Home Buying & Real Estate Thread

heLiumcLinton said:
just looking to rent out properties for extra income, I have about 60K to use

been looking at properties around Uni of Chicago and John Marshall Law
I don't know the areas, I'm in here asking what areas I should be looking at :lol

Pop in the sense that the prices in the south for decent housing are starting become a little expensive. More than likely people are going to began to migrate to another region of the US.

Just me being a conspiracist I feel like we're about to see Chicago have a huge turn around as far as media PR/schools/crime. It's about to get gentrified.
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My bad I thought u were buying to live. The city has a bunch of problems and honestly the job market is just terrible. Hyde park is doing something's but south shore ain't bad.there are just to many things working against the city and with no knew political person to be excited about I have a hard time seeing that change. I honestly thought the same as u buy a rental but from property tax to. The laws in place there are a lot of things working against you.

The job market is not booming there at all and all the really prominent schools are either downtown or up north not on the south side. Biggerpockets might be a place you look to get some better info

turbospartan said:
Isn't most of Chicago already gentrified? Condos near Depaul / John Marshall Law School go from $500k-$1m. $60k won't even get you 20% down on most units down there, except for 1 bed / 1 bath.

A lot of RE investors use the 1% rule, where your monthly rent charge should be 1% of the sale price of the unit/house. So a $300k condo, should rent for $3k per month. Not sure there are many around Depaul like that
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All of this
 
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Dam itz Lou said:
krazyblunts said:
valley stream NY no more city income tax :lol
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It's just a wash though. What you don't pay in city income taxes, you'll pay in property taxes. I've been looking into Valley Stream and Lynbrook to move to in a year or two. I just bought a crib in Lindenwood, Queens but I'm going to LI to do a lot of my shopping to avoid going to Gateway Mall. How are you liking it so far ?
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sorry late *** reply. I like the area, I'm one exit off the southern state so very close to queens & the city. neighborhood is diverse and quiet and its an incorporated village so it has its perks there. I have family in rosedale so its safe to say its better on this side of sunrise highway. I looked in queens too but I like having the decent size backyard and frontyard without breathing all up in your neighbors. property tax is 9500/year which is OD but i did file for STAR and working on the tax grievance so I can submit that next year. I never rented on my own, i stayed home until I was able to cop a house. so this is the greatest feeling in the world. I looked in lynbrook but the taxes are even higher there. valley stream is good man. good luck. and congrats on the house in lindenwood.
 
That is what I was thinking as well.
turbospartan said:
Just some quick numbers, but we purchased the home for $288k in May 2015.  The last 3-4 years, home values have risen double-digit % each year .  Rolled by an Open House this weekend, where a house very similar to ours 2 blocks over was listed for $329k.    If my house could sell for even $320k this coming May (to make it 2 full years), the value would have increased by $32k.   $32k / 24 months = about $1300 in value increase, per month. 
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Posted this ^^^ back in February. Estimated that my house could've sold this summer for $320-330k.

House 2 doors down from me just sold within hours, for $350k 8o
 
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dang didn't know there was a thread for real estate. My fiancé and I just got a duplex in Phoenix for 185k, mortgage is 850 and were getting 1600 total from tenants, as long as nothing goes wrong with the place it should be good.

Sucks we want to buy here in SD but it seems like were super priced out. I share an apartment right now and pay 550, super hard to justify the mortgage I would be paying here :(
 
marvd00d said:
dang didn't know there was a thread for real estate. My fiancé and I just got a duplex in Phoenix for 185k, mortgage is 850 and were getting 1600 total from tenants, as long as nothing goes wrong with the place it should be good.

Sucks we want to buy here in SD but it seems like were super priced out. I share an apartment right now and pay 550, super hard to justify the mortgage I would be paying here :(
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That is some nice cash flow
 
Niketalk Fam -

I need advice, i currently live in an "upscale apt building" in the suburbs of Indianapolis (fishers) and i am looking to buy a condo downtown Indy.

Prices downtown range from $160-$300 depending on what you are looking for

I found the listing below that has been listed for over a year.... what is a good price to offer? I would need to make updates etc so i dont really want to go with asking price

http://www.realtor.com/realestatean...-F_Indianapolis_IN_46204_M30118-72646#photo18

I can ask a realtor yes, but want your advice as well
 
Need to make the numbers work for you, and I would offer what you think the place is worth. I'll usually go in at 15% lower than listed price to see how "motivated" the seller is. 10% under I feel is standard "low-ball" offer though. If they're motivated to sell they'll agree with your offer, if they have some interest but disagree with your assessment, they can counter-offer your price.

I'm not a realtor or an expert, but have put in about 50 offers and agreed to terms on 4 properties, all under asking.
 
They have reduced the price 3 times already, help yourself and reduce it some more.
 
Realtor here...

It really depends on how bad you actually want the property, and the most you'd be willing to pay for it. Make sure that there aren't any offers currently on the table, and go in somewhere around 10-15% under list. They won't accept it, but you may be able to meet in the middle, which still looks like it would be a great deal for you.
 
They're creeping up on a year since they listed it, and 2 months since the last price drop. First price drop was $3k, then $5k, then $5k again.

I'd offer at least another $5k less, if not more. It is obviously priced too high, or something is wrong with the unit ... if they've been trying to sell it for almost a year with no success.
 
question for you guys...

HELOC is coming up to a close so I was wondering if I should

A. Refi the Heloc into 1 mortgage
or
B. Refi the HELOC to remain open for another 10 years

Have to do one or the other.
 
krazyblunts said:
sorry late *** reply. I like the area, I'm one exit off the southern state so very close to queens & the city. neighborhood is diverse and quiet and its an incorporated village so it has its perks there. I have family in rosedale so its safe to say its better on this side of sunrise highway. I looked in queens too but I like having the decent size backyard and frontyard without breathing all up in your neighbors. property tax is 9500/year which is OD but i did file for STAR and working on the tax grievance so I can submit that next year. I never rented on my own, i stayed home until I was able to cop a house. so this is the greatest feeling in the world. I looked in lynbrook but the taxes are even higher there. valley stream is good man. good luck. and congrats on the house in lindenwood.
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Any advice on the better parts of VS ?
 
Just missed out on a house I really liked out here in the valley. Property received 7 offers with quite a few over listing price. They decided to reach out to the top 3 offers and work it out there. I wasn't one of them. Knew it was a long shot but figured I'd throw my hat in the ring. On to the next one.
 
Does anyone have two family condos near where they live ? I've never heard of them until I moved to where I live now. A two family condo two blocks away from me was asking $739k before they had an open house and now are asking $749k. It's three levels and it looks you can illegally rent the first floor. I bought a two family house, i'm wondering what this means for me as far as appreciation. Ours is three levels when you include the basement.

Another two family home is for up for sale in my neighborhood. It was illegally converted into a four family. How do homes like that affect the value of your home since on paper, it's a two family home ?
 
How much does rent go for in downtown Chicago? I see high rise condos with 1 bedroom selling for 150-170k. I love chicago and might buy one.
 
blackdynamite said:
Let's say I buy a place like this in downtown Chicago

https://www.zillow.com/homedetails/902-W-Winona-St-GN-Chicago-IL-60640/89927104_zpid/

I should be able to rent this out for around 1.7k with no problem right? Any Chicago bros in here?
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HOA is $278 per month. Taxes are $1800ish per year, which is another $150 per month. Don't forget to factor those in.

Seems like there is a lot of variability in the rental prices in that area. Some are $2k per month, some are $900 per month.

https://www.rentometer.com/results/rDjyDL_XQDw
 
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