All Forum Posts by: Tom O.
Tom O. has started 11 posts and replied 210 times.
Post: Looking for Contractor Referrals in Chicago/South Suburbs/Harvey
- Chicago
- Posts 214
- Votes 165
I love my guy Juan Hernandez. Seven-Zero-8-374-238 TWO. He's rehabbed 3-4 apartments for me; two roofs and a ton of other stuff. At a good price with quality results.
Post: What Are Your Top Chicagoland Investment Areas For 2022?
- Chicago
- Posts 214
- Votes 165
Originally posted by @Henry Lazerow:
My favorite area right now is Albany Park plus it's a great place to live for those who want to House Hack. Rents are shooting up and for nice rehabs the tenants are 700+ credit scores. Lots of higher end bars popping up and new spec home builds. Prices for multi family still cashflow if you update the units and bring them up to market rate. Also Irving Park, West Edgewater, West Logan Square and on the southside Mckinley Park, Bridgeport and Brighton Park are all on the up. Huge increases in rent in Mckinley/Bridgeport today then even 3 years ago and it's still gentrifying fast.
Couldn't agree more about Albany Park. Great place to house hack. Probably won't cash flow so great but nice for a househack. My buddy's three flat is going up on the MLS today or later this week. 4533 N. Kimball. I like Little Village onthe SW side as well.
Post: What Are Your Top Chicagoland Investment Areas For 2022?
- Chicago
- Posts 214
- Votes 165
Originally posted by @Jake Fugman:
@Sean McKee Like throughout most of the country, turn key single family rentals have been very hard to come by. Suburbs south of Chicago (Homewood, Hazel Crest, Matteson, etc) that had solid <$150k inventory 2-3 yrs ago now have very few properties that pencil out. Instead of trying for SFR in the $100-150k range Im finding it makes more sense to look at multifamily buildings on the far NW or SW side that are around the same price per door. If you can find properties in areas or condition(s) where you dont have to compete with FHA house hackers deals can still be found. Portage Park, N. Austin, Little Village, S. Woodlawn, Brainard all come to mind.
I love Little Village and think it still has room to appreciate. You know, it's the next NH on the Pink Line from Pilsen. As another said here if you follow the subway lines out people seem to want to live walking distance from the El.
My friend has a Three Flat building that is about to come up on a listing that meets that criteria: walking distance from the last stop on the Brown line in Portage Park. Watch for it: 4533 N. Kimball.
https://www.realtor.com/reales...
Post: 2021 Chicago Association of REALTORS Apartment Lease
- Chicago
- Posts 214
- Votes 165
Does anyone have the 2022 Chicago lease?
Post: Let help and give back to a Vietnam Air Force Pilot
- Chicago
- Posts 214
- Votes 165
His income is 10K a month?
How much money does he seek? Why does he need it?
What is he buying and what is the income from that?
What is the amount he wants to borrow and for how long?
What do you mean he's closing on a property he owns? He is selling? What does he need money for now? How much?
Originally posted by @Jody Sperling:
People actually think thirty-year mortgages are a good thing! People thing their primary home is an asset! People believe the stock market is the surest way to build wealth! People buy brand new cars off the lot with money they don't have, take trips to the beach with credit cards they can't repay.
I like most of what you're saying except for this. A 30 year mortgage is GREAT in times of high inflation. You pay off the loan with future cheaper dollars. Nothing wrong with that. For most, the home is the greatest asset. It is the asset that will have the most equity since most folks own it the longest. And that's not wrong. Nor is building wealth in the stock market. Bitcoin is appreciating at 100% per year. I know of no greater way to build wealth over longer time frame than buying RE and Bitcoin.
Post: Seeking advice for improving returns on my portfolio of 8 units
- Chicago
- Posts 214
- Votes 165
1. You need to stop comparing a duplex to a single family homes.
2. Why do you say no real appreciation in sight? My apartment buildings have not been cash flowing as projected but I keep rehabbing and improving units and pushing new tenants to market rates so I am increasing the value of the buildings. The appreciation -- helped by gentrification -- has been insane. Like a doubling of value of one building in less than two years. So what is the neighborhood like? Is it in the path of gentrification? Are you sure it will not gentrify or even appreciate that much in the future?
3. If you truly can't get value out of it maybe you should sell it. But I read about a really smart guy who buys anything as long as it pays for itself and he holds these things and natural appreciation has made him a multi-millionaire.
Post: Anyone do their own property management?
- Chicago
- Posts 214
- Votes 165
Couldn't agree more with the do it yourself. You will make mistakes along the way and learn but you will do a better job than just about anyone you can hire IMHO.
Post: Prospective tenants wish to put 2 LLCs as Tenant on office lease
- Chicago
- Posts 214
- Votes 165
If they are personally guaranteeing it why bother signing as the LLC?
Post: WARNING: Matt Motil of Cleveland, OH
- Chicago
- Posts 214
- Votes 165
As long as you know where the property is you should try the local county prosecutor. This sounds like state crimes. This sounds like theft by deception and fraud to start.