All Forum Posts by: Pratik Sampat

Missed this one :( Is there a way I can get pinged about this meetup? BP's 'follow forum' sends me an email for every event all over the US and narrowing it to Chicago only filters out any online events like this one.  Nevermind! I found the meetup page (https://www.meetup.com/Chicago...) and added it to my calendar, will be there next time!

@AJ Smith how did you get 1.5 bath for the 1st floor unit? Looking at the floorplan on redfin it looks like the 1st unit is a garden/basement unit with 2ba, 1 bath.  My rentometer average came out to $1400 for that but i estimated $1200 because of being a garden unit.

Also curious to know how you got $300/mo water/sewer and $150 for garbage? Same for $2400/year insurance. Seems high but I don't actually know what utilites and insurance come out to. Maybe someone who knows the Avondale area can comment more if this is accurate.

For taxes, my estimate was $6,976.31

Back of the napkin math:
2020 Projected Assessed Value = Purchase Price * 10% = 38,007
2020 Estimated Equalized Assessed Value (EAV) = 2.9160 (2019 State Equalization Factor) x 38,007 = $110,828
2019 Total Tax Before Exemptions = $110,828 x 6.919 % (2019 Local Tax Rate) = $7668.21
Homeowner's Exemption - 691.90
2020 Estimated Tax After Exemptions = $6,976.31

Note: I am not a tax professional, just sharing how I estimate taxes. I factor in some margin of error as I'm sure it won't be exactly on the dot.

@John Warren Got your email, thank you!!

@Sam Abazari sent you a connect request 😁

@Brie Schmidt thank you!

@Ryan Fox Sent you a connect request

@Henry Lazerow 100% agreed. I run my numbers with PM costs factored in even if I self-manage for the time being. In case I can't be in Chicago, I want properties to continue cash flowing :)

Hello Chicago BP! I'm a new investor but lived in Chicago for many years, enough to consider it my home. I am also a foreigner on a work visa and would like to buy a first property. My concerns are around exit strategy (worst case scenario I have to leave) -- probably will go the property management route. Can anyone introduce me to out-of-state/foreign/out-of-country investors who also buy & hold in Illinois? I considered posting in the "Foreigners Buying in the USA" forum, will probably post there as well.