All Forum Posts by: Andrew Lisi

@Michael Warneke Welcome to the site. You will find an abundance of resources and people willing to help. 

@Drew Castleberry thanks for the tip!

@Marvin Anaya yeah, we want to stick around the Northside for the community we've built here. I'm thinking we just have to fight hard to find the one. Thankfully it's only one.

Hey everyone,

I've been getting a ton of great advice so far, in particular from @Brie Schmidt, who, if you're in Chicago (the city, not the "land"), you have to connect with her for all things buy & hold. She's a pro, goes above and beyond any questions I ask, and she's uber responsive and engaging.

Brie has answered this, but I thought I'd throw it out there to other folk:

I just got pre-qualified for an FHA loan, have run some numbers of some properties, and received some from Brie. All in all, it looks nearly impossible to have positive cashflow house hacking on the Chicago northside with an FHA, unless I made some sacrifices I don't think I can make with my family.

All that to say, I'm wondering what my expectations or goals should be for our first property if any of you have had similar experiences or know others who have. 

Thanks all!

@Andrew Bosworth

You're totally right. My wife and I have been dreaming together about what it would look like making this a family business. As we talked I realized that there are so many aspects to life that I don't get to expose our son and future children to because I'm off at work. It would be great to bring them to the "office" everyday and so they can play a part in it all. It's a great education they could never get in class.

@John Casmon

Thanks for the words. North Center is a great spot. It would be great to connect with you like @Tyrone Jacksonsaid! I'd love to know the process that you went through to get to where you're at now. 

@Jeff McCaskey

Wow! Thanks so much for all of that. All of the questions to consider are great. Currently we do have a decent amount to put down, but not 20%. Also, we are looking primarily at multi-family, 2-4 units, in north Chicago. We are trying not to leave this community. I would want to get this strategy down right before venturing into other areas, though I have a number of friends and mentors in commercial real estate. 

The help we've gotten thus far has been great, both from here and some folk we know. Thanks so much for yours!

@Benjamin Blackburn

 Thanks for reaching out man. That's great that you are in the same boat as me. The feedback on this post in particular has been super helpful. Regarding books, I'm reading Rich Dad, Poor Dad and pretty much all the stuff that has been thrown out on this website. I feel like it's all a great start and I've also been connecting with folk here. 

Keep me posted!

My wife and I are seriously considering jumping into real estate, thus being on this website. I've started reading a bit and we're hoping to purchase a multifamily unit here in Chicago as a "house hack." One concern I have is that we have a 19 month old now and another one on the way in October. I'm wondering if any of you have dealt with starting out while also having small children. Any advice? Also, any of you out there think this is just a bad idea? 

Thanks!

@Brandon Hall

Thanks for the explanation. To the best of my knowledge, we do qualify. We have never owned a home or had any interest in an owned property. We are the very definition of first-time homebuyer, but with so many tax codes out there, I'm sure there's a way for us not to qualify. That's why there are smart people like you to give me confidence. Thanks!