All Forum Posts by: Elbert D.

@John Paul sorry for the late reply. Yeah credit unions are very good. They have a ton of services and offer much better rates than other banks. As Larry mention, you usually earn interest on your savings and or checking account. Not only that but they are willing to lend out loans. Yes I said willing as in they want you to take it. The only good credit unions I know of in Chicago are Credit Union 1 and United Credit Union.  Both of those have great rates, especially on mortgages and other kind of loans like car loans. Secured credit cards, regular credit cards, personal line of credit. 

Reading this thread is actually funny......but I agree it’s kind of unfair to compare a doctor to a landlord. A better comparison would be someone in real estate such as a flipper, a great wholesaler, a great realtor(the last two are very hard to find nowadays since everyone wants to become a realtor and or wholesale). It’s very possible for those three occupations to do well beyond what a doctor salary can(if the inventory is good and available). But I honestly think a better comparison would be a doctor and a CPA, almost any kind of engineer, a lawyer, and a dentist. But at the end of the day as most people have mentioned those are just employees. If you really want to obtain freedom of any kind it’s almost a necessity to beocme the employer instead of employee. Economically speaking that is....

There have only been 4 ways to survive throughout mankind. These four ways are pretty much solidified in stone. 

1. Business owner- this includes real estate as well because it is a business(certain parts). Wholesaling is a business(when done correctly) . Fix and Flipping is a business. Being a landlord is a business. Owning your own brokerage is a business. Owning patents. Owning Trademarks. Own your own software company. Owning your own pharmaceutical company. Being partial owner of anything. I think everyone is seeing the pattern I’m going here....your the employer and must hire employees and or implement business systems for the business. Otherwise self employment is really just a job that you imprison for yourself.....

2. Employee- where most people are in the world. You get a salary(fixed monthly pay) or paid hourly(fixed hourly pay as most employers don’t want you to go overtime) some employees enjoy a pretty good life as some of the job titles I mentioned above. This isn’t necessarily a bad thing as long as you know what you are and must know your on the clock. I mean that figuratively and literally because if you stay an employee your entire life without having money to live off for retirement...you automatically go onto this......

3. Government assistance- if you don’t have enough money saved up or actual real investments,this is where most people will be. Because they don’t have enough money to live off. SSI, and other government incentives are all just a nice way of basically saying the government will take care of you(more so control). Backtracking a bit.......it’s not entirely a bad thing for someone transitioning into another job to use this assistance because this is what it’s for, temporary assistance. 

4. Rob and steal- I don’t want to say too much on this but when there are no other options this is what people must do to survive 

Those 4 things are in order of what a person can do in order to survive. Its one of those things that...if you don’t realize what your doing in life and direct your path to become 1 you will fall to number 3. It’s just my two cents though. 

Congrats. Do you know your CCR?

it's a stud. The inventory is extremely dry right now. Not many good deals and a ton of people in the industry are selling junk. But there is some opportunities out there they are just very hard to find. It takes a lot of digging around to find a decent property that can have a good cash on cash return. As far as flipping......a lot of the homes I have seen have needed way too much rehab and or the price is too high from the seller(owner, REO, HUD,etc.....) so yeah it's still a great city to invest in if your not listening to the news and other propaganda. The taxes are ridiculous and need to come down but some properties still cash flow or can be flipped if the DOM and ROI is good. Also Northwest Indiana is a extension of Chicago and has a plethora of opportunities as well but again the problem is the inventory.

congrats @Ivan Barratt you seem like you know the business very well.  Do you have a exit strategy on this deal? If so in what year? Also it’s nice to you are getting some pretty nice inventory with good returns. Great job! 

Hello everyone, this deal will go extremely fast! Please dont hesitate and wait on this. Amazing CCR at 15.1%!!!! near the premium outlet malls in Michigan City. Also about a hour away from Chicago depending on traffic.

Property Description

This home has amazing cash flow and a great buy and hold opportunity in Michigan City. Within walking distance to downtown. Within a few miles of Blue Chip Casino and the Lighthouse Place Outlet mall! Right off route 12 and 20 is the museum and zoo, to take your family and have a great time. This duplex would make a great asset to an investor growing portfolio of investments. Don’t let this one pass you by. Outstanding return on investment. 

Price: $68,750.00

ARV: $74,000.00

CCR: 15.10%

Rent: $650 per unit – Tenants pay gas & electric

Note: We feel the rent could easily be increased by $50 for the upstairs unit and possibly for the downstairs unit, as well.

Property Details

• Bedrooms: 4
• Bathrooms: 2
• Square Footage: 2284
• Year Built: 1900
• Type: Frame multi family
• Garage
• Heating: Forced Air
• Cooling: Central A/C
• Water: City
• Sewer: City
• Taxes: $1,000

Features

The property was recently rehabbed. If you’re looking for something with very low maintenance costs, this is it! Below are some of the amenities of the home and work that was very recently completed.

Brand New Tear Off Roof

New deck

2 new water heaters

Some new plumbing

New porches

New bathroom upstairs

Fresh paint in one unit

Separate gas & electric meters

2 stories

Fireplaces in each unit

Octagon dining room in unit 1

Side Drive

Repairs needed

REHAB COSTS INCLUDED IN PURCHASE PRICE

Rehab Cost = $3100.00 – Our crew will complete the work for you.

Paint a total of 6 rooms

Paint “yellow” kitchen a neutral color

Replace 6 windows

Glue down linoleum floor

Install new bathroom vanity in unit 2 and new medicine cabinet

Replace some baseboards

Other minor miscellaneous work to “polish” the units

Miscellaneous

Our property manager can manage the building for you, if you need that service. She will find quality tenants and run extensive background searches on potential renters.

The city is putting in a new train depot a couple of blocks from the property. The South Shore train runs directly to downtown Chicago. This is a huge plus for the neighborhood. There are more and more new businesses opening in the area as well. This neighborhood will be highly desired within the next 2 years. There’s no doubt that the property’s value will increase substantially within the next 2 years and beyond. Rents will also increase, as younger people move into the area.

Terms of sale

This deal will go very quickly. The highest cash offer will take the deal. Send in Proof of funds along with your offer. This is a cash deal only.

We have equitable interest in the property.

• The info listed above is to the best of our knowledge. Cash or private/hard money only
• Buyer pays closing costs which include transfer taxes, title insurance, and title company fees
• Buyer will receive taxes prorated to 100 percent and free and clear title
• The first investor with a signed contract and $1000.00 earnest money gets the deal
• This is an IRA Qualified investment

*DISCLAIMER: This information is deemed reliable but is not guaranteed

CONTACT DETAILS

Phone: Text or Call 773-401-7321
Email: [email protected]

Im very glad to see Chicago on the list. Its nice to see Chicago in a good light other than the usual high tax and politician corruption among other negative media press. Its some great job growth coming to Chicago. I guess all those "Building a new Chicago" signs arent as bad as I thought(it still is for other reasons).

Hello and a future welcome to you. Im assuming your going be working downtown Chicago or in the west or northern suburbs of Chicago. Also, if your looking for rental properties that cash flow I'll look into NW Indiana as well. The taxes are cheaper than Illinois and it also doesnt take no more than a hour to reach certain towns in NW Indiana to get to downtown Chicago!(excluding the traffic) Of course thats not to say Chicago doesnt still have cash flowing properties, because they do but its much much harder to find due to the taxes killing the cash flow. Not to mention the landlords have to pay garbage and water bill as well.Best of luck to you and safe travels. Let me know if I can assist you.

The only true real estate investor are landlords, developers and syndicators. I wouldn’t say flipping is investing either. Flipping and wholesaling are almost the same thing.....

Of course I do. All potential flips are atleast 20% ROI or I won't put it out. That goes for all Chicago and Northwest Indiana properties. Yes I can add you. Can you PM please about further business.