All Forum Posts by: Johnny Alvarez

@Gary Nelson thanks for your insightful and detailed take. I wasn’t planning on using a property manager since I’ll be leaving in the adjacent unit writing a short FAQ summarizes list makes a lot of sense! Thank you

Hello BP,

Finally did it. Pulled the trigger and now I am 5 days from closing on my first property! It is a duplex in Chicago, with a long term tenant already occupying one of the units. The tenant has been there for several years, and is M2M with rent being slightly below market (Not by a lot) so I am more than happy to keep status quo, at least for the short term to cut vacancy costs to start off.

My question is the following: How does the change of ownership transition process look like after closing for a new Landlord in this case? Does one just simply knock on the door, introduce oneself and say "By the way you gotta change name in the check" or is it a little more involved than that? I believe my attorney mentioned some document I will receive at closing that I need to copy and present to the tenant to make it legal but other than that I'm not to familiar with how to approach this and wanted to hear from your experiences.

This has a been a very exciting process and I am very thankful for this community. It has helped me overcome doubts and anxieties that come from being new and unexperienced so Thank you.

HI @Jonathan Klemm,

Thanks for the information. That what I have been reasoning with, low money down with a low interest rate is a sweet combo to go with, used the extra cash to work elsewhere.

Regards,

Johnny

@Jin Kim thanks for your take on FHA loans. From what I'm reading and listening, sounds like it would be worth my while doing some form of rehab to increase value, maybe that would be good enough to offset the PMIs

Appreciate your thoughts @Ricardo Delgado. Needed to narrow down my efforts, and those neighborhoods sound like a good place to start analyzing.

@John Warren thanks for the insight! I actually work close to Cicero area so it would significantly help my commute. Definitely will consider

Hello BP community!

I have been lurking in the forums but wanted to finally make an introductory post. I moved to Chicago this past January, a city that I absolutely love, where I would like establish myself and land my first investment. I'm working full time as an engineer in a manufacturing plant, and I am determined to pursue a multifamily house-hack. First of all, I wanted to connect with you and start conversations on these topics so feel free to reach out! Secondly I had some specific questions for my Chicago people to start off:

• From your perspective what are some of the best neighborhoods to house-hack currently? Any specific area that is currently appreciating at higher rate? I've been looking into Avondale and Tri-Taylor area. I like Ukrainian village but looks like in general is too expensive and lower probability to cashflow

• What are some of the intricacies from the Chicago market that makes it unique from other major metropolitan areas?

• Is FHA the way to go for househacking or should you pursue a conventional loan if can afford it?

Looking forward for discussions and learning from your experiences

Johnny Alvarez

@Alexander Wurm Hello!

I'll start by saying that we have a lot in common. I'm also in my rookie year of REI and In search of my first deal in the Chicago area, most likely will be a house-hack or buy and hold. I'm also a chemical engineer, currently working in a manufacturing plant South side of Chicago. I have some cash to invest, but I want to make sure I'm doing my due diligence in finding the right deal.

I would love to connect and share information, help each other out.

Hi @Reed Meyer !

I’m also a newbie residing/working in Chicago looking to invest in multi-family properties. Have some some cash to spend but still educating myself to pull the trigger. I have some familiarity with the neighborhoods and would love to connect with other BP real state enthusiasts!

Cheers,

Johnny