All Forum Posts by: Josh Halagiere

Selling my equitable interest in this 4 bedroom, 3 bath, 2,300 SF Ranch located in Bartlett, IL.

ARV: $300,000

Rehab: $45,000

Price:  $185,000

Gross Profit: $70,000

This well maintained corner lot home was built in 1971.  Mechanicals and roof are newer and in great shape.  Home is located just a few blocks from the Metra station and Bartlett Golf Course.  Excellent schools and great neighborhood ('A' neighborhood).  Master bedroom with separate master bath.  Wood burning fireplace.  Partially finished basement.  Mostly cosmetic rehab.

Here's a link to the Pictures

Please note:

This is a wholesale deal

Closing to be at North American Title

Property is being sold as-is, where-is.

All figures expressed either verbally or in marketing material is to be an estimate. There are no guarantees or assumptions, either made or implied. Buyer should conduct their own due diligence prior to contracting.

Property is to be sold to CASH or PRIVATE/HARD MONEY BUYERS only.

In order to secure purchase, Buyer must deliver $2,500 NON-REFUNDABLE earnest money check

Please contact me with any questions.

Thanks,

Josh 630-517-0242

I'm working on finalizing a contract for a SFR that I intend to wholesale but the property has a tenant with a lease that doesn't expire until 2018. Before final execution of the contract, I would like to hear from Buy & Hold Investors that invest in the Chicago, DuPage, and Kane County areas, that might be interested or not interested in purchasing a property that is occupied with tenants. The tenant is timely with rent, maintains the property well, and overall is a great tenant. Here are some of the numbers and general info:

County: DuPage

City: Villa Park

Transportation: 5 minutes from Metra station

School District: Lombard District 45

4 beds, 2 bath, 1,200SF, Split-level with 2-car detached garage (*New roof, new A/C and furnace, newer vinyl siding)

Sale Price: $185,000

FMV: $225,000 (current condition, no repairs)

Current rent: $1,750

Taxes: $5,350/yr

Other Expenses: $1,800/yr (5% Capital Exp + $750 Ins)

NOI: $13,850/yr; $1,154/mo

Cash Flow: $5,257/yr; $438/mo (assuming 20% down, 30yr fixed @ 4%)

Thank you!

Josh

@James Syed  Thanks for your reply, James!  I don't having anything that matches that criteria at the moment but I'll add you to my buyers list for when I do.

@Chris T. That is pretty much what I'm finding as well. To me a discount of 15-20% is far better than what you might find on the MLS, so I'm not sure why buy and hold investors aren't jumping all over these discounted properties?

Hello! I'm a fairly new wholesaler and just recently got my first deal completed and under my belt in August! Woohoo!  I've been sending direct mail (yellow postcards) to absentee owners in DuPage and Kane County, over the last 5-6 months and I've been averaging a 1.2% - 1.5% response rate, which I understand to be pretty decent.  

However, the majority of the responses are for properties that are owned as rentals and in most cases occupied with a lease still remaining. Initially, I thought this was the perfect scenario for a buy and hold investor - acquire a property that is already rented and cashflowing, no brainer, but this hasn't been the case. So now I'm trying to determine what is the criteria for buy and hold investors in this area? I feel that I am adequately competent at analyzing properties for a wholesale deal that results in a rehab flip but much less competent at understanding how to properly analyze deals that are more suited for the buy and hold investor. I understand how to calculate, NOI, CAP rate, CoC, etc., but I'm honestly not sure what those figures and calculations should be, for buy and hold investors who are looking to invest in the Chicago suburbs, specifically DuPage and Kane counties, but I'd love to know!

I have leads on several properties that I think buy and hold investors would be interested in but I'm reluctant to make an offer without knowing whether it's a good deal and something this type of investor would be interested in.

So what is it, exactly, that these types of investors in this area are looking for??

I appreciate any feedback and I'd love the opportunity to meet or talk with any local investors on this topic.

Thanks,

Josh

Hello!

I'm a SFH wholesaler and I'm looking for some feedback on my analysis of a 6-unit multi-family building located in the western suburbs of Chicago.

My recent postcard mailer generated a lead for a 6-unit apartment building in the Elgin area. Lacking multi family experience but considering the owner is motivated to sell and from the information provided this appeared to a very solid lead. So I quickly tried to learn everything I could about analyzing multi-families. Of course I utilized all the great info here on BP (podcasts, blogs, posts, calculator, etc.). Here is some of the property info ( I received a pro forma from the owner but will request P&L and rent rolls once under contract) as well as my calculations for Cap Rate and NOI. To me, and if I did the calculations correctly, this appears to be a real cash cow investment property that I would ultimately wholesale to a cash buyer.

-6-units fully rented ( 2-1bdr/1ba, 4-2bdr/1ba)

-Sale Price to end buyer = $420K

-Yearly rent = $72K

-Yearly expenses = $21K (includes taxes, utilities, insurance, garbage, exterior maintenance)

-NOI = $51K/yr

-CAP Rate (NOI/Price) = 12.14%

Please let me know what you think!  Any thoughts or feedback is greatly appreciated.

Thanks - Josh

I'm looking to wholesale, this GREAT investor property for rehab and flip, buy and hold or rental!!  The closing date is August 1. The home is located in a good area of Aurora, IL with several parks within walking distance. It's currently occupied by a tenant who will be moving out by the end of July (however, it may be possible to keep the tenant if you're interest is keeping it as a rental, current tenant is Section 8). The property was updated in 2008 and requires a light rehab consisting mostly of paint, flooring and minor kitchen and bath updating. It has one bedroom on the first floor, three on the second floor with a large laundry room on the second floor. There is the potential to finish the basement which has been professionally waterproofed (with lifetime warranty) and has 7'-6" already finished ceilings, along with a full bath in it!

Asking price: $84,000

Repair Estimate: $15k-$18k

ARV: $140,000 (based on these comps that have sold in the last 30-90 days)

Comp #1- 814 Pennsylvania Ave, Aurora, IL 60506, 3 beds 2 baths 1,450 sf sold on 5/12 for $149,000. http://www.zillow.com/homedetails/4695965_zpid/

Comp #2-750 Pennsylvania Ave, Aurora, IL 60506, 3 beds 2 baths 1,300 sf, sold on 3/31 for $147,000http://www.zillow.com/homedetails/4695971_zpid/

Here is the link to the pictures

516 Plum - Pics 062416

 Please only serious CASH buyers reply.

Thanks,

Josh

No, I didn't receive it!

@Meghan McCallum I sent you a private message with my email.  Let me know, if for some reason, you didn't get it.

Thanks,

Josh

Hey @Bart Grometer! Sorry its taken me so long to get back to you, I thought I replied but just realized I didn't.  The 2-flat in Batavia never went through.  I do, however, have one under contract in Aurora, if that would be something you'd be interested in I can give you more details, I also have it posted in the "Marketplace" here on BP.  Send me a private message for my email so I can get you more information and/or I can add you to my buyers list. 

Thanks,

Josh