All Forum Posts by: Deonte Palmer

I am looking to purchase my first multi unit property I have 7k saved up to do it and I qualify for the fha loan. I just have 3 questions.

1) I have a move in date on a apartments with my current girlfriend and the move in date is June 1st I mention that because, I was wondering about the residency requirements as far as the property is it a way around it or is best to just live in the property for 6 months.

2) I had one pre qualification down and I plan on doing at least 2 more before my window closes and my credit takes the hit. What would you recommend when shopping with lenders what questions to ask, and just how to be efficient as possible.

3) Lastly, when I spoke to the lender he mentioned a 203k loan to me I’ve been watching YouTube videos and just googling as much info as possible. But if anyone is willing can you drop some personal stories involving it.

Thanks in advance for input and help. Wish me luck!!

@Dimitra Z. It’s depending on your why, if you want cash flow then invest in duplexes, triplexes and property of that sort. You can also find D+ or C class properties in a B class neighborhood add repairs and see good cash flow. But for appreciation single family houses are the way to go. So it’s really depending on why you are investing in real estate.

@Dimitra Z. For sure and if I’m not mistaken Maywood is also going through gentrification. I was riding down 25th saw the multi family properties being built and a dispensary.

@Dimitra Z. I’m not sure if you heard but bronzeville has just approved a 30 million dollar development for a esports arena so I would be looking there. I am also a realtor and I have wholesale deals in the Chicagoland area reach out to me if I can help you with anything. Good Luck!

@Benjamin Aaker Appreciate it I knew it was in residential category just didn’t know about evaluating the property.

@Justin G. I figured I was over thinking it appreciate it.

@Jonathan Klemm scheduled for the 27th. Looking to wholesale, list properties and build capital and buy a multi family property and house hack and going up from there.

I am currently about to makes the moves to buy my first fourplex to house hack. I started wholesale and use my acquisition methods to find my property. I have two questions and I thank on advance anybody that gives their perspective and advice.

1) I don’t know if I’m looking from the wrong lens but are you supposed to use the income approach method. Or would I use the comparable method to find the value?

2) how would annalyze a great market I know it’s my first property I only need the 20% equity to be satisfactory for me. So would makes a great investment market?

@Soh Tanaka it’s great advice I do have to ask do you know any sources that will lead me to that info. Or share where do you look to find certain things?

@Jonathan Klemm the suburbs of Chicagoland is my market and where most of my cash buyers are currently. Appreciate the encouragement, been studying for a month straight scored a 90 on a practice exam from AMP.