All Forum Posts by: Ronan M.

For any past and present violations and record of permits pulled just google Chicago Building Violations. That will take you to the City website. Enter the property address and it will bring up anything that is or has been recorded by the City for a number of years. Big dollar items you might want to look out for is any mention of decks/porches being out of code.

Good luck.

@Nick L.

send me a PM and I can give you somebody's info who might be able to help.

I would love a tenant like that. One who pays me and wants to have noting else to do with me. Perfect !

If he has a lease...he has a lease.  Unless he is doing something illegal or has broken the lease in some manner the lease has to be honored until its term expires.  (TX may have a different law..but I doubt it)

Cash for keys might be an option if you want him out that bad.  But having a tenant does not stop you selling the property. In fact it might appeal to an investor who likes buying property with immediate cash flow and no rehab. A new investor would then have to honor the remaining term on the lease. 

If you want top dollar and sell to an OO then your options are limited unless you can get creative.

HELOC for an investment property ?

Use 401k for an investment property ?

60620 can be a challenging zipcode. You will need good boots on the ground and/or strong property management.

@Romulus Olariu

I am not an expert but 30yr amort is hard to get on commercial.

Best I have gotten quoted on similar deals is 5 or 10 year term with 25yr amort with min 20% down. Rates in the middle to high 4"s

Not saying it cant be done...I just haven't found a lender to do better on Commercial.  Share with us if you can find the 30yr lender on MF's

Best of luck.

If you mean 75th & Lafayette...I have property at 71st and Vincennes. A couple of blocks from you.

 How can we help ?

@Nick Versetto

I do not know the answer to that. My deal is a MF held in an LLC.

@Mike Malicad

My deal was for a 6 unit in a good northside area and I was only asking for 50% LTV.

They gave me a letter of intent. And I am in the process of preparing my paperwork for them to move forward. So far so good but still a little way to go.

Thanks

I wanted to go that route some time ago.

I called Directv and told them I will install their service in all units of a 6 unit property I have. Told them I would pay for basic service for all 6 and possibly the tenants would chose to upgrade giving them more revenue. All 6 units I offered them and the elimination of any competition for them in that building.  6 customers...one check on time every month.  

In return I wanted a good deal on the 6 x basic services for the building and a hot deal on my own home service. ( I had their service at the time)

They basically told me to take a long walk on a short pier. They argued that they would rather face the competition for each unit as they would likely get some of them anyway and at a much higher monthly dollar amount (per unit) than my bulk deal.

One year on...I booted them from my home and I don't believe they service any of those 6 rental units. Their loss !!

Now...your 22 units might make a difference.

Best of luck.