All Forum Posts by: Daniel Madrigal

My mom is essentially selling her condo to me at half price. I'm currently living in it and am planning on doing so for at least few years.

I would like to tap into the equity left over to invest in a future property.

When I spoke with the lender they suggested we could do a sale now with a 50% gift of equity down payment. This would come with higher fees about $6k or so, or he suggested my mom could put me on title and after 6 months they could do a cash out refinance under just my name. This option would have less fees.

What should I do? Even though I want to take action now, I feel like I should wait the 6 months and do a refi for 85% or whatever they allow. If I do the sale now wouldn't it take longer plus a seperate loan to tap into the other half of the equity?

Thanks in advance

@Marcus Auerbach thanks for posting those stats. Good to know!

Hey @Bernard Laureus,

Sorry I don't have a good referral for you. I'm also a newbie investor living in Rogers Park so I thought I'd stop by and introduce myself. If I run across a good agent I'll let you know.

Hi @Eudith Vacio thanks for the support. Feel free to send me info on how the Southside market is looking these days.

Hi @Scot Howat I'm currently living in Rogers Park.

@Dmitriy Fomichenko thanks for the tips. Very helpful.

@Tony Angelos Thanks for the advice, I'll be getting out there to network as much as I can. Luckily I'm pretty good with people.

Hey thanks for the welcome and advice Rj. I'm actually headed to one tonight.

Hey everyone I just wanted to stop by and introduce myself. My Name is Daniel Madrigal and I was born and raised in Chicago. 

I have little personal real estate experience. I have as Kiyosaki would say been an E my whole life and my goal is to transition to an I.

I currently am working two jobs. I am married and have a one year old daughter. I am looking to secure a stable financial future for my family. 

I have been soaking up all the information I can. I have been listening to personal finance podcasts as well as taking action. The BP podcast of course, I have been reading, well listening to audiobooks and have been lurking around the BP forums for about a month. 

I am looking to network with people in Chicago, obviously it's where I live and where I want to start. I am dedicated to work hard to achieve my goals and hopefully I can help others along the way. 

I am primarily interested in the Chicago market but also interested in Milwaukee. It's where my mother lives. I am open to all strategies that get my foot in the door. I am open to explore other markets as well in the future. Perhaps Indiana or wherever this journey leads.

I have personal obstacles and issues to overcome that I'm sure will make things more difficult for me opposed to others, but I have overcome many things in my life and am not afraid of hardship and sacrifice. I am thinking I will need to get creative.

I look forward to learning from and working with you all who would be interested in working with me. 

Thanks