All Forum Posts by: John Weidner

limits the pool of Buyers period.  If your ok with that go for it 

find another deal not worth the headaches 

@Mike Knowles

I've seen it on roofs before - I suspect as @Roy N. some kind of lichen moss

@Mike Hibbs

Yes I would get my cash out if available to be ready for another project 

Just one other issue I have with this rent to own deal is if they do back out and you get their $5000 deposit your house is now not brand new.  You will not have the newness premium that goes along with a newly flipped house.  

@Mike Hibbs

Rehab looks good

Not sure on the deal though - I probably would have waited for a conventional buyer than the rent to own type arrangement.  Main reason is the opportunity cost on your money and you can't really bank on profit in what could be a year from now.   I hope your new tenants sell their house quick and complete the deal.

yeah that makes sense now that I think about it

I think the whole scenario depends on your plans for the building.  Flipping or Holding as rental?  

Personally in that neighborhood a 1 Bed + Den could do pretty well. You'd have to comp it all out to see your ROI though.

Still not a fan of that reverse layout though 

I don't like that idea.  Traditionally in Chicago apt the living is in front and bedroom in rear.  

What I'm confused on though is who says you can't call this room a bedroom? Your renting it right? Id have to call the MLS to check the rules but it could count as a bedroom as long as it has a closet and is above grade.

cash flow wise looks good but I wouldn't count on any appreciation in Zion or McHenry. 

As far as maintenance - what's worst case you replace plumbing, HVAC, roof.  For $58K it's not going to be perfect probably 

#'s look OK and since your a realtor your ARV is probably solid. I would move forward on the deal

I shoot for 1x per day depending on what is happening.  Sometimes multiple times per day If I am framing or laying concrete etc.