N Kimball Ave & W Foster Ave, Chicago, IL 60625, USA
Sold, Sold 2014 - 2-4 Unit
  • Sale Price :$876,000
  • Gross Rents:$8,200
  • Cash Flow ( 20% Down Loan ):$2,150
  • Net Rents ( Less Expenses ):$5,654
  • Cap Rate: 7.75%
  • Number of Units: 4
  • Cash Flow (Low Money Down Loan): $1,077
  • Cash on Cash ( Low Money Down Loan): 29.5%
  • Cash on Cash ( 20% Down Loan ): 14.72%

We closed on this foreclosed new construction four unit property.  This was the fourth property we had under contract and we had our fair share of problems, including having to switch lenders a few weeks before closing.  This property was built as condos on an extra wide lot and the builder foreclosed on it. Two of the units were occupied and they were able to get the other unit rented pretty quickly.

 

“Having heard Brie tell her story on Bigger Pockets podcast #78, I felt that I had found someone who could guide me to achieve my goals.

Brie’s story was proof that my goal of “retiring” young and wealthy through real estate was achievable. In August, 2014, I connected with her on BP, met her in person at her Investor MeetUp, and quickly identified that she was the one who was capable of helping me find the right house hacking investment. Fortunately, she was willing and we got to work. A few days after meeting her, I had a spreadsheet in my inbox with multifamily properties with asking prices, current rents, market rents, and current & market rent 2% rule ratios. Astute at cash flow analysis from personal experience, she not only aggregated the data but screened properties prior to sharing with me. This saved a ton of time and streamlined evaluations since properties presented had a reasonable expectation of positive cash flow. It was still up to me to do my diligence, but Brie trained me on how to determine market rents, how to estimate operating expenses, some repair costs, and how to evaluate cap rates in the North Side of Chicago.

This wasn’t just a building for me to live in, it was for both me and my then fiance. As such, the process of finding the right combination of location, quality, safety, and cash flow potential made for a grueling shopping process. We ended up under contract four times, the first three of which were fraught with black mold infestations, major renovation projects, and dishonest and belligerent sellers (one got in a shouting match confrontation with my inspector!). Through many weekend viewings, phone conversations, text messages, and late night email exchanges, Brie guided me, kept me grounded, and focused on the investment objective. I picked Brie not only because she has walked the very path I wish to journey, but because her primary income is sourced from her multifamily portfolio and she wouldn’t rely on commission from my purchase to survive. Indeed, she was patient and steadfast that I find the right fit; even cautioning me regarding some ambitious undertakings.

We walked through over fifty three and four flat buildings (~175 units) in seven months before finding the building I ultimately closed on and in which my fiance and I now live for free and cash flow positive! Mission accomplished – with lots of credit to Brie Schmidt.

Even after closing, Brie has been there for me as a sounding board for maintenance decisions, tenant screening, tenant management, and beyond. She exceeds the duties of a mere broker, generously making herself available for help, sharing knowledge, and serving as a mentor. I’m grateful for having found a sharp, professional RE investor to learn from and grow with as I strive toward retiring young and wealthy.”

Additional Details

  • Sale Price: $876,000
  • Gross Rents: $8,200
  • Net Rents ( Less Expenses ): $5,654
  • Cap Rate: 7.75%
  • Number of Units: 4
  • Cash Flow (Low Money Down Loan): $1,077
  • Cash on Cash ( Low Money Down Loan): 29.5%
  • Cash Flow ( 20% Down Loan ): $2,150
  • Cash on Cash ( 20% Down Loan ): 14.72%

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