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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 9 times.

Post: House Hunter Needed

Account ClosedPosted
  • Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 0
  1. Hello Bigger Pockets! 
  2. I'm looking for house hunter in Milwaukee. 
  3. Flexible part time hours. Must have reliable transportation and digital camera.
  4. $$ You set the pay rate! $$
  5. www.hatarllc.com

Post: House Hunter Needed

Account ClosedPosted
  • Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 0

<h3>House Hunter Needed</h3><br />

Flexible part time hours. Must have reliable transportation and digital camera.<br />

$$ You set the pay rate! $$<br /><br />

<b>www.hatarllc.com</b><br />

<br />

<br />

Post: Seeking equity partner for 6 unit building in Chicago- 9.54% cap

Account ClosedPosted
  • Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 0

Hi Jerry,

Thank you for the advice. I appreciate it. The information is in my profile but maybe I should also post it along with my posts in the marketplace. 

Thanks!

Jessica 

Post: Seeking equity partner for 6 unit building in Chicago- 9.54% cap

Account ClosedPosted
  • Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 0

Hello Bigger Pocket Members!

I'm currently looking for an money partner to provide the down payment on this property in exchange for 50% of the profits.  The seller is asking for all offers by Saturday, April 4th. I realize that this is a tight time frame. This particular area in Chicago is very active and properties are moving quickly. In March alone 18 comparable properties sold. I'm posting the details I have at this time. The seller and his attorney will release additional financials (rent rolls, schedule K's, etc.) during the due diligence period. 

Asking price- $495,000

6 units: (4) 1 bdrm/1 bath; (1) 3 bdrm/1 bath; (1) 2 bdrm/1 bath basement unit (the broker nor owner represent the legality of the basement unit)

Total bldg sq ft: 3,891

Built in 1920

3 stories

Gross monthly rental income- $4,925

Total annual income- $65,100

Total annual expenses- $17,847

NOI- $47,253. Cap is 9.54% *The cap for some other properties in the immediate area were around 7-8% cap.

Sq ft price- $127.22 per sq ft

If anyone is interested in a joint venture with me on this property, I'm happy to send the comps. Based on the comps, I think we could offer $475,000. 

 The listing agent said that building is in good condition but the units need cosmetic updating. The local realtor I'm working with had a chance to view the property yesterday. The current owner has owned the building since 1973. He's redone all the windows and the roof within the last 10 years. As stated above, the listing broker nor owner represent the legality of the basement unit. To duplex from the first floor into the basement would be a full rehab. The stairs are there but it would take some construction. If interested in proceeding we can get an estimate during the due diligence period. The roof has some cracks and would needs to be evaluated. There were two showers that had some tiles that were bowing out indicating water damage behind the tiles. The seller is willing to do the tile repair work himself but stated the rest of the property will be sold as-is.

The neighborhood the property is located in is primarily a working class residential neighborhood. The median household income is about $47,000. There is construction going on around the block. There have been a few remodels both residential and commercial in the immediate vicinity. There is also a church and school located on the next block. The property is generating income as-is but there is room to increase rents with the property remaining as-is. Per rental comps, 1 bdrm/1bath units are going for $850-$1100. We also have the option of updating the units. We can get a few estimate during the due diligence period if that's the route we decide to go.

I realize I'm working off of limited information at this point. I'm willing to submit an offer with an money partner based off the information I have today. I work with a great attorney in Chicago and we can write in the necessary contingencies to back out of the deal if the property is not as represented. 

Thanks,

Jessica 

Post: Seeking equity partner for 40 unit building in Chicago- 9.46 cap!

Account ClosedPosted
  • Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 0

 No, unfortunately we passed on this deal. If I'm recalling the details on that deal correctly, one of the tenants was the maintenance guy and received discounted rent in return but thank you for the advice Jordan. I appreciate that. 

Post: Seeking equity partner for 40 unit building in Chicago- 9.46 cap!

Account ClosedPosted
  • Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 0

Wayne,

Verifying information that has been given to me is part of the due diligence progress. 

Thanks for your opinion.

Jessica 

Post: Seeking equity partner for 40 unit building in Chicago- 9.46 cap!

Account ClosedPosted
  • Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 0

Hello!

I'm seeking an equity partner to fund the downpayment on a 40 unit building in Chicago in exchange for equity in the building. I'm including some details below. I'm happy to provide any additional details or answer any questions you may have. 

Thank you,

Jessica 

Subject Property (built in 1923)

Highlights:

  1. 40 Apartments ((27) Studios, (12) One Bedrooms & (1) Two Bedroom)
  2. Historic location (88% occupancy)
  3. 9.46 CAP
  4. Gut rehabbed and authorized permits 2003

Summary:

Price$1,869,000

Down payment (25%)$467,250

Total rentable square feet14,250

Price per SF$131.16

Price per Unit$46,725

Loan amount$1,401,750

Interest rate6%

Amortization25 yrs

NOI$176,793

Cap rate (current)9.46%

Debt services$124,608

Net cash flow after debt services$52,185

Return11.17%

Principal reduction $28,683.27

Total return$80,868

Total return %17.31%

Income and Expenses:

Income:

Gross Potential Income(current)$285,360

Vacancy/collection allowance$28,824

Effective gross income$256,824

Expenses:

Real estate taxes$18,870

Insurance$8,043

Gas$11,505

Water/sewer$11,613

Electric$2,987

Pest control$1,850

Legal$2,650

Trash removal$3,383

Repair & maintenance$5,280

Janitor$6,000

Management$7,200

Advertising$650

Total Expenses$80,031

NOI$176,793

Rehab details:

2003-2004-

Gut rehad

Authorized permits

Up to code

New copper plumbing

New electric

New gas lines including separate lines per unit

Updated all kitchens

Updated all bathrooms

2 hour rated fire doors & locks-master keyed

Refinished all hardwood floors in unit & common areas

Drywall throughout

New hot water tanks

New laundry room

Tuck pointing

Tear off roof-new modified bitumen

New windows

New back porch

Exterior wrought iron gate & fence

2010-

Boiler rebuilt

Replaced all heat exchange tubes

New R & D system

Overview:

The property is located in an affluent, middle and upper class neighborhood in Chicago. The neighborhood has a number of cultural and social offerings including professional sports teams, historical landmarks, museums, educational institutions, access to interstates and national highways and is serviced by public transportation systems. This neighborhood developed into one of Chicago's most upscale suburbs after the Civil War. Recent developments, per Chicago’s City Data, in the immediate area include the following:
  • Many multimillion dollar TIF (tax increment financing) developments, consisting of residential units and retail space
  • An international suburban developer is rehabbing single family homes
  • A major chain retailer just opened its doors 3 blocks south of the subject property
  • A commercial complex consisting of 96 mixed income units and 55,000 sq ft of retail just opened 3 blocks south
  • A prominent architect company, that is recognized world-wide for its design innovation, will be completing a 500,000 sq ft mixed use development in 2016
  • In 2010, the mayor created an advisory panel to assess the potential for creating a world class technology park on a vacant 37 acre lot north of the subject property

Post: Seeking an equity partner

Account ClosedPosted
  • Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 0

Thank you so much for your reply! I'll do that. 

Post: Seeking an equity partner

Account ClosedPosted
  • Investor
  • Los Angeles, CA
  • Posts 9
  • Votes 0

Hello,

I'm interested in partnering with an equity/money partner to fund commercial/multi-family buildings. 

To give you a little bit of background on myself, I took Robert Kiyosaki's real estate investors coaching program in 2008. I have an investment property myself. I manage my employer's primary residences, vacation homes as well as her real estate investments. I'm also enrolled in school to obtain my real estate license. 

The partner I was working with is now retiring from the business. 

Is anyone interested in partnership? I'm happy to answer any questions you may have. 

Thanks!

Jessica