All Forum Posts by: Ibn Abney

@Jay S. few things:

1)All Relative. How much is the purchase price and what area?  

2) 2% for repairs seem low for a 4-unit. 

3) 2% for vacancy seems low as well. 

4) i would go 10%-15% overall for a vacancy and repairs budget. dependent on area and tenant base. At $925/unit the tenant base will be alot rougher on the unit than you are planning. That brings the NOI down to $21,160

5) insurance looks low too. I would validate that cost. especially if in the city of Chicago.

Good Luck

Next Saturday!!! Last meeting for the year as the Holidays approach.

Come out to the Pullman District (Chicago's Only National Park) and network with the team!!! 

@Jill Buhrfiend I use Trans union smart move..... https://www.mysmartmove.com/

Still have them sign a lease via PDF.

Our goal is to connect and network with investors on the SOUTH-East Side of Chicago!! No SALES Pitch!! No Fees!! No Guru!!!

This group has a specific focus and shared interest in developing the South-East Side of Chicago!!!

Welcoming all Investors, Lenders, Contractors, Brokers, Wholesalers, Veterans, First-time home buyers, Community Leaders, and anyone interesting in Real Estate: http://meetu.ps/c/3YMdy/zdrfm/f

@Marcus Holloway Most definitely!! 

One of our goals is to create a safe/comfortable forum for non-residents to learn about the area.

We are meeting this Saturday, 10/6, from 930-1130am. 

Looking forward to seeing everyone!!

@Jordan Moorhead thanks for sharing!! I was a bit discouraged having a harder time than normal finding a tenant for October 1st gets tough in Chicago duento cold nonths approaching. Found a great tenant in 48hrs after posting.. 1200+ views and 10ish showings.. 16month lease I would say overall, the average inquiry came from some undersireable folks. But having Facebook details on every inquiry is a great tool and gave good insights into personal lifes. But more leads than Zillow and hotpads... so that says something!! Thanks for again for sharing!!

@Martineja Coats problem is most investors are looking for cash flow. Assuming we are talking single family, very limited exit strategies/investor pool (high-end rehab/flip, STR/airbnb, rent by room model).

I myself don't buy SFH above $150K because numbers usually dont work in my favor, but i would suggest networking with real estate brokers who focus on higher end listings. They usually look for pocket listing and/or know buyers who are looking a dream home at a discount.

These properties are most likely going to be occupied by a home owner, so that is what you must focus on attracting. side note, i recently discovered Facebook marketplace for real estate!! its works!!

my 2 cents..good luck

Our goal is to connect and network with investors on the SOUTH-East Side of Chicago!! No SALES Pitch!! No Fees!! No Guru!!!

This group has a specific focus and shared interest in developing the South-East Side of Chicago!!! 

Welcoming all Investors, Lenders, Contractors, Brokers, Wholesalers, Veterans, First-time home buyers, community leaders, and anyone interesting in Real Estate: http://meetu.ps/c/3YMdy/zdrfm/f

Due to the labor day holiday, we moved the September Meeting to 09/08. (I was unable to update the date on BP).

www.meetup.com/South-East-Chicago-Real-Estate-Club

This group has a specific focus and shared interest in developing the South-East Side of Chicago!!! Purpose is to connect and network with investors on the SOUTH-East Side of Chicago!! No SALES Pitch!! No Fees!! No Guru!!!

@Mark Cios I am no expert, but I have a unit in the Pullman area and looking to expand. I chose Pullman because it is a national park/historic district (1st in Chicago), recognized by the US park Service. Also has a Metra, highway, two colleges nearby, and new commercial development (walmart, potbelly, ross, planet fitness, etc.)

Moral of the story, look for stuff that attracts good tenants. Low income areas are not the same as a warzone!! understand the difference is the first step!! Put feet on the ground and do not shop by price.

Usually transportation and commercial development is key. I don't do Section 8 housing either! Not everyone uses gov assistance. 

good luck!