All Forum Posts by: Veronica Joyner

Hello,

Has anyone converted a lease space to an assisted living facility? I have a building I’m looking to fill with Section 8 or tenants with some form of rental assistance.

The building is located on Chicago’s southside.

Thanks

Thank you.

Hi,

I’m considered a small investor. I own a couple of units free and clear, a small commercial building, and I have a lot of equity in my home.

I’d love to switch gears and trying new construction. I see some reasonably priced lots in up in coming areas and first thought, a multi unit would fit perfectly in that spot/neighborhood.

I briefly spoke with my loan guy, but moving forward seems overwhelming given my lack of experience. The closest experience I have is a gut I did to one of my units. The outcome was amazing. The lucky tenant was willing to pay $200 more than asking and signed a 2 year lease.

Any advice, suggestions for moving forward?

Thanks

Hello all,

I have a small multi-unit (7units) on the Southside of Chicago.  Every three months my handyman is there replacing or fixing the door locks.  The locks are new, standard key entry from the outside for the backdoor.  Tenants gain entry through this door regularly.  The front entry is through 2 locked doors, first door is a buzz/key entry and the second door leading to the upper units is a buzz/key entry as well.

Can someone recommend a sturdier product while maintaining the same locked/buzz in secure entry?

Thanks

Advice needed. I placed an offer on a 7 unit and after a coupe of months, my loan guy emailed a LOI from a bank with the following terms...7.25%/30 yr with 5 year prepay sliding scale penalty starting at 5% with one point reduction each year.

My gut says crappy deal. Any advice?

@RachaelImohof I’m an investor in the Chicagoland area. I typically buy and keep. I own a couple of rentals. I recently applied for a commercial loan and was approved for a sizable amount.  I have been considering new construction, very seriously.  Perhaps we all should connect. Flipping homes is still a s option.

I'm fairly new to real estate investing although I do own a couple of free and clear rentals. The rentals were distressed properties and one short of needing a gut rehab.  Once the project finished, I was hooked.  I would like to get into new construction. Thus far, I have secured financing, have a general contractor lined up, architect, real estate agent, and recommendation for a couple of good builders.  There are a couple of good lots around Chicago zoned for multi-units.

The issue is how to move forward.  Any advice for a novice eager to switching over to new construction, pitfalls and all.

Thanks.

Hi Veronica,

I am also looking for deals in Chicagoland.  I currently own a few rentals and I’ll looking to expand.

Let’s connect. 😊

@Thomas Tarry More than likely, the contract was rejected under the Attorney Review provision. As a licensed attorney in IL, I have rejected several contracts for various reasons. Double check to make sure the contract allows for this review period and secondly, if the review period expired.

Hope this helps.

@Adam Ulery Congrats! I’m searching for a multi-unit commercial deal. Please share your experience.