All Forum Posts by: Aaron Zimmerman

Meryl- thank you very much for your insights. I really appreciate hearing these things. I hope everyone will make it and also not be getting on substances. Trying times for everybody for sure. 

@John Warren - well done on the 28 doors! Why's it hard to find a deal there?

I would first recommend finding a lower priced property if possible. I would also try to increase your income as well. Easy ways that I do it are bank hacking. Banks offer promos of $200-400. In my area, I'm able to generate about $1,500 a year. I would also recommend getting a side hustle as well. This could potentially help with DTI down the line.

I would also recommend having some cash reserves as well in case you don't have tenants. You can certainly house hack but your options may be a bit limited. 

Feel free to reach out. I'm doing my first house hack now. 

Don't rush into getting a deal. With that being said, do be proactive and perhaps try to find a deal yourself. In the meantime, keep learning your market, analyzing deals, and stacking cash. 

After talking with many people, it seems like Berwyn is a great spot to invest in. Large tenant pool and the multi-family inventory is plentiful.

I 100% agree with Darius. I would make sure you have adequate reserves (3-6 months expenses) plus purchase price and rehab costs. Based on the markets you described, you may want to save a bit more. Reserves keep you in the game. By starting out young, you're already ahead. Best of luck and let me know if I can be a resource in any way. I just purchased my first house hack in December. 

I would recommend at least telling them to not smoke in the unit. However, if they do pay timely, I probably wouldn't make waves unless you're ready to replace the tenant. Best of luck!

I just bought a building with inherited tenants and a lease that ended in April (bought in December). I would either renegotiate their leases with a deposit after closing or give them a little bit of time to move out (say 2 months). Do you have enough money to rehab now? If yes, I'd probably go with the latter and then you can get tenants that you want. I'm not saying that those tenants are bad but it just lowers your risk. 

Overall, it looks like a nice place. However, if you were to find something to complain about it would be the 900 sq ft. and the lack of space in the living/dining room. Perhaps it's the layout too with the kitchen being right by the front door. One of the bedrooms appears to be just a little small. It really wouldn't be a place to have a huge amount of people over. 

Why are you looking to sell- just out of curiosity? 

Welcome! For podcasts, I'd recommend the BiggerPockets real estate podcast. Lots of good actionable tips and advice. Also, Straight Up Chicago Investor is good too!

I just purchased a house hack in Irving Park in December and have learned a ton. I'd be happy to have a conversation with you at some point. Feel free to PM me!

I'd also recommend driving for dollars or walking around the neighborhoods. It's a good way to see some of the inventory and maybe even spot a deal.