All Forum Posts by: Tony Hardy

Hi Mark, thanks I believe in being actively involved in my investments. Won't be passive until I can pony up for a Walgreens or similar asset.

1566 Mark Avenue Elgin, IL is a 8 unit apartment building built in 1967.  The asset consist if 4 two bedroom 1 bath apartment and 4 one bedroom 1 bath apartments.  The average rent for the two bedroom apartments is $800 and the one bedroom are rented on average for $715.  It is a well maintained and fully occupied asset with ample parking.  A recent rent survey indicates that there is an opportunity to add value by increasing rents.

The Asking price is $460,000

Expenses

Real Estate Taxes $18,272

Insurance 2,400

Water & Sewer $4,067

Electric $235

Scavenger $1,712

Janitor 2,400

Management Fee $3,434

Repairs & Maintenance 1,200

Cleaning & Decorating 1,200

Supplies $800

Total Expenses $35,720

Expenses/unit $4,465 $4,505

Expenses/SF $5.95 $6.01

% of EGI 52.01% 47.99%

Julece Glaum haven't seen you in a while. I believe that Chicago Community Loan Fund may have a loan product that will allow you to purchase those properties under one loan. Check out their website. Also my contact idler there is Wendell Harris. Good luck with your deal. Riverdale isn't the most investor friendly town around here. They do inspections before you close and before you rent your units Also a recent Mels search showed a 6 unit apartment building for sale in that town with similar rents for less than 80K. FYI there are more than 10 SFHs for sale in that sub market for less than 25K in the Mels. So I just info to help you make an informed decision.

Looking for ideas. If you had a $500,000 line of credit to invest in real estate, what would you do? Buy and hold of fix and flip? Multi family or smaller deals in the city of Chicago or suburbs? What submarkets?

Are you buying in the city of Chicago?

Welcome lots of good resources here. I'd recommend attending some of the meetups. I've met some really good people here. Good luck.

Julece Glaum haven't seen you in a while. I believe that Chicago Community Loan Fund may have a loan product that will allow you to purchase those properties under one loan. Check out their website. Also my contact idler there is Wendell Harris. Good luck with your deal.

Challenor Jack that's a good question. So far attendees include those that are just making their first investment purchases as well as others that own several apartment buildings. The goal of the event is to get some veterans in the room with some newbies along with some resources like funding and off market deals that will be useful to everyone.

Looks like a decent deal. What if you could get 70% of the acquisition and renovation Budget? How much of your own money will you put in the deal?.

What's stopping you from pulling the trigger?