All Forum Posts by: Emanuel Escarpita

Hey Peter, welcome to Chicago REI game.I am a younger investor here. I would recommend starting off with duplex- quadplex. (house hacking). You get great hands on experience on the day by day operations of small multi units. Best of luck!

Feel free to reach out with any Questions!

@Taylor Thompson, I would definitely recommend house hacking. Look into getting into a quadplex with a fha loan. Best way to live for free and get a return on your money. Also you will get some great land lording experience. Best of luck on your first deal!

@Sue Hough

Thank you for this thought out and very knowledgeable reply!

Sounds good! Thank you!

So i found a place that has separate electrical. Also is is zoned for a multi unit. What now? What would be my next step? Any feed back would be greatly appreciated! 

I would definitely recommend  having a professional photos taken. It helped Attract many more tenants then the terrible photos I had taken! At the very least if you do decide to do this on your own. Do Some research on what makes a photo a good one. 

I know people who rent illegal units and have never had a issue as well as people who have been shut down and fined. If you’re relying on the illegal units cash flow, i would not recommend proceeding. Possibly think about renting it out as storage/ install some coin operated laundry machines. Best of luck on your first deal!

Sorry meant home equity loan as the 2nd option! Thanks you!

Little back ground about myself. Bought a 2 unit building back in September 2018 with a FHA loan. Put in a bunch of sweat equity. I now have about 100k equity. Is now a good time to invest for a new investor? What's is better, a HELOC or home equity line of credit for this situation? I'm in Chicago il and there are some great looking, cash flowing properties at this time! Any feedback or suggestions will be greatly appreciated! Thanks In advance!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Chicago.

Purchase price: $380,000
Cash invested: $32,000

2 story with basement, drive way in back and 2 car detached garage

What made you interested in investing in this type of deal?

Financial stability, also want camaro ZL1 in the future haha.

How did you find this deal and how did you negotiate it?

Found it on Redfin.com. Had and inspector come so I did get some good credits back.

How did you finance this deal?

FHA 15year loan

How did you add value to the deal?

Kitchen and bathroom remodeled on 1st and 2nd floor. Basement completely gutted and remodeled.

What was the outcome?

Have yet to get there.

Lessons learned? Challenges?

Should of listened to more podcast and read more books. Do your homework!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No