All Forum Posts by: John Huynh

Hi Paul, thanks for the response. I am in the preliminary stages of analyzing properties and don't plan to buy a property for another year. Do lenders generally give out that information if I don't give any information from my end? 

I wanted to get some loan estimates from different lenders to compare and see what kind of charges are common amongst them all, but I also didn't want my credit to be checked until I am actually buying the property. Is there any way I can get loan estimates without submitting any of my information?

 Thank you John for the response. Do you know if origination charges are a percentage of the loan amount?

Hi everyone,

I see some people are estimating 3%-5% for closings costs. I am trying to calculate the closings costs for multi-unit properties in Chicago. Any advice on how to estimate the closing costs? What are some factors that would influence the closings costs? Are there any things specific to Chicago/Illinois regarding closings costs that other areas don't have?
    

Hi all, I am looking to invest in a multi-unit in Chicago. I see that FHA has a low down payment of 3.5%. I wanted to research other loan options as well. What other loan options are there and what is the down payment required for multi-units (2-4) units?

Hi everyone, I wanted to understand the inspection process more for multi-units. Is it normal for sellers to allow prospective buyers to tour every single unit? I'm interested in a 4-unit and am a bit weary about purchasing property without seeing all the units. 

@Nicholas L. thanks for the response, I'm planning to consider my personal expenses + housing expenses when saving.

For my housing expenses, I was going to include operating expenses such as (taxes, insurance, utilities, etc) and then the mortgage and PMI.

Is there a general rule of thumb for the number of months or years one should save for their personal + housing expenses. Also, for the housing expenses, should I be considering the things I mentioned above in terms of what I should be saving for for a rainy day fund?