All Forum Posts by: Alex Ferraro

@Cielo Macaraeg - I think the main things that got me into it were various podcasts and books, similar to yourself and the others that posted. That sounds good, looking forward to it!

@Jaime Camargo

Sounds like you have a good plan! I started in Chicago via a house hack last year, so happy to answer any questions from a newer investor point of view. I would definitely recommend to meet others, go to local meetups, and continue to ask lots of questions.

@Cielo Macaraeg I got started house hacking a duplex in Logan Square in 2019. I used an FHA 203k loan to do rehab on the property. I'm also 25, so happy to answer any questions from that point of view!

@Alexander Wurm Welcome! I am house hacking in Logan Square right now. Happy to answer any questions you may have.

@Jonathan Klemm It is on my primary - thanks!

I am looking for a lender (bank,credit union, etc.) to use for a HELOC in the Chicago area. Does anyone have any specific lender they have used recently who provides favorable terms? Thanks in advance.

@Mike Cumbie - We actually finished the fence. A handrail is something that may be in-progress though, unfortunately.

@Kevin K. - That makes sense. I have a list of repairs completed that I will provide as well.

@Whitney Hutten - Thanks - I think it's mostly just small stuff like blinds. I've heard some appraisers mention that things like that won't affect the property value since they aren't part of the structure.

 @Clint Shelley - Thanks. That's the same feedback I have been receiving from other people elsewhere.

@Steve Morris Yes - All inspections are completed.

I am finishing a gut rehab and want to refinance out of the FHA 203k loan I currently have. However, I worry I may have started the refinance process too quickly, as the contractor may be working on a few small items past the time of the scheduled appraisal. If I move the appraisal back, I will be charged to extend the interest rate lock and will have another month with a very large mortgage.

My question is - do appraisers care if there are a few items still in progress? For example, if we are waiting on blinds to be delivered, or for an exterior fence to be painted, could I simply show the appraiser an invoice from the contractor that these items will be completed in the near future? Do appraisers even care about things that small? I'd like to refi ASAP given the sizable mortgage vs what I would have otherwise. I just don't want that to negatively impact the ARV in any significant way.

Thanks!

@Crystal Smith - Interesting. I'm about 2 weeks out from completion, so probably no need for that. But out of curiosity, do you know the names of these companies off the top of your head?