My First investment!

5 Replies

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Chicago.

Purchase price: $125,000
Cash invested: $5,200

2 unit building with 4 bedrooms and two baths in each unit. Upstairs and downstairs in each unit.

Congrats Samantha! I know nothing about the Chicago market and I'm from a rural area, but $125,000 in a large market like that for a multifamily sounds like a pretty solid deal on the face of it. What are you getting for rent? Also, that is an impressive low down payment amount for a property of that value, too.

Thanks Nick! The bottom unit tenant is currently paying $1100. When her lease is up, I will rent it out for $1300. The units will rent for $1250-$1300 each.



Originally posted by @Nick Heil :

Congrats Samantha! I know nothing about the Chicago market and I'm from a rural area, but $125,000 in a large market like that for a multifamily sounds like a pretty solid deal on the face of it. What are you getting for rent? Also, that is an impressive low down payment amount for a property of that value, too.

 

Originally posted by @Samantha P. :
Thanks Nick! The bottom unit tenant is currently paying $1100. When her lease is up, I will rent it out for $1300. The units will rent for $1250-$1300 each.



Originally posted by @Nick Heil:

Congrats Samantha! I know nothing about the Chicago market and I'm from a rural area, but $125,000 in a large market like that for a multifamily sounds like a pretty solid deal on the face of it. What are you getting for rent? Also, that is an impressive low down payment amount for a property of that value, too.

 

Sounds like a great deal!

 

Nice Find!!!  I am from the Waukegan area north of Chicago and was looking for a two flat, however found a single family house that I could not pass up so hoping to close on that this month and will rent out for approx 1350-1450.  rental market seems pretty good in the chicago area currently.

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