All Forum Posts by: Tyler Winters

Great job, Nicholas! Thanks for the “during” pictures as well!

@Andrew Abbott , from what I've heard, one of the biggest things to be aware of is that it can be a "tenant-friendly" market, so make sure your screening process is solid and you know your rights as a landlord.

Jake Marinko what kind of investing are you looking into? I'm looking to get started in the Chicago area as well.

Ryan Cybulski PM me and I'll share some of my knowledge.

Ryan Sasscer , in getting out over my ski's here, but I can say that my current residence, which was new construction, has probably averaged out to 4-6% of gross rents (rents in the area that I'm pretty confident I could get).

Any lenders in the Chicagoland area that work with 203k loans? Looking to house-hack on a two flat in Oak Park. Thanks!

Ryan Sasscer , if the property was a complete gut rehab (down to studs, new electrical, etc) then it would probably need less funds for maintenance. However, if it was primarily cosmetic, a lot of the inner workings remain older and in need of more care. I spoke with a flipper that said that if he can gut a place, he'll likely keep it as a rental, because he knows that all of the electrical, etc. is new and needs less upkeep. Cap rate is basically the return on the property if you paid all cash, so the P&I payment comes after the cap rate is calculated.

@Tyler Sloan, from what I've heard, postlets.com (owned by Zillow) allows you to post to all of the typical MLS sites (Trulia, HotPads, etc.) for free. As for the online property management, VerticalRent.com allows you to post to all of the sites, along with cozy.co I think? Also, speak to some local RE agents, and find out how the process goes in your area. You might be able to have them post for you (for a fee). Craigslist is good too.

@Nathan Miller, where are you looking to purchase? In the Orlando area?  I have some family down there with some passive RE experience, and they've mentioned investing down there. I'm vaguely aware of some of the neighborhoods, but will probably first focus locally before I go out-of-territory...

Nithin K. I, too, am a first time investor in Chicagoland. I'm looking to do more buy-and-hold investing, and your concerns, I feel, are warranted. However, I think there are areas where the math makes sense. Far north, like Zion/Gurnee looks promising, and the south suburbs look like the numbers could work. However, take this with a grain of salt, since I have yet to pull the trigger. I have heard, though, that every area has investing opportunity in RE.

Thanks for sharing!