All Forum Posts by: Byron W.

Try turo.com. There may be someone near you renting out their car. I've been using it for years. Some of the car owners even offer free delivery. usually costs less than using an Uber all day or renting from one of the big named companies. And you of course get the car all day.

Does anyone have any suggestions for an agent familiar with the south side of Chicago and works with multi-family properties? 

Hey everyone! I'm looking to apply for a loan and possibly use the Home Possible program with 5% down to purchase a duplex property to live in and rent out the other unit. Is my current 693 score too low or will it cause any issues with the loan process? 

Sidenote: I have a 7 year old charge off that's due to fall off of my credit report in October. However, I was hoping to purchase a home by the summer of this year. Do I have to wait for that to fall off? Any help/advice would be appreciated. Thanks!

Some background: I never keep a revolving balance on any of my credit cards. I don't have any debts apart from student loans. I have some old charge offs - 1 is 7 years old the other is 5 years old. I always make my credit payments on time.

Thanks everyone! I didn't even know the Home Possible program was a thing. After researching it, that's definitely what I'd prefer to do. @Jeff Dulla @Michael Facchini I shot you both messages. 

Hello everyone! Chicago native here. I'm looking to apply for my first home loan and buy my first multi-family property using the FHA loan. Does anyone have any recommended banks for first time home buyers? Please let me know. Thanks!

Originally posted by @Account Closed:

You want to borrow $300 k so you can get supplies quicker for a business that makes no money?  Please run this by Dave Ramesy before you proceed.

 You read that incorrectly.. So apologies for the confusion. The mortgage amount that I'm looking to get for my future home is $300k. Not the line of credit. 

The business income should really have nothing to do with my question lol. So apologies to everyone there. I'm mainly concerned and wondering whether or not I should apply for a line of credit so close to applying for a mortgage.

Originally posted by @Mateusz Prawdzik:

@Byron W. Most times banks want to see that you have atleast 2 years of holding and running the business in order to judge what kind of line they can give you. Your info seems to be good as to what they look for, but I think that the business income isn't too great for you to get anything significant as far as LOC goes.

The LOC will be a personal LOC. The bank won't be informed about my need to use it for my business as I know the current income isn't enough to warrant an approval under the business.

I have a very small business that I'm looking to expand upon. Currently I'm only grossing about $600 per month. However, I would like to expand my services by opening up a line of credit with a bank that would allow me to get supplies quicker and increase my monthly income for my business. I was planning on applying for a mortgage in about 6-7 months from now. Should I avoid applying for the line of credit for a better chance at being approved for my house loan? I've been avoiding applying for new credit cards or any other hard pulls on my credit in the past year in preparation for applying for my mortgage

Bit of info about me:

Current salary: $90k

Mortgage amount I'm looking to get approved for: $300-$400k (duplex or triplex home)

Credit score: 720

Any help and advice is appreciated!

I'm looking to record video conferencing for my job and I like the split screen look that BP uses for its podcasts. Does anyone know what software offers this feature? I've had a hard time finding something. Thanks!

Is anyone here using a unit in their duplex, triplex or renting out areas of their SFH to Airbnb regularly? It's something I've been giving a lot of thought and I'm interested to know what the numbers are and how it's working out for others.

- How much is your mortgage on the place?

- How often are you booked?

- What is your income from the Airbnb (before/after fees)?