All Forum Posts by: Ade Adesuyi

Check out Dorfman Property Management

http://www.dorfmanpropertymanagement.com/

Haven't worked with them yet, but heard good things about them.

A 60 unit building for $500K would be nice deal if I could find it.  I tried to buy a 9 property portfolio and had so many issues trying to make the deal work.  Couldn't get a commercial loan.  Not only that, I would've had to pay closing costs on ALL 9 properties.  You have appraisals, inspections, who knows what else.  Ended up just getting 3 properties.  I don't think I can wrap my head around 60.  I think I'd go nuts.  How long do you think it takes to close on 60 homes??

 When you say you can keep repeating the deal over and over again, you can't go past 10 refinances (Freddie/Fannie), right?  Unless, they are portfolio loans with a shorter term and higher rates.  How many times can you actually refinance?

I'd take a look at the Hyde Park, Bronzeville, and Kenwood area on the south side.  It's slowly starting to look like a mini-Wicker Park.

The 3.75% goes to the underwriter. But overall, as a tax write off, this gets significantly reduced and the internal interest rate of 3% that you receive on your CV negates most of the loan interest rate of 3.75% and leaves you with a minuscule actual loan rate. And dividends on top of that just accelerates your CV.

Hey Samson, I currently live in the Kenwood/Hyde Park neighborhood (couple of blocks from Obama's place). It's safe compared to other south side neighborhoods. It's right next to U of Chicago which is expanding and revitalizing the area. So, if you were to invest on the South Side of Chicago, Hyde Park would be it. You're next to Lake Shore drive which takes you to I-55 in 3 min and you off. Best thing is to have a garage to protect your car and home security. Unfortunately, you'll have to worry about break-ins all over Chicago.

I'm actually coming out there to soon in like 2 weeks. Looking for SF and MF. What people or appt. should I have set up there before coming through so I maximize my time? Property management, inspector/contractor to walk through prospective properties, realtor obviously. Anything else I'm missing??

I also need a referral for an insurance agent. Can you guys PM with their contact info. Thanks!