All Forum Posts by: Anthony Giaquinto

I have come across. Doesn’t pass the smell test for me. Tread carefully. 

I am seeking a partner/investor/private money lender to fund deals mainly in the Princeton area. This is a nice, clean & stable area that has a solid inventory of older/newer properties for acquisition and development. Plenty of opportunity here. My background is in real estate and construction. 

Hey Jim, sounds like your doing well. I'm still looking in Princeton. Made an offer on a duplex and the agent tells me the seller accepted another offer the same day!!! I was floored. Anyway I guess I hesitated too long on that deal. Found a single family I like and thinking about turning it into a short term rental (Airbnb). I need a partner or an investor on that deal so looking/networking for one. 

@Mindy Jensen

I’d be careful with the click and lock system if you’re going to do it you should do it over concrete subfloor/slab. If you’re doing it over a wood subfloor make sure that floor is rocksolid. If you install a new wood subfloor screw it and glue it. It’s the only way. Any movement or deflection in the wood subfloor in the click and lock system will move and pop around. Not good. I feel that you’re better off using real wood or other composite that’s a glue or nail down product or both.

I'm looking at a 1800sf duplex building here in North Central Illinois. Built in 1980. Both units rented at 575 apiece. List price is 130k. I've done my number crunching/calcs and the comps/analysis indicate similar type multi-family properties (and there aren't many) change hands for between $40-$50/sf. So fair value is most likely in the land of 80-90k.  Obviously this depends on age, condition, location etc., but that is the range nonetheless. I've also run a spreadsheet calc on cash flow, cash on cash return and cap rate. The building itself is in so-so condition. The roof isn't great but other than that its fair. I'll have an inspection anyway. From what I can gather from the agent, the owner is an elderly woman retired and moved to Texas. Basically she wants out and this is her last piece left. I have some cash left, but naturally would rather keep as much of it as possible for the eventual repairs/upgrades that will be required. I'd like to approach the agent with a seller carry offer. I'm loathe to deal with a traditional bank just because of the strident lending conditions that are involved. My credit is fair, not because I'm a deadbeat but simply because I don't carry any other debt other than my primary mortgage. I'm looking for some input/advice on how to approach agent and how I might structure a deal like this. Thanks!

Hey Jim-  Would be great to meet up with you or at the very least chat on the phone about the NC Illinois market. I don't get to the Metro Center as often as I used to, I get bored with the same old workout routines! 😁.  Let me know when you get back into town. Would also love to hear about your experience with the duplex in Peru. 

-AG

I'm in Princeton. Would love to network with other owners/investors in North Central Illinois. TY.

I'm in Princeton, about an hour east of QC.  Looking to network in North Central Illinois. I'm interested in small-medium sized multi-family properties. TY.