All Forum Posts by: Jake S.

Yea thanks guys....just didn't know if my estimates where to high...they claim operating cost to be $12,000 where I have them estimated at $17270 still leaving it over priced haha...damn it I just want my first deal already!! 

Current Asking Price $213,500  4 unit apartment building in nice area built in 1956 (no washer and dryer in each unit), 868 SF per unit,  Each 2 bed 1 bath (Similar market rents $650-$1100 depending on quality)

My Estimates      

Current Rent  $615/ unit  -  $29520/year

Vacancy   @5% $1476/year

Repairs & Maintenance   $4800/year

Utilities  $3600/year

Taxes   $4032/year

Insurance  $1440/year

Replacement Reserve  $1920/year

NOI = $18408

@ cap rate of 8% property value is $153,150

but if i get the rents to $750 a unit that brings property value to $230,000 and cash flowing $4900 per year

Should I buy for $213,500...Asking Price was $250,000 and they won't come down another penny

appreciate the advice

All,

I am a few months away from having the available cash to flip my first house! 

Can I purchase a property to flip with cash then still qualify for a first time homebuyer loan in the future? (I have never had a mortgage before). Or would it be wise to use the first time homebuyer loan on a duplex/triplex/quadplex before I purchase the flip?

Thanks in advance!

I really appreciate all the advice guys!  I am going to stay out of Joliet and am looking at the areas that @Mark Doyle mentioned. Also considering Plainfield, Naperville, Wheaton, Oak Forest, and Downers Grove.

Hey Chris,

Thanks for the advice and input I will be sure to keep that in mind. Good luck to you too.

I just found out that I will be moving to Joliet IL this August.  I am looking to purchase my first investment property within several months.  I plan on purchasing a 3 to 4 bedroom single family that I can live in, fix up, and sell after a year or two.  I was also hoping to rent 1 or 2 of the bedrooms while living there.

I would appreciate any advice on location (prefer within 20 minutes of Joliet) or other useful information that may help.

Yes somewhere within a few mile radius of the area (5 to 10 miles). I am brand new to the area and looking for a good spot to live rent free by renting the other half of a duplex out.

Hello,

I am a new investor looking to purchase my first duplex near the uptown area in dallas texas. I would like to live in one side and rent the other. I would greatly appreciate any advice or guidance.

Thank You