All Forum Posts by: Giovanni Garcia

Jon I am not to sure if I doze it what it be worth. But last week a man came up to me and offer me $600,000 in cash, just how the house is. Condos are going up fast in my neighborhood. I say bought and knock down and rebuilt in 2 months time. 2 units go for about $250,000 and a penthouse usually for about $600,000. I think they profit at least a quarter million in each property.

To rebuild it, my own estimate I would say a easy $250,000.
The money will come from the equity, once the house is payed off. It will take about 2 years time.
I would like to rent it out for 4,000 a month. I see the new homes go for that price all the time. My mom owns another home so we would stay there in the mean time.

Bill I have thought of renting the duplex out for roughly about 2, 500 a month. Also fixing the noise problem which were I would be able to rise the rent up on the first floor to a easy $1500 a month like it use to be.
Bill I was thinking the same idea. I was considering custom building the home and selling it for about 1.5 mil. I see others on the market in my area going for about that much depending on the quality design of the building.

Jim the house is a 3 flat the first floor we rent out to a nice older couple.
I have many options for the property. I know the value Is only going back up. Before the bubble are home with estimated to about $850,000.

So lets get to the point of where I am in life. I'm 22 years old and seeking help with my first home.. My dad passed away when I was younger and left home deed to me. There is about $145,000 owed left on the property. The home Is located in wicker park which is a high value area in Chicago. The first unit gets rented out for $1300 a month. The another unit is a duplex which my family Currently lives in. The mortage with insurance comes out to about $1600 a month. Which only $300 of those dollars go to the principal. The mortgage is a fixed rate for 30 years. The home is appraised to about $550,000. For myself I have a extra $3000 in cash flow a month. Lastly, my main goal for this property is to knock it down and rebuild it from the ground up and increase the equity of the home.

I'm Just wondering what the best advice would be.

Thank you
Giovanni Garcia