All Forum Posts by: Mikhil A.
Mikhil A. has started 2 posts and replied 3 times.
Post: Need advice on Riverdale, IL area/deal
- Austin, TX
- Posts 3
- Votes 0
Hello BP,
I am looking at a multi unit property in Riverdale, IL south of Chicago. I am hoping to get some insight and about the Riverdale area from someone familiar with that area. It seems to be a higher crime area from searching online. But the deal and the number look very attractive, with possible ways to make improvements.
I am relatively new at this and I would definitely appreciate some advice regarding analyzing this deal and area.
Thank you
Post: How to evaluate a combo of 3 single family houses?
- Austin, TX
- Posts 3
- Votes 0
Thank you so much for all the information everyone!
@Jason D. The seller mentioned that he was looking to move into apartment complexes and was looking to liquidate some of his other small properties to make the transition.
You guys have brought up some great points and have given me a lot to think about. I will keep you guys posted when I get any additional information. I really appreciate all of the feedback!!
Post: How to evaluate a combo of 3 single family houses?
- Austin, TX
- Posts 3
- Votes 0
Hello everyone,
My name is Mikhil. I am very new to real estate investing and I am trying to learn as much as I can through the podcasts, forum posts, and books. I am currently looking for my first deal. I am trying to evaluate a deal that was offered to me and I was really hoping to get some advice on it to make sure that I don't miss anything.
A local real estate investor is offering to sell a set of 3 single families homes as a package. The homes are in El Paso, TX. He said they are worth around 80-90k and that he is willing to sell them to me for 60k ($180k total). The homes have been recently flipped (around a year or less ago) and are currently rented with tenants in them already. Rent for all 3 together is around $2400.
My question is what kinds of things should I be evaluating and if there are any things that I should be concerned about? I am thinking about getting an inspection done to verify the condition of the houses and also to get a price evaluation done to make sure that the market value is around those figures. I shouldn't have a problem being approved for that loan amount with my W-2 income. What else would you recommend that I check to make sure that this is a deal worth doing?
Please let me know if you need any other information. Any advice would be greatly appreciated!!
Thank you very much,
Mikhil