N Central Ave & W Lawrence Ave, Chicago, IL 60630, USA
Sold, Sold 2016 - 2-4 Unit
- Sale Price :$510,000
- Gross Rents:$6,500
- Cash Flow ( 20% Down Loan ):$2,684
- Net Rents ( Less Expenses ):$4,724
- Cap Rate: 11.11%
- Number of Units: 4
- Cash Flow (Low Money Down Loan): $2,059
- Cash on Cash ( Low Money Down Loan): 96.89%
- Cash on Cash ( 20% Down Loan ): 31.57%
S and I spent almost a year looking for a good property and could not find the perfect one. So when this property came up we moved really fast and saw it and submitted a full priced offer before anyone else had even seen it! It was a bumpy road with lots of challenges to get to closing, but totally worth it. The property was vacant and S was able to get three of the units rented within two weeks of closing for higher than I estimated.
“After 1 year, 50 showings, 10 offers, 3 offers over list, I FINALLY went under contract on a GRAND SLAM property in Jefferson Park.
This was a vacant property 4 unit property with a bonus 5th unit. With all 5 units the Monthly Rent was at $6,500 a month on a $500K property. Finding a rehabbed building over the 1% rule is impossible in Chicago.
We ended up starting an Airbnb business in this building which made my revenues go more than $11K a month.
After 1 year of buying my first property I ended up putting my notice at my Corporate job as Financial Manager to run my own Airbnb business.
This is all thanks to Brie. Without her getting me into this none of it would happen. I can’t thank her enough for it. I learned so much with her about the Chicago market and she is a complete expert in her trade. She is honest, reliable, and takes initiative. When anyone asks me how do I get into real estate investing, i always have a quick response and say… Talk to Brie”
