All Forum Posts by: Cristina Gonzalez

Hi everyone!

I've been looking around Garfield Park and I think I might be seeing some potential. There are plenty 2-4 unit buildings w/ super low prices but are in dire need of rehab (of course).

Being that the area is very close to downtown and boasts the Garfield Park Conservatory, I have (a little) hope that the area will change for the better.

On the other hand, I think it could take generations for that area to truly transform.

What are your thoughts on rehab projects in this area? Is it too early to get involved?

Would love to hear your thoughts!

Erik Johansson and Matt Roder with bemortgage do FHA all the time. They have awesome reviews as well. Those are my go-to guys in the industry.

I also agree that looking into Home Possible would be a smart idea. You can get a grant to help you cover costs.

Hi Charles, 

If you are looking at putting 15%+ down or more, you shouldn't have any real issues with securing a 30 year fixed investment property loan. If you have any additional questions, feel free to PM me as well. 

Hey Seedartha,

Look into Ravenswood and Lincoln Square areas. Some homes are new construction and in the $800,000-1 mil range and others on the block are older, need rehab work and are likely to appreciate in value given their lower acquisition costs and all the other gorgeous homes being built in the area.

Also, great elementary school district! Only 6 miles or so from downtown area.

Hi guys!

Has anyone here had experience with down payment assistance programs or more specifically, IHDA (Illinois Housing Department Authority)loans?

Most of the lenders in my network have not done any of these programs and I was wondering how it could work for a first time homebuyer planning on purchasing a 2 unit? (Living in one unit, renting out the other)

Of course, with these programs come income limits as well as purchase price limits. I read that in Cook County, you could qualify if you make less than $80,000 (as a single individual) and get up to about $400,000 loan amount.

I'm also wondering how this could affect someone's ability to get traditional financing for other investment properties in the future.

Thoughts?

Luke, 

I would advise against getting a condo for first-time investment purposes as well. Again, this is mostly a matter of preference and risk aversion. Based on what you've shared about yourself, you might be able to qualify for an FHA loan or FHA 203k (financing for the purchase & rehab). I would recommend talking to a loan officer about those FHA options. You would "have to" live in one of the units, but you could rent the other units out.

Any time you manage more than a couple units, you're basically running a business. It could suck up a ton of your time but given due diligence and research, you can easily find a property that is currently cash flowing and has tenants in the building. 

I hope this helps!