All Forum Posts by: Account Closed

@Paul Lachaud, are any of the current tenants Section 8?

Paul,

A 30% rent increase seems very high...and a 5% vacancy seems very low. Could you shed some light on what part of Cincinnati this property is in? These figures/estimations could be very dependent on that.

Your CoC calculations are correct. Little-to-no money down deals will yield a higher CoC, they'll just hurt your cashflow long-term if the rent growth does not keep up (speaking from experience in Cincinnati)

-  Troy

Jeremy,

Any specific areas of Chicago that you're looking for? You're not going to find anything in Chicago proper for under $200,000 unless you're buying in a warzone.

The southwest suburbs may be a good option for you at your price range. Blue Island, Oak Lawn, Willow Springs, Hickory Hills may be good cities to start looking in.

We specialize in the suburbs of Chicago...while we only deal with commercial multifamily buildings (5+ units), please let me know if you have any questions.

Good luck!

- Troy

Don't know what it is like in CA, but we underwrite $150/ft in Chicago.

I'm glad that worked Kory, thanks for the vote.

@Kory Zasadzinski if you're trying to just use the basic public information tools a work around to your issue could be to use the Cook County Tax Portal. There you can search by address...once you have the building, you'll be able to see the PIN number. You can then use the PIN number to search the Assessors site.

@Donny Widjaja we usually budget somewhere between $200-$400 per unit in reserves, because, well, you just never know when you're going to need to take down a tree, replace a leaking roof, or service an old boiler. 

@Donny Widjaja always always always verify the current expenses first before pursuing a deal, and make sure to factor in any other outside costs. For example, we underwrite every deal we sell with Management Expenses, Repairs/Decorating Expenses, as well as a Reserve Expense. Also, make sure you get an up-to-date rent roll to verify rents, occupancy, etc. If the deal looks good at that point, then consider pursing things further.

If it's too good to be true, it probably is.

Ryan,

Welcome to the community! I wish you the best as you move forward with your first steps.

They key is to establish a plan for your REI career. Are you going to be a buy-hold, cashflow oriented investor, are you going to be a fix-flip investor, etc.

From there you can start narrowing in on your target areas and working with the property owners and brokers who specialize in that area. 

What part of town are you looking to invest in currently? We do work all over the suburban market.