All Forum Posts by: Brendan Ferguson

I just completed my 20 hour course for my Illinois Mortgage Lending License and the final step is taking the state exam. Does anyone have any good studying material for this exam or have any insight on what I should focus on? My 20 hour course (I used OnCourse) offers some exam prep that I have been going off so far.

Thanks in advance

Quote from @Jonathan Klemm:

That makes sense @Brendan Ferguson...having someone on the other side of the transaction like a friend from the fire house will make HUGE DEAL!  

For sure, it will be much easier plus more understanding on the other side provides an easier place for you to learn.

Where exactly is the property at in Chicago?

The property is in Beverly.

Hey everyone,

I have potential off market deal from a friend of mine. It is 2 unit building that has potential for a 3rd unit as well.  I am thinking that if we could come up with some sort creative financing contract, we can both benefit greatly from this deal.  He still owes on the mortgage for a couple years. I was wondering if anyone has any great attorneys that specialize in creative financing such an agreement of sale, letter of intents, promissory notes, etc.? Any advice on creative financing also would be appreciated! Thank you all very much!

Quote from @Jonathan Klemm:

Hey @Brendan Ferguson - Attorneys are way more important than the title company in my opinion.  Happy to connect with one of our Chicago attorneys.

What is the exact situation with the building and your friend?

Hey Jonathan, thank you for reaching out. He is a good friend that I work with at the firehouse who has been interested in selling his property to me ever since I mentioned wanting to start investing in multi family property. He has owned this property since 1999 and still owes money on the mortgage and we are interested in learning of a way to benefit the both of us instead of me using an owner occupied loan.

@Jonathan Klemm @Zach Shepard

Hey guys, was curious if I could get some info from your attorneys and title companies you would use for subject to/seller financing deals. I have possible deal I could make happen with a friend of mine with his two flat in Chicago. Would love to get a win/win deal structured for the both of us.  Thank you

Quote from @Crystal Smith:

Quote from @Brendan Ferguson:

New real estate investor. I am looking to start my real estate journey with house hacking small multi-family property.  I am limited to house hack only in Chicago because of my job with the Chicago Fire Department. Excited to get my real estate journey started.  

 Good luck on your real estate journey. I was surrounded by employees of the Fire Department in Beverly.  During your journey make sure you check out the special mortgage programs available for first responders.  

 Awesome, I did not even think about special mortgage programs with first responders. I will definitely look into that. Thank you. 

Quote from @John Warren:

@Brendan Ferguson welcome to the forums! You are in the right place to meet folks to help you along the way for sure. You will find a lot of great areas to invest within the city, so I don't even think you are limited! 

Have you started attending meetups? You can find a great list at the Neighborhood Building Owner's Alliance website. I host the one in Oak Park, but most of these are in the city. 

About / Members – Neighborhood Building Owner's Alliance (nboachicago.com)

 Just signed up for 2 meetups this month. I will take a look at your site to see if I can attend any. Thank you

New real estate investor. I am looking to start my real estate journey with house hacking small multi-family property.  I am limited to house hack only in Chicago because of my job with the Chicago Fire Department. Excited to get my real estate journey started.