All Forum Posts by: Ashley Carter

2 property bundle FOR SALE! Unique Opportunity - 2 flat & Bungalow available on side by side parcels sold together.

Property 1:  2-flat greystone with 1 unit occupied by long-term tenant that plans to stay and the other unit move-in ready now.

Property 2: Brick bungalow with 2 bedrooms on main level plus full bathroom. 2nd floor has additional 2 bedroom and the possibly for a half-bath on 2nd floor.  Paritally finished basement with add'l bath in the basement. Some minors decorating and repairs needed.  OVERALL Home is in great shape and move in ready.

These properties are money makers, the numbers are great. Owner is retiring. These properties are NOT in the MLS. Lot size is approximate.

Note: Poster is not the owner. Poster is Real Estate Broker in IL - Ashley Carter, Keller Williams Chicago Lincoln Park

Please contact me for more details. 312-528-9499 - call / text.

NEXT DOOR - BRICK BUNGALOW

Hi @Matt Stoch - I agree with the concept of buying a property as a "owner occupant" with a low down-payment.  Depending where you buy your properties, you should be able to stretch your $50K into multiple properties over a period of a few short years. If you want to discuss in more detail, send me a pm. Good luck.

Hi @Michael Boyle - at that CAP rate clearly you will be making money. From you post, it sounds like you are concerned about resale value - if you want a 2nd set of eyes on the numbers and possible resale concerns, let me know - I'd be happy to take a look.

Hi @Will Zena - I'm a broker in Chicago. I woud echo most of the comments about 3bd being preferred over 2bds, even if you pay a premium to acquire. One other consideration is that when you get ready to sell the property, you also have a larger audience of buyers. You holding period may be longer term, however,  just another consideration. In Chicago 2bd homes sell for significantly less than 3bd homes.

Hi Jen - I'm a broker too. Contact @Chris Titcomb. Chris is not only a great attorney, very responsive and knowledgable - he's actively buying & selling his own properties too.

Hi @Alex Proskourine - I have clients that own property (& are buying more) in East Garfield Park. 

To address your question about fix & flip vs. rentals (to hold) -- in my opinion, and I think most would agree, fix & flip is considerably riskier because when you flip you have to be able to accurately estimate the following.... 1) the actual rehab costs 2) the time frame that it will take to complete the work and 3) what you will sell the property for when the work is complete.  

With buy & hold properties we can pretty accurately estimate the rents that you will collect and the actual operating expenses are (generally) already known.  Therefore you can predict and understand  you return on investment before buying.

If you would like to discuss in more detail, please let me know - happy to lend a hand.

Hi @Natalia Wang - I'd be happy to discuss how our other clients are navigating this process.  I am not an attorney, so I will not be able to assist in interpreting the laws, rather give you a "here's what we're seeing" in the field. Please let me know if I can assist further.