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Chris Herrera
  • Real Estate Agent
  • Addison, IL
88
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185
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6 unit- potential 1st deal

Chris Herrera
  • Real Estate Agent
  • Addison, IL
Posted Jan 31 2016, 09:43

I'm looking at this 6 unit in a pretty good area that I think is a pretty good deal. It'd be my first deal though and I would likely need a partner help me with down payment/ managing the property and getting a commercial loan.

Purchase: 330K

Annual Rent: 62,000      Mortgage: 17k

Vacancy: 6,000   Taxes: 7,000  Insurance: 3,500  

Management: 6,300  Maintenance: 6,300  Utilities: 3,600

Reserves: 6lik,300

I would be managing it myself and maybe with a partner so that 6k would be saved for capital exp, even though the property has been maintained and looks to be rehabbed in the past 5 years. Neighborhood is a B area. Thoughts as a potential 1st deal? I'd likely try for a FHA commercial loan unless I can find an experienced investor that could provide more options to leverage this deal

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