. Let me know if you have any other questions.