All Forum Posts by: Jeff Davis

Thanks for the info, @Jonathan Klemm! Will definitely check out the event. 

Hey everyone - 

We are in the research stage of looking for home insurance for a 2-unit MF property in Chicago. Does anyone have any suggestions for companies that specialize in MF coverage? Are there any specific things we should take into account when getting a policy for a large MF building?

Thanks for any help/guidance the community can offer!

 Good add, @Conner Olsen. Will be sure to put that on my checklist when talking to my lender. 

 Great! Thanks for the insight, @Aidan Dobbins. Right in line with others that have shared their thoughts. 

@David Kelly - Thanks for sharing your thoughts! What we were trying to avoid is having the 3months of pre-approval run out (let's say Jan if we do it now) and then having to get pre-approved again. As I understand it, the pre-approval process is a hard pull on the credit would getting pre-approved again potentially causing my credit to drop a bit. Should I be concerned about this or will this not be much of a factor in the overall process? For context, my credit is in the high 700s. 

 Thanks for the heads up @Patrick Britton!

Hey everyone!

Hoping to get some feedback on the timing of when we should apply for pre-approval. We are looking to purchase a MF property later this year or early 2023. We plan to live in the property and rent out the other unit(s). We had a conversation with a broker in our area and was pre-qualified for what we are looking for (2-3 unit MF, $500K - $600K range w/ FHA @ 3.5% downpayment) based on our current financials.

Question: Being that new FHA loan limits will be released in late November and are expected to increase, does it make sense for us to wait for pre-approval so we have more accurate numbers to shop with? Although technically we have a sizable downpayment now, we are not in a rush to purchase and it seems to me that waiting would give us a better/more accurate preapproval to shop with.

Any thoughts/suggestions on the way we are thinking from the community would be great. Thanks!

 @John Warren - Thanks for the recommendation! We are looking for FHA financing. Will take a look and learn more about Josh.

Hey all - 

New investor here in the early stages of securing a mortgage for a MF on the north side of Chicago. Thought I would reach out to the community and see if anyone has any recommendations for direct/big bank lenders and/or credit unions that are good to work with in the sense that they have low fees and are easy to work with. Following some research that suggested that I get pre-approved by a credit union, mortgage broker, and direct lender/big bank to see which would be the best for my circumstances and goals. 

Any recommendations and/or advice would be greatly appreciated. Thanks!

@Crystal Smith - These details are very helpful and your approach makes a lot of sense. Is there a reliable place to estimate the after repair value? within BP community? This is something we'd need to educate ourselves on as it would help (in my mind) as we analyze different properties from the beginning.