All Forum Posts by: Elbert D.

Please contact me by PM or by calling or texting me at 7734017321

PROPERTY DESCRIPTION

The picture of this house is very deceiving. Looks small, but it’s a 4 bedroom and is 2204 square feet. It has laminate floors throughout and is set up similar to a bi level. The basement has 2 bedrooms and you can walk out through its own exit door. It was rehabbed about 4 years ago and has nice canned lighting and vaulted ceilings. Our property manager can manage the buy and hold and any other rentals we have in the future! This is great for out of town investors from California, Florida, Utah, New York and any other state. This doesnt exclude international investors as well. All investors are welcome from Canada, Israel, and China. 

The hot water heater, electrical and plumbing are newer. So are the windows. This is a solid house that requires few repairs.

Price: $52,900

Repairs: $10,000

Total Cost: $62,900

ARV: $74,000

Property Details:

Newer roof

Vaulted ceilings

2204 square feet

Taxes $950.00

Lot is 4351 square feet

Built 1953

Full finished basement

4 bedrooms total

1 3/4 bathrooms

Gas Furnace

Window a/c units

Laminate floors – No Carpet!

Cash on Cash Return:

13.40%!

REPAIRS NEEDED

As always, our licensed bonded and insured crew will rehab the home for you. Call for details. We will have the property ready for occupancy prior to August 1st.

You will receive a full scope of work upon signing the contract.

1. Replace missing baseboards

2. Replace kitchen cabinets

3. Repair front porch

4. New appliances

5. Paint bedrooms and bathrooms

6. Repair trim in front of house

7. Repair gap in floor

8. Reset a/c units in windows

9. Replace bathroom sink

10. Other miscellaneous items

TERMS OF SALE

The highest Offer will take the deal. Please complete your due diligence before contracting. Please, cash offers or hard money only. Must be able to close by July 7th.

We have equitable interest in the property. The info listed above is to the best of our knowledge. This will not last!

• Buyer pays ½ of closing costs which include Transfer taxes, title insurance, and title company fees. Total cost is approximately $600.
• 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.

Yeah that's what I figured.....me personally I'm going get keep researching it but it doesn't seem that helpful. 

Cash on cash return is the formula that's most important to landlords who I sell to. Some care about CAP rate but what your getting per month after expenses is the most important to most people and myself.

FB advertising for real estate is very weird lol. I just started and I'm kind of debating if it's worth it. I may be wrong. The whole world is on FB....

how's it going @Edit B. that's good you started investor early as possible. Yeah I heard how competitive it is in California now. Not just Northern California but also southern. The same thing I heard about is happening in Florida as well. Chicago is actually appreciating well in some areas. The north side is really good for flips. That's if you jump on it very quickly. And overal if you look in the right area taxes are below 4500. Lowest I seen was 1400ish. Also consider Indiana especially if you are lookjng for rentals. The Taxes are lower and the laws favor landlords compared to Illinois. The cash flow is excellent in both states you just have to know where to look. PM me and I can discuss in more details and help you further. 

@Albert Limm I just sent you a PM about Chicago and Indiana markets. I know know very well and both provide great ROIs when you avoid certain neighborhoods but that's not a problem. I have you covered with some great information. 

I personally love Quora especially for topics like software engineering and other things that interest me. As for Real estate there are some good answers but not at the level of detail of biggerpockets. I highly doubt anything will overtake BP as the best website on real estate! It's basically the stack overflow of real estate except with a more organized way to search for answers

Michael P. How's it going, are you looking to invest out of state? Your right taxes kill a deal for a buy and hold. Being from chicago were there are high taxes it kills a lot of potential deals. With that said some deals still cash flow with high taxes! I'm not sure what factors you take in when analyzing properties but here in chicago it's not uncommon to find 12% or more for cash on cash return. Not to mention the excellent flips that go on all across Illinois. But if you are looking to acquire a lot of rentals I would consider taking a look at Indiana. That's if your looking into investing out of state. But I know many New York investors are looking into other states for investments.

Are there still New York investors looking to invest out of state? The Midwest is known for great flipping opportunities at 23%! Not to mention certain states have very friendly landlord rules for buy and holds which also yield over 12% cash on cash return! 

Chicago is rising a little bit as far as the tech scene is concerned. They have orgs like 1871 and built in chicago as well. There are new startups born often from what it seems. Companies that focus on data storage or manipulation type of companies. The only bad thing is the high taxes in Chicago. I would consider Chicago as well as Indianapolis. Which is another uprising city focusing on tech. More and more investors are flocking to Indiana for various reasons. For one of the friendly landlord Rules for investing in real estate and the other is the low taxes. So either would be a great choice as well. I see you are from Paris are you planning to mostly invest over seas as a international investor?