New Investor Chicago (Irving Park)
Hello I am a new investor in the Chicago Area, I am currently in process of offering on a property. It is a legal 3 flat unit in Irving Park, I have included my excel analysis below. I will buy with FHA financing (3.5% down) then refinance into a traditional 20% in a year which increases the cash flow significantly (in addition I will raise rents from below market $1000 ---> $1200)
I have 2 questions
1. What is a good property management company in the Irving Park area, as I do not plan to live in this location for longer then a year.
2. Do you think this is a good deal, and do you think I would be able to get them to accept an offer closer to $300k
Most Popular Reply
Your missing water/trash which landlord pays and common electric (runs around $25). $1200 is pretty low in Irving with good photographer can typically get higher rents these are 2br correct?
For management check out Kass Management, TriView, etc. Many good ones in area. Don't pay more then 6%.