All Forum Posts by: Chase London

After 6 months of learning here on BP I purchased 1 property with cash and currently house hacking(no mortgage). Now im like whats next how do I get next property under my belt. Credit/Fico scpre in mid 400. Working towards building up but dont want to depend on those 3 digits to get my next deal. any tips on getting into next property? want to get a HELOC but friend says it wont happen without a high 600s score.

Thanks for the info

Im looking for advice on steps to take to purchase my next property soon. I purchased a SFH that's valued at around 53k.I own it free and clear doing minor updates at the moment. I'd like to use this property's equity to finance my next deal. Will I have to wait 12months before a lender will do anything with me on this?

Im 8 months late here, but interested in knowing if you got around to making a Gary, IN deal happen. I recently purchased a sfh there to house have for 12-18 months while I put funds together for next property.

I'll tell my recent story maybe could help stir an idea. I was seeking Covnt Loan but credit wasn't high and income was verifiable right away but I wanted to get out of renting and start putting those rent dollars to work for me. I took some cash I had saved and my income tax return and made offers on Hud homes 10 and under that needed small repairs to make livable. Found a jewel at $9,900 that wasnt through hud and offered $7.5k and the seller who moved across the country and had the home sitting took my offer. I close in 2 days. Without me shelling out rent going foward i cant put those rent dollars into updating the home. Then after summer I should making offer on next property with cash.

@Brent Coombs thanks, looks like I may use cash for 2nd purchase and go for a sfh to rent out. Thanks 

@Brent 

@Brent Coombs thanks for the response, so im looking at a 6-12 period I should wait while repairs and updates are complete etc. 

 Im about 6 months into my bp learning here. I close on a property this week that i will be house hacking. Purchased at a good price(seller moved outta state got a good deal cash out). and im doing the repairs with my father.

I would like to use the equity  in this home to purchase investment property (2-4 unit) that ill also repair with father and rent out. Can i get a few tips or here success story and advice on this.

Anything i should do before i go to a bank looking to get an equity loan, dont wanna look like i dont know what i'm doing in front of lender rep. 

I found a gem I believe in Gary and I'll be closing on it this week. 30 min from my business in Chicago. 1,000sf home on a 1950sf plot.3 bed 2 bath wit not 1 but (2) Two car Garages along with wide side driveway. Maybe Im just too excited about getting started but I think I got a lot for what I paid Cash. Needs about $2000 before livable. Previous owner moved out of state and left half their things behind.

I want to clean it out with by brothers being paid to help but not sure where to unload all the trash at in Gary. Someone shoot me some info. Don't want to use companies I want to rent a truck, fill it with the things they left behind and unload it wherever trash is dumped in Gary.

Thanks in advance for any info regarding getting rid of the trash/furniture left behind

Been here maybe 6 months learning and was awaiting a conventional loan for a 4plex to house hack. Funding hasn't come about so I decided to pay cash for a fixer upper as close to Chicago as possible (in Chicago the homes in my price range were in gang areas)

I found a gem I believe in Gary and I'll be closing on it this week. 30 min from my business in Chicago. 1,000sf home on a 1950sf plot.3 bed 2 bath wit not 1 but (2) Two car Garages along with wide side driveway. Maybe Im just too excited about getting started but I think I got a lot for what I paid Cash. Needs about $2000 before livable.  Previous owner moved out of state and left half their things behind.

I want to clean it out with by brothers being paid to help but not sure where to unload all the trash at in Gary. Someone shoot me some info. Don't want to use companies I want to rent a truck, fill it with the things they left behind and unload it wherever trash is dumped in Gary.

Thanks in advance for any info regarding getting rid of the trash/furniture left behind