All Forum Posts by: Peter Kush
Peter Kush has started 2 posts and replied 28 times.
Post: Flipping a smokers property?
- Buffalo Grove, IL
- Posts 31
- Votes 1
People are just nasty. I used to smoke, just open the damn window or walk outside if you need that nicotine fix.
Post: Dallas 4-plex Market
- Buffalo Grove, IL
- Posts 31
- Votes 1
Hi Jing!
I'm still in Chicago, and will most likely be here for another year, but the opportunity to move to Dallas is available, therefore I've been trying to research.
It seems like Dallas market for 3-4plexes is as high as it is in Chicago - prices through the roof and almost impossible anything that meets the 1% rule (not even the 2%) unless you're buying in a war zone.
Post: Sell or Rent - How to Decide? Any help very much appreciated! :)
- Buffalo Grove, IL
- Posts 31
- Votes 1
I would probably sell, unless you believe it'll appreciate more. 400k vs $2k rents? With $400k you could put a downpayment on a nice 20-ish unit apartment complex and get $2k+ cash flow, not 2k rents out of it.
Post: I just contracted to buy another 2-Flat in Forest Park, IL.
- Buffalo Grove, IL
- Posts 31
- Votes 1
Michael,
Please share GC's contact with me as well! Thanks
Post: Feedback on 1st deal (Buy & Hold in Logan Square, Chicago)
- Buffalo Grove, IL
- Posts 31
- Votes 1
In Logan square you'll be hard pressed to find a cash flowing property that isn't a 10+ Unit building. This condo would only be a play on appreciation, I am personally looking for an investment as well, but it seems like the only areas that aren't war zones that cash flow at least something will be around Humboldt park (The nice part of it), Belmont Craigin and Belmont Gardens. I actually just drove around that area yesterday, and it's definitely on the rise, especially around that walking/biking trail.
Post: Dallas 4-plex Market
- Buffalo Grove, IL
- Posts 31
- Votes 1
Originally posted by @Kelton Johnson:
If the property is damaged, the landlord can levy a complaint against the tenant and they can lose their section 8 eligibility. So basically if they want the government to continue to pay for 90% of their housing, they need to be somewhat respectable. However, that would in no way guarantee anything, just a bit of motivation for them is all.
Thanks Kelton, I figured there would be some responsibility (I have no experience with this whatsoever), but not an explicit guarantee
Post: Dallas 4-plex Market
- Buffalo Grove, IL
- Posts 31
- Votes 1
Originally posted by @Kelton Johnson:
Hey, I'm actually looking into a property south of I-30 right now. It's definitely not a great area, but the houses are cheap and appear to be able to rent out at reasonable rates (albeit to lower quality tenants). Do you have any experience in this area? I know most people say to avoid these areas, but what specifically makes it so bad? I'm considering buying a property and qualifying for section 8 housing, which should mitigate some of the risk of non-payment and damage to the property.
How does section 8 mitigate risk of damage to the property? AFAIK it just guarantees 90ish % of the payment?
Post: Dallas 4-plex Market
- Buffalo Grove, IL
- Posts 31
- Votes 1
Thanks Andrew! Also, what about the suburbs? Arlington, specifically?
Post: Dallas 4-plex Market
- Buffalo Grove, IL
- Posts 31
- Votes 1
Hello Dallas Investors! I'm a soon to be CPA from Chicago and I have an opportunity to move to Dallas within my firm. I was wondering what the market is like and if someone has a map of the area that would cross-off/outline the areas where one wouldn't want to invest in?
Chicago's 4 plex market is not what I'm looking for - any cash flowing properties I've seen are in more-or-less war zones.
Thanks!
Post: I just contracted to buy another 2-Flat in Forest Park, IL.
- Buffalo Grove, IL
- Posts 31
- Votes 1
Congrats on the purchase! I still haven't bought anything, been lurking a while and I've seen a bunch of nicely priced properties in/around Forest Park. What scares me off a little is the proximity to Maywood, which is not the best area.
I do agree that the area will pick up soon, it's a short commute to the city and Oak Park is pretty expensive.