All Forum Posts by: John Hauser

Hey everyone! I have a rental building that I own with two partners, on the south side of Chicago. We own it free and clear, and it generates a profit of about $600 per month, and will about double when we get the basement done and rented. We're feeling great about what we've done so far, and looking to buy a second building around the beginning of the year.

Unfortunately, all the traditional lenders I've spoken to won't lend us money unless one of the three of us is personally on the hook for the loan. That's not great because it means one of us has credit limitations and that we need to spend a lot of our income paying off the debt to get the person free. Seems like our expansion will be really slowed by that.

Hard money lenders might be an option. But everything I've heard is that they are high interest, short term loans, so it appears we will likely be in the same situation of using all of our profits to pay off the loan, also limiting our ability to grow.

Can someone tell me what I'm missing? I really like this website so I'm hoping someone can un-dilemma this for me. Thanks!

Thanks for the welcome Ramon!

Hey Everyone! I'm a new member and got started by listening to the very good podcasts. I live in the DC area and have a rental building (with two other partners) in the South Shore neighborhood of Chicago. I'm glad to be a new member and curious how other people got their start in expensive areas. Thanks!