All Forum Posts by: Josh Sartori

Way to go on putting this deal together! 600K + rehab on a 4 unit in Irving doesn't sound like there's a ton of margin left for the buyer. Are you able/willing to share some of the financials? Just wondering if I'm overlooking and missing out, the FOMO is real.  

Not a mortgage broker here but typically is is done by the valuation of the building. Essentially it's looked at as equity within the property and not included in debt to income ratio. 

Attempted to take a look at your analysis but page wasn't found. 

Austin, 

Welcome to the BP community where there's a wealth of people far smarter than myself willing to bend over backwards to help and give their advice. I started doing the same thing your are 5 years ago and I'm on my third property now. Best a luck in your search!

Mitchell has some great advice for you. To follow up on that there's more than one local REI meetups in the chicagoland area. It's in your best interest to get out there and attend them all as they're all free and it will give you a great idea on what is available out there in terms of different REI investment channels. There's so many different ways that you can sink your teeth into real estate it'll make your head spin. Good Luck!

Hey Paul, 

My buddy and myself did exactly what you're referring to after graduating college in 2012. Graduated, wanted to live in the city without having to pay for it, and didn't want to pay rent. We've since sold that property and I've continued buying investment properties while my buddy got out of the game. Nevertheless, I'm in Logan and willing to grab coffee and offer any advice that I can. Feel free to DM me. 

Hi Colin, 

I own a MF property in the Jackson Park Highlands neighborhood and I'm definitely biased but believe it's an excellent neighborhood prized to pop in the next 5 years. I've stayed in the apartments I have there and felt comfortable and safe. I've had turnover in two of my apartments and I've never had a lack of interest, however I've learned to do more scrutiny when looking at applicants. 

I've got an abandoned building down the street from a 6 unit that I own on the South Side which I'm looking to take ownership of. This building was owned by the failed BHF housing and was left vacant about 6 months ago but was boarded up in the past three weeks. I've taken a look at the deeds on the property, via Cook County Recorder website, and I'm not 100% sure who owns the property at this point. It was originally purchased in 2015 for $264,000. From my reading they used Illinois grants in the purchase of many buildings for the services they were to provide the community (which they didn't do). Wilmington Trust is listed on the Deed but I'm not sure if they were a lender or merely an investor. There's also a lien on the building and I've spoken to the lien holder who said the lien is for construction and management fees to the tune of $5,000. 

I'm hoping this great community of investors can give me some direction on where to start with this one as I've never been interested in a vacant building before. I've reached out to my alderman in hope's of shining some light on it but haven't heard anything back yet. Any help is surely appreciated!

Welcome Joel! I lived in Naperville while attending NCC and love that city. This place is full of knowledge and you can pretty much find anything and everything you need here

Great question, in the condo market I believe it's definitely considered a premium feature. Would love to see some more realtors weigh in on this one.