All Forum Posts by: Eudith Vacio

There’s a ton of opportunity in those areas, and if you’re open to a rehab, even better! 😃 

Hey Anthony! 👋🏽

I would highly recommend joining a local Facebook page in those areas and inquiring on those pages. I'm sure you will get many more responses there than on here! but best of lucking finding a contractor, good ones are gems 💎

I think most women desire to have financial freedom but it's difficult when you have a family. I am a real estate agent + I'm in the middle of a gut rehab and it's hard to balance all of this with family ( kids + partner)

Hey Vijay! 👋🏽

Where are you looking to purchase your building? I can definitely help you as I work with a ton of house hackers. 

@Rance Smith WOW, this is wild 😩 -you're a great writer BTW, definitely had me on my toes with the storytelling. Sewer issues in Chicago are very common which is why I ALWAYS recommend / almost require my clients to get them done + if there's trees in front or in the back of a property, there will almost always be plumbing issues + needed rodding. 

I live & invest in Chicago but recently have turned my head towards Northwest Indiana because of the landlord friendly laws, it's ridiculously costly in Chicago if you have to evict! 

But section 8 is the way to go, higher rents + more security. It doesn't sound like any of this discouraged you, and I trust that things will get better!

Hey @Max Kulishov, it's not a bad idea - I've done remodels on almost every place I've lived in, and the cool thing is you get to enjoy the renovations, you might have to do some minor repairs prior to moving out but nothing like doing a huge remodel + you can slowly renovate at your own pace rather than having to invest large amounts of money at once. 

Hey @Amy Kim, a real estate agent can help you find a tenant unless you want them to manage the property afterwards? But I agree with @Travis Timmons, it's always best to start on your own with guidance. GC Realty is a great PM company that I'm sure you will get recommended on here because many people have worked with them. 

Hey @Teekap Pate 👋🏽

I definitely concur with the comments on this post. High rise condos are not the best investments + some condo's make you wait a couple of years before you can even rent them out OR don't allow rentals at all. What you're looking for is perfect for a homeowner or someone that wants to live there, but all those extra amenities (doorman, etc) are too costly for you to make any profit. 

Maybe stick to condo's in small associations 8-10 units that are self-managed or don't have any rental restrictions. 

@Porsha Fross - yes so if you want to change contractors, I would recommend you wait until the loan closes & then change contractors! 

Hey @Porsha Fross 👋🏽

It sounds like you might be looking for a construction loan rather than a rehab loan - I've done a 203k loan and I will highly recommend that you get quotes from multiple general contractors and make sure that they've done 203k's before and if not, make sure they understand what is required. You should also have your lender help you understand what the loan entails. I changed my scope of work multiple times and initially didn't think I could and I was able to change my timeline, too. What I thought I would finish it 6 months took 1 year and part of the reasoning for that was because I changed my general contractor a few times after I purchased the property