All Forum Posts by: Atul Mohlajee

Engineering income growth is very linear.  Most would not advance over a low six figure or high five figure income unlike Doctors and lawyers can.  RE is a great opportunity.  My goal was to have cash flow equal to my day job engineering income, that was the only way to double my income and still keep working as an Engineer.  We are equally intelligent as people from other lucrative professions but do not quite get compensated well although we like working as Engineers.  Being good with numbers and having good project management skills, this is a very good fit for most engineers.  

Berwyn and it is about 1500 sq feet first floor.  It has a dentist office next door. It has lots of businesses around it mainly small to medium size.   There are no vacant lots around it.  It is all occupied around it in nearby buildings.  It used to be a Pizza place that went out of business in 2010.  The owner abandoned the building and moved out of State.  There is lots of water damage due to unrepaired leaky roof.  Trying to get it at a discount to make sense for the rehab costs.

I am considering buying a building with store on first floor and a 2 BR large apartment on second floor in a Chicago suburb.  I am new to commercial investment.  Is it a good investment if I can make good positive cash flow after the rehab?  

I am considering buying a building with store on first floor and a 2 BR large apartment on second floor in a Chicago suburb.  I am new to commercial investment.  Is it a good investment if I can make good positive cash flow after the rehab?  

Most of my great buys were after 50 (Turned fifty in 2010), and bought majority of my holdings (Total 7) from 2011 thru 2014 at great foreclosed prices.  I am very happy that I did.  Only made 2 buys in my 30s and 40's (Primary home and a rental condo), and they were not good buys having bought them at regular prices.

Thanks Steve.  It happens to me again and again.  I bought another property (foreclosed) last year, for 155000, and it was appraised for 156000.  I did a cosmetic remodel.  Currently could easily sell for 275000.  Een at that time it was worth at least 180000-190000 according to me and both the realtors.  Banks are evaluating lower to be over cautious to avoid other crisis.

How is your experience with appraisers?  Are they usually little bit lower than the actual value depending working with caution with the banks?

I am buying an SFR 3 BR, 2 Ba, in Oak Park for $154000 which is a very good price. It only needs painting and cosmetics. It sold for $145000 in year 2000. Expected rent is 1900 minimum. Even this ratio is hard to find here. Zillow puts it at $360000. It is on Austin AVenue on Oak Park side which separates Oak Park and Chicago. Others have sold for 250000 plus on this street. I think it is a good deal since prices have shot up.

Thanks all for advise and views. It is a single townhome like an SFH. I did say no to any further credit to her and she said, "agreed" Squeeze is the right word. She is good tenant in rent payment and upkeep but sometimes complains too much. She is like a nagging wife although luckily not mine.

I have a rental townhouse where tub is backing up and the tenant complained.  Plumber came in on Saturday tried to rod it through sink but it did not work.  They will be back today since this is a bigger job and they might have to open pipes at sink etc. to find blockage.  Gave rental credit of 5 day rent to tenant.  Tenant still complaining.  Did not call another plumber since this guy is the best and have worked with him for many years and gets the job done every time.  He was not available any earlier.  Tenant wanted even more credit which I refused because I do not want her to make a game of it every time something needs to be fixed.  Gave credit to a tenant first time in life since this was a plumbing issue that could not be resolved immediately.  She was complaining heavily by text messages/phone calls for her inconvenience but said she will be fine if I give her $200 over and above $258 already agreed upon.  My properties are well maintained and are in A, A- areas only.  What do you guys think?