All Forum Posts by: Allen Bosbyshell

I've been reading up on a lot of "no to low" money down strategies for buying rental properties. These strategies sometimes involve using credit for the down payment, you usually need to refinance the entire property 1 year later in order to pay back the credit you used for the down payment. Obviously if the refi LTV is 80% or lower there would be no equity to take out. Do refi loans with high LTV (90% and up) still exist? If you know someone who offers that product, please raise your hand.

Noel, I have purchased buildings on the Southside with some success. The best perspectives on this would be property managers who focus on the Souhtside, since they know the actual expenses. Send me a message if you'd like to chat more.

Housinghacking in Chicago with an FHA loan for $250K... Is it possible? Yes, it's possible! But how?? I am looking to buy my first property as a two or three flat in Chicago, IL. I am using an FHA loan and with a max purchase price of $250K. What areas should I look at? Where can I find these deals?

So far I am approved with multiple lenders. I have an agent, though he is not he best match for an investor. I have toured multiple properties on the South and West sides that are FHA passable. Nothing that I can imagine great tenants would want to move into.

Chase bank has a program that offers $10K DPA for the 10 neighborhoods in the City's "InvestSouthWest" initiative. The City also has a $15K incentive areas in certain blocks in certain neighborhoods. (The neighborhood that has really caught my eye so far is New City "Back of the Yards"). I will also be using IDHA's fogivable $6K loan.

My question is really, where should I look? How should I conduct my search? What are the potential trade offs between more bedrooms versus nicer area, etc. I would love to set up a phone conversation if possible.

Thank you.