All Forum Posts by: Aaron K.

@Account Closed that’s a good idea. I need to start meeting people early on. 

I have had some crazy situations recently. I met a guy that needed help with an extension, but he didn’t realize that it would take a significant amount of time. He had to go back and he didn’t have property management in place and the whole thing is a wreck.

Are there other sites that you know of? 

@Nate Shields ah I see. I know what our target is for cash flow and what I want to do. Maybe we can talk soon. I would love to hear about how people can find deals and how to reverse engineer my goal.

I’ve even considered getting my brokers license here to see if it would make things easier.

@Nate Shields thanks for the advice. You’re in Illinois? Which part? I am actually looking for a realtor.

I’m an immigration attorney who focuses on business immigration and entrepreneurship.

I help people who want to come to the US for extended periods of time. I do green cards, visas, and help set up corporate entities.

I currently work for the largest immigration firm in the world, but I’m starting to help others on BP and other local market places. (That’s how I ended up on here.

My question is how should I advertise?

By the time I end up talking to a lot of foreign investors, they make a lot of mistakes which causes them immigration issues.

How can I talk to people early on in the investing process so they don’t over stay or don’t have further issues?

@Mauricio Castedo welcome to BP. I’m a new member as well.

I am an immigration attorney that does a lot of business immigration.

If you need help with anything, let me know.

@Aaron Hale from Aaron to Aaron, can you give me some insight really quick?

I need an unbiased party to guide me with the finances. If I ask a realtor in either state, they both say the opposite. My two mortgage guys, the same thing.

Who can I go to for an unbiased opinion that can look at the whole picture?

@Patricia Steiner, @Scott Hotchkiss, @George Blower thank you all for the warm welcome! That's very kind.

@Patricia Steiner, I kind of fell into owning a rental in a weird way. I wanted to sell the property since the value has gone up by almost $40,000 dollars over the last few years. I bought it in Metro Detroit, but recently Magic Johnson just partnered to do a development several blocks south of my rental. I have a small amount of cash flow from the property, but with the new developments going, we anticipate to gain another $50,000 in worth over the next few years.

My big question now is what I should do next. I have $20,000 to $30,000 dollars right now. My wife and I are tired of renting in Chicago so we were thinking of doing another FHA loan and doing a house hack by getting a roommate, but at the same time, I worry about missed opportunity in Detroit. (My wife also isn't a huge fan of having a renter living with us, but we would need it to save).

I kind of only get one option at the moment due to limited financing so I'm not sure where to go next. 

An FHA allows us some flexibility which is nice because we can lay down a lower down payment and keep some of the money in reserve in case of emergency, but the appreciation of a home in Detroit with a conventional loan is much higher.

One other option that we have explored is buying a rental for the purposes of Airbnb in a different state. There are so many options, we just don't know where to go. 

My wife is from Russia and apparently they do not "do mortgages" haha. So the notion or guidance is literally foreign to her. We have some hard choices, I just hope we make the right ones.

Hey Everyone,

I’m Aaron Korson. I’m an immigration attorney based out of Chicago. I currently own one rental, but I’m looking to gain some knowledge to buy more homes and gain cash flowing properties.

I’m just starting out on the subject matter but I’m looking forward to learning.

I need some advice on where to start. I feel like my wife and I are wasting our money and missing opportunities.

Go easy on me. First time poster and really first time investor.

I have a home in Detroit that I had bought under an FHA loan previously and now I have renters in it since it's been three years and I had to move to Chicago.

I recently became married. I’m not sure what to do or how to do the cost breakdowns to see what is more realistic.

My wife and I have $30,000 dollars in cash. We currently rent in Chicago and pay $1800 in rent.

The subject for discussion is whether we should buy a home in Chicago with another FHA loan and rent a room out to someone else. Basically house hacking.

We ran the numbers for us to own a decent 2 bedroom, our mortgage would be $2100 dollars almost. The value of the home isn’t going to really increase significantly. We can rent a room out for $800 dollars which would bring our mortgage down to $1300.

If we buy another rental and do a conventional loan in Metro Detroit, the mortgage with insurance and taxes will be around $950. Rent is $1500. We have a cash flowing property resulting in $550 extra dollars a month. No one has to live with us as well. The value of the home also increases significantly in the area we are looking at due to development.

If we chose to do an Airbnb then the money could be even more from my understanding. However, we would need to pay someone to help with this.

My wife isn’t a huge fan of the house hacking idea, but she would do it if I said we had to for a couple years.

My question is what should I do? I need to make a solid choice somewhere.