Newbie in Chicago

[Oscar Jacome]

Hello BP,

My name is Oscar Jacome and I live in Chicago (Dunning Square). I just closed on my first deal this week; it took the bank a long time to approve the FHA loan. The property is a single family house in the Dunning Square area. I am going to start the cosmetic rehab that needs to be done and I am planning to have it ready for rent in a month or so. I started this deal before I joined BP; since then, I have learned a lot from the podcasts and forums.

Here are some questions for the investors from Chicago:

• 1)Can you send me or point me in the right direction to get a strong lease (I have read the RLTO)
• 2)Any advise when it comes to collecting rent from tenants. (I’m planning on using chase quick pay)
• 3)How do I market the property? ( Craiglist, Zillow, sign in the front yard)
• 4)How do I know how much I should charge fort rent? (Rentometer)

I’m a new investor so take it easy on me. All constructive feedback/advises are welcome.

Oscar

[Nnabuenyi Anigbogu]

Hi @Oscar Jacome

I don't mean to be harsh but be very careful. If what i read in your post is correct you would be guilty of committing fraud. You stated that you closed on the house with an FHA loan. FHA is only for owner occupants and you would have signed paperwork stating that when you bought it.

If you rent it out in a month like you stated then you lied to the bank about your intended use for the house and if they find out you could potentially serve jail time. Please do some research on this forum about FHA rules.

Welcome to BP though. Dont mean to scare you too much.