All Forum Posts by: Account Closed

Second what @James Wise said, while rezoning is a possibility, it is not a sure thing and depends entirely on whether a variance will be allowed, up to the alderman/woman in a lot of cases. I am going through the process now and still have no clear idea whether it will work or not.  In Chicago, you are going to be better off purchasing something that is zoned for its use. If you are going to change the zoning, know that it is not a guarantee but it is possible.

@Basit Siddiqi

I have no problem working with someone outside of Chicago, i was only thinking locally due to the request to meet in person and plan over the year or for strategic moves. Thank you for the tip!

Hello BP Community,

I am wondering if anyone has a CPA/Tax strategist they would be willing to recommend in the Chicago area. While i have found and spoken with many here, i have not found anyone who focuses in Real Estate Investing and tax strategy. Wanted to reach out here. If i missed a recent post on this topic please point me in that direction. Thank you!

Best,

Greg

@Kristiana Kenny

I know this is a tad late, but i recently ran into the same considerations. 

https://www.listenmoneymatters.com/fundrise-review...

This article clearly provided some great insight and helped me make a decision towards investing the minimum down. Way i see it is that there is no sure thing. Each of us has to perform due diligence to whatever level of comfort works best for our situation, (For me it takes waaaaaaaay to long to make a decision and i've missed out on too many offers this way) and then decide to act in one way or another. I hope this can help any who were in the due diligence stage i was about a month ago. Looking forward to seeing how this performs. As always thanks to the community here for its support, information, and challenges!

Best,

Greg

 @Dean H.

I truly appreciate your thoughts! That seems to be the strategy that many I've spoken to follow as well. I can definitely see the pros as it allows your cash to be readily available! I do plan on taking the savings from Cap ex, Maintenance, and Vacancy and having those just sit in a savings until ready to deploy; along with a nice nest egg of "oh crap" money. I just feel as thought i'm wasting the potential of all that cash just sitting there, not working for me. The advice you receive from multiple sources is so different as well. I either hear, "Diversify!" or "Concentrate your power in one area". While my true love and main goal is real estate, it just feels like i'm wasting great opportunities by having it sit there! Thank you again for your great advice!

Best,

Greg

Hello BP Community!

Newbie here and i'm about to close on my First Deal, and i'm very excited! This community has been invaluable in answering questions and providing advice, thank you! While making my plan for the next 1-5 years, the time I've estimated before being able to afford another down payments for the next property, i ran into a question i didn't know the answer to. How do you make the most of your money (make it work for you) while saving for that next down payment? Do you just keep throwing into savings? Invest in stocks, index, bonds, CD, Mutual Funds? My goal is to keep increasing the pot for the next deal that comes my way, yet it seems like a waste to let it sit in a savings account with so little returns. I am no guru with stocks, the whole point which drew me to real estate in the first place. Please let me know what you do?!

Best,

Greg

@Quincy Lockett Excellent, thank you!

Hello B.P. Community!

BLUF: How long must i live in the Multi-unit Property to justify using a VA loan?

Situation: New to investing. Looking to utilize my VA loan and kick start stacking properties for future financial wealth. Currently looking at utilizing the loan for a 3 Unit property in Chicago, moving into the property for 12 months, then moving out and on to purchase the next with a different loan. My question is this: My lender tells me that i only need to live in the property 1 year, 12 months, to satisfy the VA Owner Occupancy requirement on the VA loan. Personally i can't find this information anywhere after scouring the internet, even here on the forums. Hence posting here. If this is true, that's great, if it isn't and i still wish to use the loan, what are my options? Refinance? Please let me know your thoughts. No speculation please, request those that have experience within these areas. Thank you for your time!