All Forum Posts by: Ana Maria

@Jonathan Klemm Hi! Yes both are in similar conditions so I believe the rehab work will be similar efforts but also I am no expert. My attorney and I were also discussing of renting it out for the first year or so hoping that lumber prices go down and also gives me time to familiarize myself with the process and then jump on the rehab project. He also pointed out that there would be some tax benefits if we do it that way.

@John Warren Those are very good points! The agent of the Berwyn property mentioned the point of sale inspection and that was the first time I have ever heard of it. So definitely different process.

@Scott Lewis Yes it would be more medium/long term because west humboldt park is not 'HOT' yet-compared to east humboldt park. I see some nice houses going up but very few so rather keep it until it is a hotter market. Definitely open to connect and discuss future partnerships or just bounce ideas from each other since I am also new to this. 

@Crystal Smith - Thanks for the help! By looking at numbers of days on market, it looks like Humboldt Park is a better option.

@Paul De Luca - going with my gut on Humboldt Park! Plus I live in the city so it is somewhat closer to me.

Hi! I am trying to venture out and buy my first single detached house to rent, rehab and sell. I have experience with with condos in the city buy and renting out but do not have experience with single homes nor rehabbing. So I am excited to venture into this new project but I am aware that I will have to roll up my sleeves and I will have tons to learn. So far, I have two offers accepted by the owners AS-IS condition one in Berwyn and one in Humbold Park. Both homes are similar size, condition and price points (it matches the comps as well). Do any of you have any tips or suggestions on which would be a better investment?  

Thanks!

@DuBois Othero Toy Congratulations!

I purchased my first investment property a year ago and I had same questions as you. Luckily, I was recommended to use Transunion MySmartMove and I think it was very straightforward. Aside from it, I highly recommend to ask for proof of funds- bank statements/credit card statements 6months to 1 year, W-2 and or copy of paystubs. Also, always verify employment - a call never hurts.