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All Forum Posts by: Ibn Abney

Ibn Abney has started 35 posts and replied 308 times.

Post: How to deal with low mortgages

Ibn AbneyPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 318
  • Votes 307

@Ignacio Rosenberg Go with a smaller local bank, credit union, or  a mortgage broker (my preference) 

Under $80K gets tough but definitely doable. PM  me if you need a reference.

good luck

Post: Buying Investments in Belize

Ibn AbneyPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 318
  • Votes 307
Jeb Brilliant my family is from Belize. We have property in Placencia and up in Cayo. Actually have land in Cayo for sale as well. Happy to connect and answer questions (I’m no expert in Belize RE). Send me a PM

Post: Airbnb got shut down. Now what?

Ibn AbneyPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 318
  • Votes 307
Wondering what other BPers are doing or have done? Luckily I have a 19month trip in my Airbnb right now but I had to take the listing down. My registration was denied because I didn’t include the townhouse unit number. I have since change it but no luck yet with the city.. any advice? http://www.chicagotribune.com/business/ct-biz-chicago-rejects-airbnb-hosts-20180813-story.html

Post: Cap rate expectations

Ibn AbneyPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 318
  • Votes 307

@Steve G. Look for higher rent rents via non-traditional/modern rentals:

- AIrbnb/STR

-Leasing fully furnished

-Rent by the room/Student hosuing

-Assistance living, etc.

-properties with deeded parking can be rent on spothero for additional income

I found (as the everyone else knows, no secret) you can get higher rental rates with more active leasing methods. Passive income is capped by the market.

Post: Bubble, Bubble, toil and trouble

Ibn AbneyPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 318
  • Votes 307

Stage 2 of 10? or 20? who knows??

I do think Grade A and B areas are at bubble levels.. my definition of "bubble" is where numbers don't make sense if markets do contract. 

Not saying a crashing is coming, but several C and even D markets which are ripe. Cash flowing and rising in value.

My 2 cents

Post: Following bidding on Auction.com

Ibn AbneyPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 318
  • Votes 307

@Thomas Ferreira Jr. it usually takes 45-60 days to get the property to close from date of auction (on auction.com)

So you need to wait until closing to get the final sale price for that property.

But per @Sergio Aguinaga that may not be the true total cost because  of possible liens.

Post: What is a good deal?

Ibn AbneyPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 318
  • Votes 307

@Marek J. Great question but very relative. Will depend on exact area and location.

1) to help answer the question better, I would analyze the deal as if you weren't living there.

2) I personally look for 12%-15% CoC return minimum and min. $400/door in cash flow.

3) I know some folks who just purchase a 6-unit around 40th/Wabash for $425K off the MLS. So I think $100K per unit is very high.

4) If you are looking south of 60th and east of state street, your ARV sounds realistic ($400K range). You will need to buy a value add opportunity for a better all in price.

5) I love the MDW area, esp east side by the orangeline. You wont find a 4-flat, maybe a 3flat for $400K. Try east against the lakefront like Bronzeville. Brighton Park is a upcoming area as well.

good luck!

Post: Cash Flow Properties

Ibn AbneyPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 318
  • Votes 307

@James Lee  $400-$500/min... $350/month if the area is B+ or higher.  Cash Flow is #1 to me.

I look for trending/gentrifying  areas. Cash flow is much higher and appreciation (#2) comes over time of the hold.

Post: South East Chicago Real Estate Club

Ibn AbneyPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 318
  • Votes 307

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 in the SOUTH-East Side of Chicago!! No SALES Pitch!! No Fees!! No Guru!!!

Welcoming all Investors, Lenders, Contractors, Brokers, Wholesalers, Veterans, First-time home buyers, community leaders, and anyone interesting in REI.

https://www.meetup.com/South-East-Chicago-Real-Est...

Post: Is House Hacking is creating a bubble?

Ibn AbneyPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 318
  • Votes 307

Is it just me or has the concept of house hacking gotten a little of out control? I find that areas in my desired markets zoned for 2-4 flats are being driven up by first-time home buyers looking to be saavy and "house hack".

I love the idea, definitely a fan of the theory!! In my mind, a house hack should create a very low ($500 or less) monthly housing expense or eliminate your housing costs all together. I see many posts and folks in REIA groups buying small 2-4 unit properties at a higher per unit cost than a SFH. Or their share of the mortgage/expenses (w/ 100% occupancy) is higher or equal to market rents.

Evictions can happen with a house hack and i think a see a bubble. also, a true "hack" is living at the same level you wish but paying much less. Always felt the "nomad" method/live-in to rental was better for starting off and scaling.