All Forum Posts by: Atul Mohlajee

Will it be OK to turn on the furnace even though the plumbing pipes are winterized? I heard that they put antifreeze in plumbing pipes but theree is no antifreeze in heating ductwork. Please respond as I just got the possession to this house 2 days ago and it seems winterized with tapes on all faucets etc.

I just bought a 2-Flat in very cold Chicago weather.  It is winterized so the furnace(Heat) is not on.  Is there any chance of freezing if it is winterized?  I was thinking of starting furnace with my Contractor this Saturday

Thanks for input.

It is very hard to have cash flow in decent suburbs at these prices unless it is a foreclosure/estate sale etc.  There were too many foreclosures/deals two to three years ago.  There may still be deals around Berkeley, Lyons, Melrose Park, Berwyn, etc.  which are middle class suburbs.

In my area, if I can get 1.3% of price of house as a rent, it is very good. It has to be positive cash flow even if it is 200-300 per month cash flow after accounting for vacancies/repairs. Appreciation has been high for properties bought in last three years(100% for an SFH bought for 160000 in 2011, recently appraised at 330000, and at least 30-40% for others). Four out of Seven properties are owned free and clear. So these four have 50% cash flow to cover riske.

I drive by at least once a week.  But all of my properties (7) are less than 1.5 miles from home.

It is a buy and hold property

Numbers still work at 155000 since these type of properties are few and far between now compared to how they were available 3 years ago.

There is a REO 2 Flat which was on sale for 165000 when I bid 150000 this Monday night via fax by RE agent. I was the first and only bidder this Monday night. On Wednesday, price was dropped to 155000. I got a call from my agent to bid top price by Friday because because 2 more bidders made bids after the price drop. It is a great deal in a good area. How much would you guys bid to have a 90% chance of aquiring this property?

I started at 42 very slowly but picked up steam after 50 in 2011 thru 2014 due to good deals at that time.  Actually it was better for me to delve in slowly and get experience while holding a fulltime job.  I have seven properties with three mortgages.  As I grow older, I plan to pay all rentals and only carry mortgage on primary residence in 10 years max by retirement age.

I have a 2-bedroom unit in a 2-Flat where three adults are residing.  There is a mother 50, her son 18, her nephew 32 years old.  The rent is paid by mother and nephew half and half.  My question is that if I should have son 18 on the lease alos although he is not responsible for the rent and does not pay any rent.  Would this matter if I ever need to evict in future?