All Forum Posts by: Chris Winslow

@Matt Szablowski congrats on saving that down payment up and getting into the game! I would absolutely pick option 1 over option 2 but as a few people mentioned here, in that area it would be best to either bump up the purchase price or cover a larger rehab budget.

If you're willing to consider other areas then you may be able to find something that works on the west side of the city around the pink line tracks in little village or nearby spots which would pretty much be c class areas

Hi @Oladimeji Sonibare, people structure these all kinds of ways so it's really up to you at the end of the day but a common structure is one partner funds the deal and one partner manages the deal and then all profits are split 50/50, good luck!

@Jonathan Klemm that's awesome, I'll come out if I'm free, would love to see it

@Justin Campbell I think it could be good but definitely make sure that you have all the details figured out on who does what/owns what and the plan moving forward.

Also this should go without saying but make sure that this is somebody you really trust and would actually want to work with vs just because they are there. I'd also recommend talking with a lender to make sure that all of the funding/structure makes sense.

That being said, it could be a pretty cool option for you, good luck looking more into it!

Connect with @John Warren, he's the best

@Trent Johnson

You can get a *heloc* on an investment property, asterisk because it's not really your personal home you're more getting a loan/credit line based on an asset. But either way there are banks out there offering 70% LTV on investment property

@Bianca Rodrigues

After a lot of researching and saving up, I got into real estate with a low down payment house hack that needed very little work. With the combination of getting a higher paying job and eliminating my rent payment I saved up a bit quicker and was definitely ready to get the second house hack and even support some rehab when it came along.

I'm planning to continue this cycle in addition to saying up in the background until I can support full down payments

@Mohammed Milord

I would recommend selecting a lender that is local to the area that you will be investing in and here's why:

- Mainly they know the market there

- They can help guide you in determining if something is a deal

- They know specific rules in the area

- They know what works there and what others are doing

- -They can connect you with other investors and other contacts in the area

Hi @Ralph Atansuyi it can be tough to find great GCs or contractors for relatively small jobs, my recommendations are ask your network of friends and real estate investors, check local community Facebook pages and see if you can find people helping around the neighborhood on various jobs or actually doing GC work, and also check on thumbtack and post your job and scope of work

@Alex Shapiro I second what @Henry Lazerow said. Different markets but where we are it's super common to see houses this age and a lot of people do well with them. The good news is a lot of them do have good bones and are built solid.

That being said newer is great if the numbers work out but it's tough around here, I even get a little bit excited when I go to see a property that was built in the 1950s