Would love any advice on my first Multifamily Purchase.

[Christopher Hunter]

Greetings family 

After months of fighting tooth and nail and so many dead ends. I found a Credit Union who funded a 250k HELOC on a NOO property in Cali at 75LTV...these things are like Unicorn relics in this current market.

I have several SFH rentals but never ventured into anything else. Im really looking for a solid deal on a double digit unit multifamily that cashflows after paying my HELOC, Loan, and associated expenses.

It almost appears as if the deals dried along with the funding, right when I got funding...finally. appreciate any and all help with properties, brokers, advice, etc. Also shopping in the Chicago and ILLinois area, however open to out of state.

[Christopher Hunter]

Quote from @Edgar Barbosa:

Hello @Christopher Hunter, if i may ask, what attracts you to the Chicago (IL) Market? 

I'm stationed in Great Lakes as a drill instructor in the Navy, so I prefer to get eyes on my investment properties. If I was moving major volume, I probably wouldn't care, but when my next big move consumes all my funding, I just want to have a better warm and fuzzy with the deal I'm buying. Also Illinois seems to have the most supply of all brick multifamily units which I think is a plus. Mostly in the lower income housing districts, but if the cap/NOI is good, I'm ready. Does it cash flow, is their potential to grow the rents, is the market there up and coming, if so and the price is right....I want it.