All Forum Posts by: Erin M.

@Account Closed Have you had any luck with the FHA 203K loan experience? I am also located in Chicago and I'm thinking about utilizing this type of loan to rehab a multi-unit building. Have you worked with and FHA loan approved contractors? If so, what has your experience been like?

@Martin Neal, Thank you for the detail post! I am a newbie in Chicago and benefit greatly from reading your outlined experience. Have you ever used a FHA loan / FHA 203K loan or do you focus mainly with the BRRRR approach?

@David Flores Great question, I am in the same position as you right now.   I will be buying my first property soon, and I'm looking for a 2-4 unit multifamily that I can live in also.  I'm looking for a housing hack scenario where the renters will pay all/most of the mortgage payment. The goal is to continue growing real estate portfolio with additional properties.   

@Bjorn Ahlblad - thanks for your advice.  How much money would you recommended having in reserve?  10K? 25K? or more?     I am trying to decide how much of my cash on hand to use for my down payment.   For example, let's say that I have $150K in cash.    What would be reasonable to use for a down payment vs. keep in cash for reserves (and down payment for my next investment property)?