Updated almost 6 years ago on . Most recent reply
Chicago Triplex Investment
Hello I am a new investor in the Chicago Area, I am currently in process of offering on a property. It is a legal 3 flat unit in Irving Park, I have included my excel analysis below. I will buy with FHA financing (3.5% down) then refinance into a traditional 20% in a year which increases the cash flow significantly (in addition I will raise rents from below market $1000 ---> $1200)
I have 2 questions
1. What is a good property management company in the Irving Park area, as I do not plan to live in this location for longer then a year.
2. Do you think this is a good deal, and do you think I would be able to get them to accept an offer closer to $300k
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- Real Estate Broker
- 3412 S. Harlem Avenue Riverside, IL 60546
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@Shivam Vyas you should check with @Brie Schmidt. She works that area and knows the value very, very well. I will say that I don't often see clients in a position to refinance from a traditional FHA loan in a year or two unless there is a substantial rehab. Sometimes it can happen, but it is situational. I do think you can get there in 3-5 years though depending on how the market goes. Also, your refinance will be VERY different if you are not owner occupying. You will probably be looking at 70-75% LTV with an interest rate at least 1% higher than what you will get through FHA.