All Forum Posts by: David Walker

@Nathan G. Uea my father and brother are pretty reliable. I figure also I won't I will be living mortgage free with my father n law while we take care of him. I plan on saving during this time to buy a two or three flat and eventually get another house for myself.

@Jenni Utz I going to go that route. Thanks alot for your insight.

Hello all I have a question on renting out my current property that I have been living in for eight years. My father n law is getting older and needs help with his health as he lives alone. My wife and I where thinking of rent our current home to my father and little brother who are punctual when it come to their finances. We where going to temporarily move in with my father n law and save for another property for investing etc while taking care of him. I would like some input or suggestions on this.

Thank you

@Byron Anin I was thinking the same thing. I'm in Chicago and I'm looking at Wisconsin right now.

Hello Everyone

I currently own my primary residence in Chicago in which I got the house for 175k and I currently owe a little under 120k. I have been in my home for eight years and I want to invest in another property to bring in cash flow. My plan in my head is to buy and hold and pass down these properties to my children when I'm gone. Should I look into the getting a HELOC on my current residence for a down payment on another house and rent out the one I'm living in now ( My Father and brother plan on renting out my original home)? Or should I put money in a saving account and use the money I get from my W2 to put down on another property? Any advice will help.

Thanks in advance !

@Jonathan Klemm I see what you mean.i was wondering if it made a difference if I brought investment properties through a LLC would I be able to get more properties than getting them through personal due to the Debt to income ratio rules. I'm currently in the Belmont Craigain neighborhood and I am interested in getting a investment property in the neighborhood first then branch out.

@Tom S. Thanks alot I have always wondered because currently I only own the home I live in that I brought when I was 22 years old. I been here for eight years now and looking to build a empire through real estate. I never refi the loan or anything so I was thinking maybe get a HELOC for the investment property since I have equity in my home. I'm the first one in my family to ever buy property so I'm trying to learn as much as I can and have I create cash flow.

Thank you all for your insight it is really enlightening. When it comes to have more than one property won't they reject me because of the debt to income ratio. I'm trying to get started and trying to figure out how to navigate and start having rental properties and eventually get myself a bigger house. I live in Chicago I don't know things are different everywhere else. 

I currently have an single family house in which I live in with my wife and kids. We want to start to buy and hold property for rentals. Do I need an LLC to start out ? I would also like to know how do you keep obtaining properties with more and more mortgages? How do people have more than 3 to 4 properties without getting rejected by banks?