Looking for Rental Property Advice: Elgin, IL

[Elier Roman]

Hello everyone,

I am currently in Elgin, Illinois and I got pre-approved for $280,000 for a Multi-Plex property through a VA Loan. Currently looking for properties within a 15-20 mile radius around Elgin and Saint Charles, Illinois that generate good cash flow and need minor repairs. I also have an appointment with another bank/credit union because I am trying to look into an FHA/Conventional loan instead with hopes of getting pre-approved for $300k+, I feel more comfortable investing on a 3-plex or 4-plex at that price range. I have over $30k of easily accessible cash and will be making dual income from October to December from leaving the military and working full-time. I am debt free other than my Auto-loan. Any advice or recommendations are greatly appreciated. This will be my first income property but I have educated myself on almost everything necessary to take on this journey.

[Zack Karp]

@Elier Roman if you are planning on house hacking several MFH's over the next few years to build a RE portfolio, there is definitely a strategy behind which loan type (VA, FHA, Conventional) to choose first, second, third, and possibly more. Mapping this out with the right loan officer (who understands all the angles that matter to real estate investors) before you get started is absolutely critical to your success. You don't want to look back in hindsight and realize that you could have made better choices but your lender didn't help navigate your road to success with you.

TYFYS and best of luck!