All Forum Posts by: Vishal Didwania
Vishal Didwania has started 5 posts and replied 24 times.
Post: Property Analysis Help South Side Chicago
- Chicago, IL
- Posts 25
- Votes 3
Hi all, I recently received a deal on a property on the south side of Chicago in Woodlawn neighborhood that is a duplex and in good shape.
2 flat with 3 bed/1bath and 2 bed/1bath with 2 bed unit vacant (states was hoping to get buyer that would move in and rent other flat) and 3/1 unit rented for $900 currently
Asking price: $150k
Downpayment: $37.5k (25%)
P&I (4%): $528/mo
Property tax: $271/mo
Insurance: $117/mo
PITI: $912/mo
Expense: Snow removal/lawn $50, Yard cleanup $50
Can likely rent out second unit for ~$850/mo but currently vacant - ? should I use this to calculate purchase price?
Income = $900 + $850 = $1750
Expense = $912 + $50 + $50 + 5% vacancy ($87.50) + 5% CapEx ($87.50) - will manage myself = $1187
Closing cost = ? ~7k
Balance = $563
Cap Rate = 4.5%
Cash on Cash = 15%
No repair cost needed likely. Seems like an alright deal although this is assuming the rental of the 2nd unit. What do you guys think?
Post: Referral needed - property manager
- Chicago, IL
- Posts 25
- Votes 3
also looking for someone. in the River North region. currently have a small portfolio. Need assistanc to help find a renter, not really a property manager. Any good real estate agent suggestions would be appreciated. Thank you!
Post: Tax Lien Certificate Investing
- Chicago, IL
- Posts 25
- Votes 3
There are some great books on Amazon where you can probably get similar information but certainly no hand holding. Has anyone tried used the following site to research certificates: https://taxsalelists.com ?
Post: Needed - Lawyer Recommendation
- Chicago, IL
- Posts 25
- Votes 3
Hi everyone, I am a newbie in the Chicago land area and very interested in Real Estate investing. I have been mostly listening to various audiobooks, listening to Biggerpockets Podcasts, and doing as much research as possible. I am also looking for a good real estate attorney in the local Chicago area. I spoke to one about creating an LLC and was quoted a price of $1000 for attorney fees + ~$500 for state fees + a few other miscellaneous fees. I know I can probably create one on my own but I will plan to have to have partners which can get complicated so want it done right. Questions:
1. Is this an appropriate cost? I don't mind paying it if it's right on. More so I'm looking for a good long term relationship with a good attorney
2. Any other recommendations for a good attorney?
Thank you!!