All Forum Posts by: KC Zhang

@Scott Steffek I have been looking at Indy, NW Indiana and Chicago areas (both Cook and Dupage county) for B&H. If I have to rank, I'd say NW Indiana is my top choice for B&H. 

Joe, nice to meet you virtually. I moved to Elmhurst not long ago and have been looking at rental properties in the west suburb.  What kind of returns are you getting from your rentals? 

Casey

Hi John, checkout the following thread: 

https://www.biggerpockets.com/forums/223/topics/35...

@Patrice, nice to see a fellow investor from Elmhurst. 

Casey

Expense estimate seems low to me. I always use 10% vacancy reserve, and also 10% for replacement reserve. But it still looks like a solid deal. Good luck! 

@Marian, @Karen, thanks for your comments. 

One of my rental properties in CA has a swimming pool and hot tub. New tenant moved in early this month but we didn't check the Jacuzzi at the walk through because one of tenants was in a hurry. It was working last time I check. I'm remote to the property and couldn't show them how to operate the Jacuzzi so I sent the pool guy to explain to them. It turned out the pool guy was not familiar with the set up either. 

Few days ago, I got a call from new tenant and demanded me to fix the Jacuzzi and few minor issues with pool saying the pool feature is one of main reasons they rented house.

My question to the community: 

1. Can I take the position that pool and the Jacuzzi is added amenities and landlord has the sole discretion repair and maintenance.

2. If tenants do not agree with above mentioned position, and fix the repair and later deduct that from the rent, what's the best approach to this? Deduct from security deposit?  

FYI... tenants signed standard California 1 years lease agreement with swimming pool addendum. 

Thanks for your feedback. 

Casey  

@Ian, don't want to sound to negative here, LTV 65% and 15% below appraised value is very very hard to come by these days. Most lenders will lend to 75%, maybe 80% for those with a track record. Plus, the areas mentioned in your plan are very competitive markets.

 Just my 2 cents. 

Casey  

The property is in Riverdale, close to the railroad yard, sold as-is and very negotiable on price. Not sure about annual property tax.  Sounds like owner is desperate to get out of this house. Might be a good deal for someone with guts and a tank to collect rent.    

Anyone invest in 4-plex, 6-plex in Chicago south suburb? I came across few listings that look good on paper. For example, one 6-plex list for about 80k, and market rent is around $800/month /unit on rentometer.com. Definitely in low income area, so tenant turn over could be high. Crime rate seems low. Even with high property tax, if you get $500/month/unit, the numbers still look very good. Is this too good to be true? Is this area a good place to invest in small multi buildings? Would love to hear your story. 

Thanks 

Casey 

What's the selling price? There are many reasons for the owner not willing to take a 2nd position. Could be he is risk averse, could be price is too high, etc, etc. 

I know some lenders will be willing to take 2nd position if they are adequate compensated for theirs risks. Ask around, if the numbers work out, lenders will fund this project. 

Good luck!

Casey