All Forum Posts by: Austin Urbanec

Hello yall my name is Austin I am a new REI. I am wondering what a good lender would be for an fha loan at 3.5% down if I have a 580 credit score? I have money through my Union retirement I am planning on using for a First time home buyers loan but my credit score has me discouraged that I won't be able to find a lender. I have talked to several lenders already and they all require a 640 score.

I would love to attended the next meetup! let me know when and where the next one will be. 

What I have found to work for me is search for off market properties by using your cities Ordinance violations list. It will list the owner of the property then you will have to use whitepapers to find a number or use direct mailing. Some clients may be sick and tired of the maintenance of their property and be more open to selling, possibly via owner financing deals. This strategy has not only opened the door to possible deals and GC work but has also lead me to find an amazing mentor and investor who is very high profile in this area. 

Hello Family,

I recently started an LLC for General Contracting as well as getting into real estate investing. I strategically stated calling clients with ordinance violations with the city. Unbeknownst to me one of the people that I cold called is a co owner of one of the biggest property management company's here in Chicago. He called me in for a meeting with him and is interested in partnering up and helping me get started in both GC and REI. I'm less than a month into this this and already supernatural doors are opening. I'm not writing this to brag, I'm writing this because there was a time in my life that I was so plagued with doubt, fear, depression, anxiety and addiction that I could of have never Imagined that Id ever get out of the root I was in. So glad that today I am free of all those chains and I am so excited to see the plans that God has for me.

Jeremiah 29:11

I Moved to my own place here in Chicago October 2020. I am emplyed as a Union Ironwoker and during my off season ( January and  February ) I decided to start doing handyman work on my own to generate more income. It soon took of and I was doing jobs everyday. March 15th was a day to remember because a client called want to have some custom builds done in the upstairs of the house. I soon found myself taking on a 25k project which I planed to sub out. 

The contractors I hired out did well up until the last 3 weeks of the project. I soon found myself doing most of the finishing work as well as assuring the customer that I will get it finished right.  I finally finished but the experience for both of us was not so pleasant.

 It was the most stressful job I've ever done but he lessons as confidence I've gained from this will stay with me for life. 

Investment Info:

Single-family residence fix & flip investment in Streator.

Purchase price: $70,000
Cash invested: $20,000

This is my first property. Currently working on the purchasing, it Is currently owned by my parents. My brother and I are partnering up to purchase this property and plan to BRRR it.

What made you interested in investing in this type of deal?

It was basicly my only option. My credit is awful and I am not able to even use my Annuity fund through my union for an FHA loan at the moment.

How did you find this deal and how did you negotiate it?

It was through my parents and I negotiated Seller financing. I told them about the benefits and how this property will help us get stated in achieving our goals.

How did you finance this deal?

Seller financing

How did you add value to the deal?

I am going to rehab the property and will use it to catapult my real estate business of buying and selling. They don't know it yet but some day I will have the means to retire my parents. They have been so faithful with what God has given them and were there for me midst a time of my life I was battling a massive Addiction.

What was the outcome?

Still in progress