All Forum Posts by: Eddie Shah

It all depends on your creditscore and the type of property u are looking to buy; I have used quicken loans on two of my investment properties and rate varied in the past year.

Try bankrate.com a good website to test the market or lendingtree.com to have banks compete foryour business.

Hope this helps!

let me start by saying that south side of chicago has pockets that can give an investor real good returns. I am closing on a deal that i paid out of pocket 16k and the place is already rented out and will give me 900 bucks a month after mortgage , tax, insurance without section 8 tenants.

You should also check out North side by the borders of evanston as there are some multi-units that can give u 10% cap rates.

Also people are taking about evictions; i dont believe that it takes 8 months to get the tenant out; i have had 4 evictions in my properties in 4 years and it took me 3 months.

You just have to do your research (drive around , talk to folks living there etc)

There are good deal you just have to work hard to get them.

In my experience if you can get these properties for 20% below an estimated appraised value that would be a good deal. You can look at past 6 month sales in redfin.com and see how that trends. Also being an investor in chicago i bought properties only that could give me 10% cap rate period.

Hope this helps.

I have a question around Joint ventures. I have a property under contract and its a short sale and will be another 3 months till i get some traction. Is it possible to add someone to this property as an investor when the short sales gets approved.

Will this be a new contract if i had another investor ?

Any help will be appreciated.

Thanks

Eddie

Yes i am from chicago. I currently have 15 rental units that i accquired in the past 3 years; i need partners that can bring cash to the deal including me. I have done minor rehab work but not major. I cant say anything about the structure till there is a particular property we are looking at; deal size is upto 100k. Hopefully this gives you some clarity.

I am new to this website so dont know where to look for investors with similar backgrounds that i have.
I am looking for someone that can bring cash to the deal with either 50- 50 cut on a rental/rehab properrty or anyother proportion with me. Deal size from 50 - 100k
Any input will be much appreciated.