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Updated almost 8 years ago on . Most recent reply

Account Closed
  • Chicago, IL
29
Votes |
88
Posts

What should be my next move?

Account Closed
  • Chicago, IL
Posted

Finally, I found a property that was in my budget and located in a good neighborhood.
After negotiation,I made the final offer on this property which eventually got accepted and the transaction is currently in its closing phase. (Closing date: 02 June)

I financed this property with an IHDA loan & received downpayment assistance(1st home buyer) as well.
The condo is a spacious 2 bed and 2 bath with an open dining area. I have decided to live in one of the rooms while renting out the others for at least a year so as to use the grant.

I am planning to convert the open dining area into another bedroom making it 3bed 2 bath condo.


Questions:
1. Can you guys refer any good contractors for this job?
2. What should be my strategy for the current month?
3. How can i rent out the other rooms? Do i need any legal lease/ document to do this?
4. Any other feedback/suggestion ?

Most Popular Reply

User Stats

226
Posts
99
Votes
Joshua Fulenwider
  • Rental Property Investor
  • Greeley, CO
99
Votes |
226
Posts
Joshua Fulenwider
  • Rental Property Investor
  • Greeley, CO
Replied

@Account Closed check with the condo's HOA regarding renters. They may have special rules regarding it.

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