All Forum Posts by: Arturo Perez

Nice work. But to answer your statement

"It's hard to pin point a single thing that helped me the most."

it was this:

"Found another house 10 minutes away that was turn key and somehow
convinced my parents to front the down payment with a payback structure
of 10 years at 0% interest. Parents are the best"

Not everyone is this lucky

@Lumi Ispas, Thank you so much for your valuable perspective. Buying a property will allow me to build equity and use that money to purchase more properties down the road. My lender told me that the income from the rentals can only be used in a future loan, but not my first loan to buy a 2-4 unit. I was disappointed to hear this since multi-units under $250K are in the least desirable neighborhoods, where I would not like to live in.

Is a 203K loan a good option for a beginner like me? At least my lender is open to walk me through the process and finding the contractors, etc. Or should I just focus in buying a 1-2BR apt for myself and then get creative after building some equity

Thank you Matthew! Wow, looks like I steered clear from a potential bad investment. I visited the property and while the building itself looks very nice the block left much to be desired. There was some new construction going on next to it, in front and across but also noticed a few abandoned for sale properties, and the area looks shady. I'll look at those areas mentioned. Thanks again for your input.

Hi again Jeff. Thank you for your input. I am open to all those areas mentioned and I have been looking. I am pre-qualified for up to $250K property. This would make sense for me in a multi-unit but not on a $250K home since the payment/taxes is out of my budget. At time I can afford up to $1500-$1600 a month payment on a 3.5% or 5% down payment loan. My plan is to pay as quickly as possible to re-finance to conventional mortgage in 1-2 years. I almost pulled the trigger on a 1BR apt in Lincoln Park for $229K but it was just outside of my spending capacity, I would have become house poor and my goal is to buy investment properties in the near future. I'm looking everyday I have an agent and a lender (not broker) helping me out. The lender is friends with people at work and he has been a good resource since I pester him with questions every week, I have not met him in person but we talk on the phone a lot. Seems like a very trustworthy person.

Hi Jeff. Thank you for your input. I'm glad I posted the question here because it gives me some perspective. I'll continue to look in the areas you mentioned. I have not found something in that price range in Little Village but I'll try McKinley Park/Brighton Park area. Thanks a lot!

Thank you so much for your input. I have actually been considering all your points and a C/D property might not be the best idea for my first investment. Considering I do not have a lot of cushion should something go wrong early on. My other idea was to purchase a multi unit in a solid area where I can move in and rent the other unit out. I think I am leaning more towards this route now.

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Hi there. I am a new investor looking to get into rental units in the Chicagoland area.

I need an advice; I am currently renting in Chicago IL. I have a stable job, I could be re-assigned out of state in the next couple of years, but if I don't I have no problem living here long-term. I am in the Old Town area, very close to downtown, my rent is $1260 per month and includes most utilities and even parking. This is a great deal and I really like where I live, unfortunately these are apartments and are not for sale. I have looked at similar properties in the area and they are well outside of my price range, so I think I should continue to rent for a year or 2 and look at investment properties. Talking to a few lenders and financial advisors that I met through friends, they all recommend that I buy so I start building equity before I start getting into rental investments. What do you guys think? Is this wise advice?

Hi guys! Thank you for reading my post. Any advice would be greatly appreciated. I am a "learning investor" (own a rental property in FL) but it has been 4 years since I made that purchase, which I still own. Please let me know what you think about this potential investment.

I am currently looking at 2-flats in the East Garfield Park and North Lawndale area. I understand this is not the most desirable area and the crime rate is high. However, there is talk that this area could re-develop in the near future. This would be an added bonus as I am more interested in the cash flow from rent.

The current deal I am looking at

Building type: 2-flat with finished basement and 2 car garage (garage is 6 years old).

Neighborhood: North Lawndale

Listing Price: $150K with 2 car garage.

Taxes: $3600 per year est.

Building condition: turn key. Furnace/Heater/Plumbing 8 years old. Already visited unit, looks good in and out. Will do an inspection.

Rental: $1100 currently rented unit 1 (they use basement). Renters are section 8, have been living there 8 years. Unit 2 vacant, can be rented for $900-$1000.

Please let me know what you guys think, if this would make sense for an "learning" investor or if I should stay away from the area, etc. Comments are greatly appreciated!