All Forum Posts by: Isaac Plumb

I have my first real estate deal under contract in Chicago and running into some hurdles securing a mortgage.  It is a 3 units building and I will be living in one of the units.  My broker has told me that I will be required to put 25% down and also also show proof of a 12 month mortgage reserve.  This was a surprise to me but want to ask the community if this sounds correct.  

My broker has been extremely helpful, I'm just not sure how much experience they have with 3-units properties.  I am looking for advice from experienced mortgage professionals and experienced investors who have closed on 3-unit properties in Chicago with a conventional mortgage.

 Thanks everyone.

Mia,

I have a small architecture practice in Chicago that could take care of this easily. Please Feel free to message me to discuss further. 

@Keishee Hill  Hi Keishee.  Thanks for the encouragement.  To answer your question- yes I have done both.  Feel free to message me with any questions.

Hi Everyone!

I heard about Bigger Pockets from a colleague at work, and I am very excited to join and become active in the community.

I am here to network and looking for new business opportunities in the building and real estate industry.  If you have any architectural or building permit related questions feel free to contact me and I will do my best to answer them.  I am looking forward to the opportunity to contribute to the BP community in this way.  

My wife and I are in pursuit of our first real estate deal: We are primarily looking for a 2-4 unit building house hack in Chicago, but also exploring other possibilities.  The areas we are looking in are: Humboldt Park, Avondale, Ukrainian Village, and Pilsen.  We have made a few offers but no success stories yet.  Anyone doing deals in these areas? I would love to get in touch with

Thanks Everyone!

Hi Eric,

I am in Chicago looking for a similar opportunity but I have been discouraged by both my agent and lender to use 203k loans in this market, due to the fact that they are more complicated and take longer to close typically.  So I am very interested in your success! Was this not you experience?