All Forum Posts by: Eric Finn

I have my first investment property under contract. It is in a South suburb of Chicago. Purchase price of $73500 with 20% down. It is a 3 bed 1 bath house.Needs a new roof and some minor repairs. Approximately $8000. Trying to at least get a partial credit for roof to help offset out of pocket  cash needed. Rent in the $1300 to $1450 range. Should cash flow north of $300 a month after taxes, insurance and 10% for vacancy and maintenance with $110 for management. Depending on the closing credit it should have a roi between 14.5% and 21% per year.

I am buying my first rental property in the south suburbs of Chicago. I was just wondering what companies others are using and what there premiums costs? It is a sfh 4bd 2ba ranch house. 1425sqft. Since it is my first property I don't want to get gouged on prices. Is it a good idea to get a higher liability on the property as well? Any input would be greatly appreciated. Thanks in advance.

Robert R. from Downers Grove, Illinois

replied 4 months ago

Hey Robert. What towns are you purchasing in? I live in Bolingbrook and am looking to buy a couple units in the south suburbs as well.

Yeah, it seems like all it does is take the sq footage, the amount of bedrooms, and the amount of bathrooms into consideration. I was just curious to see if anyone has used it before a flip or refinance to help gauge what they can potentially sell it for.

I know that Zillow estimate are not extremely accurate, but i am curious if it could be a quick way to see if property Could be a good deal. With flippers and Brrrr investors how close is it after you refinance or sell from that estimate?