All Forum Posts by: Atul Mohlajee

I have bought 9 properties.  Simple way.  I saved down payment for the first and bought.  Saved down payment for the second and bought.  Repeat again.  Paid off five properties just to deleverage and reduce risk.  Got 4 mortgages and 9 properties. Still trying to expand.  Had no experience in RE.      

8 rental properties, Total 10 renters.  Self Manage.  All of my properties are within 2 miles of my primary home which makes it easier to self manage.  I am in the process of acquiring two more properties.

I looked at a 2 Story Single family home in a Chicago Western suburb but it is actually a 2-Flat.  There is kitchen on each floor and separate entrance and exit doors to both floors.  It shows up as a Single Family Home on all websites.  Did any one had that kind of experience?  Please respond as I am looking insight into what to do?  Price and condition of home are very good and I am interested in buying this because actually I like a 2-Flat better anyway for 2 rents obviously as a Buy and Hold. 

I might be interested for the right deal.

Please respond anyone with experience in these types of sales.

I am interested in buying at Sheriff's sales. I have previous buys from MLS generally so this is something new. Anyone, please share your insight in this and how to do, what to look for, websites, resources etc. Also, any reecommendation for a lawyer because I will not do it alone and increase risk.

Thanks.

Please respond.  I need input from some who have done big rehab projects.

I am planning to bid on a 2-flat.  The second unit has two floors one of which is a loft.  Spiral stairs connect the main floor (2nd) of two flat to the loft.  Village wants spiral staircase replaced by a staircase as per code.  Is it too big a repair to take and will it need permits and a licensed contractor etc.

Thanks.

It is a great market close to downtown, and I live in the area and can walk to every property I own within 30 minutes or less from my home.  

I bought a 2 Flat in Forest Park, Illinois,  about a year ago for $155100.  

$25000 in repair and rehab costs.

Total cost $180000

Current appraisal at $255000

Choose to leave it as buy and hold with monthly rent at $3050

Mortgage plus taxes plus insurance at $1350 per month

Miscelleneous costs of vacancy, repairs, water bill etc. at $ 350 per month

Total monthly costs at $1700 per month

Gives me a nice cash flow of $1400 per month and great scope for future appreciation.

Forest Park is easily an A- class neighborhood.