All Forum Posts by: Eudith Vacio

Hey @Jillian S Young 👋🏽

I am SO sorry that you're going through that, I've been there done that! But @Jonathan Klemm will definitely be able to help you out with any contractor recommendations. Hope it all goes well!

Hey @Viji Pamudurthy you can definitely feel free to share where the property is located and more details and we can provide more commentary. Happy to help! 😃

Hey Tim! 👋🏽

What exactly are you looking to purchase? Are you looking at a specific neighborhood?

Hey @Franco Carollo 👋🏽

If you're goal is to acquire rental properties for long-term growth, you should consider a house-hack with 3.5% FHA or 5% conventional financing where you can live in one unit and rent out the others and repeat as often as you can to build your portfolio. That's how many of us got started into real estate, and its the easiest way to get started. Certain suburbs don't have many options for multifamily, so you might have to open your search to other locations.

But definitely a great way to build generational wealth for your children, it's one of the main reasons I got started. I want my daughter to one day own real estate! 😃

Hey @Bruno Pivetti 👋🏽

that's amazing, I was on the same boat almost 10 years ago when I got really into the FIRE movement, too. Definitely another great way to build wealth & you will meet many others that are on the same path. 

The first step is speaking with a loan office to get a better idea of what you qualify for, and then start figuring out where you want to live and analyzing deals. Let us know how it goes for you & if you have any specific questions on your next move 😃

Hey Brett! 👋🏽

Based on what you've described, I would say you're in an ideal financial position to get started house-hacking. As @Paul De Luca mentioned, I would definitely recommend speaking with a lender high level about your financial position, credit score, etc. to get a better idea of what you currently qualify for, and what you need to get qualified for what you want. North side of Chicago has lower profit margins but higher potential for appreciation, just something to keep in mind. Usually my clients that invest in the north side always airBnB one of their units to increase cash flow as you can make way more doing that than LTR. 

I hope it all works out, and let us know what you end up doing 😃

Hey @Eric Kahn Gale, I definitely agree with @Jonathan Klemm that those prices seem pretty cheap to me for replacing all that piping. Are they just replacing the main line leading up to the kitchens / bathrooms? I use pex in Indiana, but Chicago doesn't allow it so you're going to have to go with copper. 

Hey Madina, 👋🏽

@John Warren asked some really great questions that I think should help you get a better idea of where to purchase a property. $350k - $450k is a good price point to get you a property but depending on the area, you might need to do some remodeling, unless you want to look on the south side, where you can find a pretty turnkey property for those price points. 

Hey Jake! 👋🏽

I invest in NWI + own a property in an LLC that I bought a few years ago. If you plan on transferring the property into an LLC (which I agree with @Jonathan Klemm, is not always necessary or recommended) then you will have to register is with Indiana at inbiz.com if you did not form it in Indiana. 

Nonetheless, congratulations on your investment in Hammond :) that's a great place with relatively low price points + low taxes that we love! 😃

Hey @Mounish Thatikonda - were you able to find contractors? definitely would agree with John + Bree that light rehabs are recommended for first time investors that are just starting out so you can slowly dip your feet into the water and get a better idea of comps and what needs to be done.