All Forum Posts by: Kyle Evans

Hey everyone! Looking at a rental deal in Oswego, IL and would love to hear your thoughts. 

Here are the numbers. 

Purchase: 62k with 3% of closing cost covered by the seller. I'd be putting 20% down, Total cash to close the deal around 13k

P & I: $278/month

Property taxes: Currently around $50/month but ran my numbers at $90/month to be safe

Insurance: $35/month high end

HOA: $215/month

reserves $75/month - All appliances are brand new. It's a small 1 bed unit. Around 600 square feet so should be pretty cheap to maintain.

Total payment monthly: $693/month and the rentals in the area range from $950-1,100 depending on condition. I would rent this out for around $975/month for a monthly cashflow around $300/month. With management in place I would cashflow around $210/month

What are your thoughts? Any of you invest in Oswego, IL currently? 

Thanks!   

@Brian Ploszay thanks for the info Brian! 

Hi, everyone! Quick question for everyone on here that invests in condos and is used to dealing with HOA's

I've had a plumbing problem with my unit a few times this past year. Once earlier in the year and again last week. The thing is it's a problem with the building's plumbing...not my units. It's a 6 unit property and it's getting clogged near the main drain and under my unit. My unit is on the first floor and closest to the main drain so my unit is the one that backs up. I've paid the plumber the first time and this second time as well. My question is should I go after the HOA for a full refund? Isn't this an HOA problem? They said they can help but I don't feel like that's enough as this has nothing to do with my unit. May I add that people upstairs keep flushing paper towels and baby wipes down the toilet and that's what gets it clogged up.

Please let me know your thoughts. 

Thank you, 

Kyle

I started with a condo and would recommend it. Great way to get started and definitely possible to cash flow well if you buy right. Good luck! 

I wouldn't recommend doing a deal that requires you to add an in law unit to make it work because if you do run into problems with that conversion the investment won't make sense. That's just my option though! Have you shopped for legal 2, 3 & 4 units yet?

@Kim Meredith Hampton Thank you Kim!

Hey everyone just a quick question for you guys. 

My tenant is going to be renewing their lease here in the next 2 months. They were charged a non-refundable pet deposit at the start of the lease. Now that they're renewing should I charge them the pet fee again or is that only to be done at the beginning of the lease? 

Thank you,

Kyle

Congrats! 

Anyone on here wholesaling in the Chicagoland suburbs? Naperville, Aurora, Plainfield etc... If so inbox me! 

Thanks

Kyle