All Forum Posts by: Account Closed

Hi,

I recently started calling potential hard money lenders in the chicagoland area. However, most of the information I've found online is not accurate.

Could someone please recommend me any good hard money lenders in the Chicagoland area? Any help and advice would be greatly appreciated.

Dan

Thank you everyone for your help, especially to you @Brie Schmidt for giving me such a detailed answer. I believe this would be a conventional loan and I was planning on moving to the property after the lease expires (April of next year). I decided to not purchase the property to avoid all the potential legal consequences. 

Thanks again everyone. 

Hi,

I'm very new to Real estate and I'm thinking about buying a condo here in Chicago. I'm quite aware most lenders won't finance an investment property unless I give a 20 % down payment. 

I want to give a 5-10 % down payment on the condo I want to buy. My real estate agent found me a lender who could "work things out". After speaking to the lender, he told me he just won't tell the underwriter the reason I'm buying the property unless they asked so technically the underwriter will assume this property will be owner's occupied. The lender has been in the market for 15+ years.

I wanted to know if this is common or if there are any legal consequences? Last thing I want is to sign a contract and then lose the earnest money. Any advice would be greatly appreciated. 

Dan

My apologies, it looks pretty crappy to read all those numbers. 

Property price- 100K

Loan-80k 

Rent/month 2,600

Gross potential rent- 31,200 

Vacancy- 3,120 (@ 10 % of gross potential rent)

Management fees- 2800

Net Rental Rev- 25,280

Mortgage- 5,148

Taxes- 3000 (perhaps I'm being very optimistic)

Insurance expense- 1,800

NET CF= 15,320

Hello everyone, 

I'm new to the forums and I recently started reading more about real estate. I have seen a few properties that I like, and I hope someone could provide some advice analyzing this deal. 

This is the property I'm planning on buying. 

http://www.realtor.com/realestateandhomes-detail/3...

This property is located in Aurora,IL, it's a suburb 40 minutes away from Chicago. Here are my cashflow estimates:

I'm estimating an NOI of $25,272. I'm not an expert, so if I'm missing something (perhaps I should add more items under expenses) please let me know.

The net cash flow of the property is 15,324.00

My main concern I have is underestimating expenses and overestimating rent. Does anyone has any tips on estimating rents for an area? So far I've gone on craigslist and check comparable properties. The vacancy rates are also estimates, but I'm hoping a property management company can give me a more accurate estimate. 

I really haven't looked at the property yet. What are some of the most common repairs you do on a property after buying it? 

I'd really appreciate any piece of advice as this would be my first time buying a property.