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  1. #1
    Registered User swoleyo's Avatar
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    I bought an investment property on the southside of Chicago

    370k out the door for a 4 flat apartment complex.

    3x 3 bedroom, 1 bathroom
    1x 2 bedroom, 1 bathroom

    All in is around 2,200 a month
    Rental income projected around 3,500
    Projected profit with me living in the building 15k a year
    Projected profit after I move out 30k a year

    Rate my survival chances on living there for two years? Don't want to give the exact area but it's around West Lawn/Midway airport area.
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  2. #2
    SUPERNOVA SouthDakotaBrah's Avatar
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    Very solid investment brah
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  3. #3
    Registered User ajctennis's Avatar
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    Seems like a pretty damn good deal as long as you can keep occupancy high. Why not just move out after 6 months-1 year and live in a studio in Chicago.
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    Registered User Gringo12's Avatar
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    Isn't the south side comparable to somalia?
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  5. #5
    Registered User Hmatt330's Avatar
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    Lemme rent out a room cheap Opie.


    But srs. Want to move to Chicago, and want to buy rather than rent. May PM you in the future to see how you got these dealzzz
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  6. #6
    Registered User PermaBulk610's Avatar
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    In b4 OP gets murdered and then a song is made from Lil So and So about he how Drilled his landlord
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  7. #7
    Registered User swoleyo's Avatar
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    Originally Posted by SouthDakotaBrah View Post
    Very solid investment brah

    Thanks brah.


    Originally Posted by PermaBulk610 View Post
    In b4 OP gets murdered and then a song is made from Lil So and So about he how Drilled his landlord

    This is my primary concern. Generally you can't make money as in investor in class A or B areas. You need to invest in Class C/D areas which means medium to high levels of crime. 4 flat buildings on the north side of Chicago go for around 550/800k. You can't turn a profit on that even with higher rental rates. Can only buy these during economic downturns when they go for below market rate.



    Originally Posted by ajctennis View Post
    Seems like a pretty damn good deal as long as you can keep occupancy high. Why not just move out after 6 months-1 year and live in a studio in Chicago.


    Because of Covid the debt to income ratio is pretty brutal right now. When you buy a multi unit property you can use the rental income towards the ability to afford the property. Generally you can use 75 percent but right now it's capped at 50 percent.



    Moving into another place would change debt to income ratio. I do pretty well and the lender was still drilling me about having a 350 dollar car payment and a little 3/4k of credit card debt.
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  8. #8
    Darkness is coming GodlessWonder's Avatar
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    Originally Posted by swoleyo View Post
    370k out the door for a 4 flat apartment complex.

    3x 3 bedroom, 1 bathroom
    1x 2 bedroom, 1 bathroom

    All in is around 2,200 a month
    Rental income projected around 3,500
    Projected profit with me living in the building 15k a year
    Projected profit after I move out 30k a year

    Rate my survival chances on living there for two years? Don't want to give the exact area but it's around West Lawn/Midway airport area.
    congrats yo
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  9. #9
    Registered User ajctennis's Avatar
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    Right but I thought once you get the loan locked in they can't go back and change anything once you've lived there for 6months to a year and then leave.


    Originally Posted by swoleyo View Post
    Thanks brah.





    This is my primary concern. Generally you can't make money as in investor in class A or B areas. You need to invest in Class C/D areas which means medium to high levels of crime. 4 flat buildings on the north side of Chicago go for around 550/800k. You can't turn a profit on that even with higher rental rates. Can only buy these during economic downturns when they go for below market rate.







    Because of Covid the debt to income ratio is pretty brutal right now. When you buy a multi unit property you can use the rental income towards the ability to afford the property. Generally you can use 75 percent but right now it's capped at 50 percent.



    Moving into another place would change debt to income ratio. I do pretty well and the lender was still drilling me about having a 350 dollar car payment and a little 3/4k of credit card debt.
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  10. #10
    Registered User meanstringbean's Avatar
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    If you owner/occupy you really dont need to live there a year if you have a good reason to leave. Cash flow looks good but poor tenets are chit. Choose wisely
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