All Forum Posts by: Mike Nelson

As @Jay J says, use the BP calculator. It is important to be able to know a spreadsheet inside/out. I have had to analyze deals over and over and over again, just to have a feel as to how cap rates, ROI work, and understanding what an acceptable cap rate is. I have found for my own properties, I have not been completely honest with myself in plugging in expenses, or at least being overly optimistic. Renovation costs have exceeded expectations, vacancies greater than anticipated, and I have overpaid based on actual returns on investment. I learned I have to scrutinize each line item. I am working on understanding the spreadsheet, not just a basic knowledge, but being able to understand it inside/out, so I can use it as a tool so I can more easily analyze a property. I can do this successfully, but only with a lot of work and repetition.

Thanks for the update.  98% occupancy is excellent. Hopefully the 40 new tenants will be an improved group.  What is carpet going to be replaced with?

Good exploration @Engelo Rumora.  Sometimes we come up with ideas which may be brilliant - or may have barriers to work in the real world.  That is why BiggerPockets is a great sounding board to identify the ability to be a profit-making venture, taking into account things like all expense line items and existing of markets, etc.  You can never tell when an Idea can turn into something big, or at least produce good ideas.

What I like about Logan Square is it seems to be on the path of progress.  It seems to have its ups and downs since I have been active in 1985.  Wicker Park has shown much growth, and Logan Square is showing growth, and it is close to the Loop by train.  What I like about these areas is if you run an advertisement, you should get quite a few responses.  Certain parts of Humboldt Park have similar characteristics.

These are high-quality finishes-not just expensive  but well-designed.  Your "before" photos look better than my "after" photos.

I have a Bachelor's Degree in Architecture from UW-Milwaukee.  I am happily working in a great firm who does a lot of work in public housing renovation work.  I have bought and sold over 20 small residential properties which I held for several years since 1987.  I just have one multi unit but am looking for more opportunities.

Why do stainless steel appliances look better than white?  Is it because they are just fashionable - or are they really inherently better?  Does it coordinate better with cabinets and other finishes?  You can manufacture a car with a stainless steel finish (DeLorean) but the finishes on a white Toyota look similar to the finishes on a GE refrigerator.

@Brad Lightall, I didn't know that a homeowner can get $4,000 to 8,000 near an NFL stadium.  Wow.  Is that "city" called Green Bay by any chance?  (I see you are in Manitowoc).  I was there last year and for a pre-season game.  Homeowners near Lambeau were charging $20 to park for a preseason game?  My town is Chicago.  Unfortunately we don't have any homes near the stadium.  We don't have that scenario.

I would recommend Tim Baker at Principle Valuation here in Chicago.  I met with him and was very impressed.

This looks excellent.  I have a floor which is very uneven - it bows down in the middle.  I don't want to level the sub-floor.  Will this product work?