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Updated over 5 years ago on . Most recent reply

Sahil Relan's profile image
Sahil Relan's profile image
Sahil Relan
  • from Chicago, IL
  • Member since Oct 6, 2019
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Sahil Relan's profile image
Sahil Relan's profile image
Sahil Relan
  • from Chicago, IL
  • Member since Oct 6, 2019
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Sahil Relan
  • Chicago, IL
7
Votes |
21
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Multi-Family and Apartment Investing

Need advise, presenting a use case

Sahil Relan
  • Chicago, IL
Posted

Hi,

First time investor here from Chicago. I have two deals to choose from:

a. Buy a 3 unit property for 550k via FHA loan. Idea is to house hack and be owner occupant. Rent for other two units comes out around 3k pm. Taxes about 8k per year.

b. Buy a 6 unit in lesser area. Put 20% down in a private deal. Get around 30k for rehab. Total cost(150k+30k rehab). Property will generate around 3.6k per month. Taxes about 7k

Any suggestions will be much appreciated.

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Aaron K.'s profile image
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Aaron K.
  • Specialist
  • from Riverside, CA
  • Member since Jul 3, 2015
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Aaron K.'s profile image
Aaron K.'s profile image
Aaron K.
  • Specialist
  • from Riverside, CA
  • Member since Jul 3, 2015
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Aaron K.
  • Specialist
  • Riverside, CA
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Aaron K.
  • Specialist
  • Riverside, CA
Replied

@Sahil Relan how are you financing the 6 unit, being a commercial property (5+ units) it won't qualify for the same type of financing.

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