All Forum Posts by: Aaron Zimmerman

Correct

I would have to agree with the people saying to not do it. However, if you do, I'd recommend getting multiple contractors to bid the project. There are plenty of other heavier value add opportunities for $100k or so that might be better suited for you!

@Isaac Lane Welcome! Happy to help in any way that I can. There's a lot of FB groups/events that happen within them. Feel free to PM and I can provide (I don't think you can post these in the forums).

Hi Prat. There are quite a few accountants in Illinois that contribute to the forums. Feel free to connect with them.

Welcome to the forums! @Alex Ferraro can probably get you pointed in the right direction in terms of the 203k side. It would also be beneficial to join some FB groups as that is where you'll have access to even more people as well. Feel free to PM and I can get you the links to those FB groups (I don't think I can post on the forums). 

You may also be eligible for bonus depreciation as well on anything that's less than 20 year useful life. I'd recommend getting an accountant so you can maximize those deductions. 

I used @Sarita Scherpereel and she was quite good. She walked me through the house hacking process in its entirety and was a great agent. I used @Michael Facchini and he was able to close as quick as possible for an FHA. Both worked very well together.

@Veronica Calvillo I always love seeing investors in Illinois! Feel free to PM and connect.

@David Pearson the biggest thing once you get your CPA figured out is them showing you how they calculated your basis. It's possible to miss a few things that could lead to lost depreciation.

@Eudith Vacio thank you for the shout out!

@Alex Velazquez feel free to PM. Always happy to meet investors in the Chicago area!