All Forum Posts by: Ivan Zinginov

Quote from @Kenneth Garrett:

@Ivan Zinginov

Congrats on your success. I've done a number of BRRRR projects in the nw suburbs. I bought a STR a couple of years ago in Miramar Beach probably 50 minutes from PCB. Sold a few of my properties and moved to Florida a few months ago. Still have a few rentals in Illinois. Let me know if you have any STR questions.

 Hi Kenneth,

Congrats on your success as well and moving to FL. I am planning to move there one day soon! Currently working on a flip in Arlington Heights.
My house is in Palm Cove, PSB and so far I am getting around 10% ROI. Can you recommend a good property management company out there?

Quote from @Jonathan Klemm:

Hey @Ivan Zinginov - Wow - Great deal!  $55k purchase is a slam dunk!   I had a similar experience with an online auction for my first-ever deal which was in Louisville.  Now I focus all my investing here in Chicago!

Completely agree with you on the HOA...those are sneaky costs that are sometimes harder to predict than one would think. If you are ever in the city let's link up!

 Hi Jonathan,
My first one was in Park Forest. PP $12K back in 2016. All in $35K / Sold for $78K. :)
My last flip was in Orland Park and my current is in Arlington Heights. 
What neighborhoods are you focusing on? 

 

Quote from @Eudith Vacio:

Woah! Amazing job @Ivan Zinginov!

Is this your first flip? What did you end up exchanging the condo for?

Thanks, Eudith! This is not my first flip. I started flipping houses in 2015 mostly in south suburbs: Markham, Park Forest, Dolton. I bought my first house for $3500. Crazy!:) In 2017 I learn about BRRRR and everything changed! I used profit from this condo to buy a SFH in PSB Florida which is my first AirBnB.
I see that you are a RE agent. In which area are focused on? 

Quote from @Mark Ainley:

@Ivan Zinginov I am amazed you found a purchase price for that low in Wheeling...congrats on the find...you make money when you buy and holds true here.

Hi Mark, I got lucky few years ago acquiring few auctioned properties but it's hard to find them lately... 
My company provides a handyman services as well as plumbing, electric, kitchen and bathroom renovation, windows and doors replacement, painting and more. I am working with few property managers in Chicago. If you ever need help with any kind of work let me know!

Quote from @Kuriakos Mellos:

Hey @Ivan - I have a few condos in the Chicago area. HOA's are almost ALWAYS a pain in the.... There is only one building in which the HOA is VERY investor friendly that I have and the cash flow is great - about $450 a month so I will be holding on to that as the go in cost were very low but I am looking at slowly getting rid of the others. To beg to be able to paint an outside door was my last straw ;-)

Hi Kuriakos, I have same experience with HOA but often condos cash flow is great! Are you looking to acquire more real estate this year? 

Investment Info:

Single-family residence buy & hold investment in Wheeling.

Purchase price: $55,000
Cash invested: $10,000
Sale price: $97,500

One bed one bath condo that needed minor repairs.

What made you interested in investing in this type of deal?

The property was auction sell and I was the highest bidder.

How did you find this deal and how did you negotiate it?

Online auction

How did you finance this deal?

Cash

What was the outcome?

After renting it for few years with $300/m cash flow sold it and both another property with 1031. The current property cash flow $900/m.

Lessons learned? Challenges?

Condo units always comes with HOA and sometimes is hard to to deal with all the rules and never know when you get hit with special assessment

Get a professional inspection that will give you a full report of the condition of the property. It is very important to know all major mechanical are up to code. The rehab cost will very on many factors like what kind of materials / finishes and if you hire a GC for all the work or subcontract for different jobs. Check https://www.homewyse.com to get an idea of cost. Get at least two weeks for inspection and walkthrough. Good luck!   

Investment Info:

Single-family residence buy & hold investment in Wheeling.

Purchase price: $55,000
Cash invested: $10,000

BRRRR investing deal

What made you interested in investing in this type of deal?

Location and price

How did you find this deal and how did you negotiate it?

Online auction site

How did you finance this deal?

HELOC

How did you add value to the deal?

Cosmetic update

What was the outcome?

Currently rented for $950/m

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello Everyone,

My name is Ivan and I am a real estate investor based in Chicago IL and so far I have done 4 deals ( 2 SFH and 2 condos). 

I am looking at my first multi family unit that I am planning to buy and hold.   I already negotiated the price form $389K to $370K with one year home warranty.  The buildings has 6 legal units 3 2/1 and 3 1/1 plus 2 car garage and coin laundry.  The building is very well maintained and needs only some cosmetic upgrades. The current rent is low for the market so there is a potential to increase with total of $300 plus the garage is not rented at the moment which is an extra $150 .

I will appreciate any opinion or thoughts!

Regards,

Ivan