All Forum Posts by: Elsa M.

Hi everyone, I know this is a silly question but, do you guys prefer brick over a wood frame multi family? I really like brick, but they are a bit harder to find within my price range and there seems to be more wood frame properties.  What are your thoughts? Should I wait until I find brick? The 2-3 unit properties I find in Chicago are mostly built in the late 1800's to early 1900's.  What are your thoughts on wood frame properties? I plan on keeping and renting for the long haul. 

Thanks!

Thanks for the advice @Shawn Mcenteer!

Hi guys, I soon will be purchasing my very first rental property. It will be a multi family and I will be living in one unit, then moving out and purchasing another. My question is.... I had one realtor suggest that I purchase it with a conventional 5% down first, then a year or two later move out and purchase another owner occupied multi family, with an FHA loan. I was told that if I buy my first property with an FHA, I would not be eligible for a 5% down conventional loan once I move out. I understand that I can only have 1 FHA loan at a time. What are your thoughts?

Thank you everybody and @George Skidis for taking the time to respond to my simple question : )

Thank you @Christopher Finn, your advice is extremely helpful! 

Hi everyone, I'm from Illinois and will be purchasing my first rental property very soon. Where do you guys recommend finding tenants? And what paperwork do I need, as far as lease agreements, applications etc.. And where do I get it?  Can someone please list all the forms I will be needing as landlord?

Thank you in advance!

Elsa

Thanks for all the great tips!

Hi BP community!

Quick question, What do you guys think about investing in condos? Is it a good or bad idea?   I will soon be buying a duplex and will occupy one unit.   Looks like most investors are purchasing multifamily properties, and I thought about only buying multifamily but they are so hard to find and the ones I can afford need work that I don't want to invest the time and money to do so( I know there are loans you can get to help with rehab, but still.)

On Realtor.com I see soo many condos and town homes at an affordable price and much better condition, I am thinking about only purchasing these types of properties. Is this a bad idea? What if I am able to get a decent cash flow and ROI on these properties, should I go for it? Or should I stick to multifamily units.

My goal is to have no mortgage or very low mortgage, and accumulate $1M+ in net worth in 10years.

What to you guys think? I have a friend in real estate who is advising me not to go with condos cause the cash flow isn't there. Btw she is a newbie as well.

Thanks for your input!!

Thanks @Steve Vaughan and @Wil Reichard, So if I am not planning on doing the BRRRR method, because I don't want to deal with all the rehab that will be needed, how else would you go about it, given my situation?

Hi BP community, I'm seeking everyone's advice. My goal is to generate $6,000 a month in cash flow in 10 years so I could have the option of quitting my job if I wanted to. I'm hoping to purchase my first rental property this year, I have enough for a down payment on a 2 flat (FHA loan) plus a couple thousand for reserves, I plan to house hack.

I have a W2 job, making 50-60k a year. I'm am able to save 1,000 a month.  I do not have any loans nor debt, my car is paid off.  I am currently renting, I do not own a home and I live in the Chicagoland area.  My goal is to generate 6k within 10 years with the LEAST amount of properties!  Do you guys think this is doable given that I would need to put down 20% on these rental properties? 

Any suggestions? How would you guys go about it? Or would you recommend single family homes because the down payment may be less than a multifamily?

Thanks for taking the time to help me out everyone!