All Forum Posts by: Oliver Santiago

@Eddie L. 2.5 years with the market rent.

@Eddie L. The current rate that they are paying is $750/month. The market rent is 950-1000. I currently have a 2/1 unit that is renting at that rate.

Hello everyone, I am currently negotiating on buying a 2 unit property in my area. When I looked at both units, I asked the tenants in one of the unit on how long have they’ve been living there. They told me that they were there for 20plus years. I am asking this group for guidance because I do not know how to ask them to move out so that I can update the unit and rent it at market rate. The tenants are a couple who is in there 70’s and have no intention of moving out. Their rent is well below market rate. Please advise

I was just wondering if anybody in this group used clickinvest? What was your thoughts? Would you recommend it?

Thanks for sharing this post @Phil McAlister. This kind of post is a big help for  a newbie like me who is trying to learn multi family investing. 

Great advice @Scott Skinger. Can I have your permission to PM you for a more detailed view?

@Scott Skinger thanks for the info. The subject property is located just 3 blocks from stoney island and near the Jackson Park golf course. It looked like a decent area. 

I looked at the property this morning. It looked like the owner is just tired of managing it himself and could not keep up with the maintenance. The building was built on 1920. It was on the market and was listed for $539.00 back in 2009. He showed me that each unit has a separate furnace and Central AC and separate electric meter. He has several code violations including one in both of the garden units has a glass block windows instead of a regular windows. I don't know if it would pass section 8 but a little touch of rehab will do. I'm guesstimating to at least put another 12-18k per unit to upgrade the remaining units for it to pass section 8. The building has not passed inspection since 2016. It has 3 units with 3/1.5 and 3 units with 2/1.5.  Three units are rented and collecting $2900.00/month the other three is vacant and is currently being rehabbed by the owner. The person who the owner hired as the manager is staying in one of the garden apartment and the other garden apartment is rented for $600/month. 

thanks for all the input@Robert Meyer,@Steve Babiak,@Calvin Liang. I’m going to visit the site today to see how much work is needed to be done. And maybe ask for the most current rent roll and expenses.

@Bob Floss II Thanks. I will try to get as much info as I can when I tour this property.

Hi BP members, I wanted to ask all of you if anyone can help me analyze this off market deal from my realtor.  Its is a legal 6 unit building in Jackson Park.  it consist of (5) 3/1.5 and (1) 2/1. Owner said it has updated electric and copper plumbing newer forced air furnaces and c/a conditioners and some more updates. 2 of the 6 units are vacant and 3 units are being rented at $900.00/month with one unit being used to house the property manager. I am new with analyzing multifamily, According to my realtor the 2 units need some rehab or updating. Tenant pays their own heat and Electric.

asking price $265,000.00

taxes $7500

Unfortunately I don't know how much the water bill and gas bill are and don't know what the extent of the rehab for the remaining 2 units.

Any advice, comment or replies to this thread will be greatly appreciated. Thank you in advance for your assistance