All Forum Posts by: Keith McMiller

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Chicago.

Purchase price: $215,000
Cash invested: $150,000

My first, and so far only, RE investment is my home. I purchased and performed a full gut rehab on a 2-flat with a 203k loan that was a complete and absolute labor of love, I can't stress labor enough. My family and I live in the duplex up, while we rent out the garden unit.

How did you add value to the deal?

We used a 203k to complete a gut rehab

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $281,000
Cash invested: $45,000

I'm house hacking this project and so far it's been pretty good. I found this deal on Realtor.com during 2021 when the market was HOT. I was looking for months and was fortunate to see this deal through.

What made you interested in investing in this type of deal?

This deal was my second house hack and it fit my criteria.

How did you find this deal and how did you negotiate it?

This property was on realtor.com and my realtor was able to get this done in a hot market.

How did you finance this deal?

I used the 3.5% down FHA

How did you add value to the deal?

I made some cosmetic and functional improvements. I improved the curb appeal, purchased new windows and doors, updated some of the electrical and plumbing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Wendy Lee and she was really good

Hello everybody, I'm purchasing a 3 flat and I'm going to build a community laundry room, can you all recommend a washer and gas dryer? Thanks!

I completely agree with your strategy. Thanks for chiming in, I appreciate your insight.

@Darrell Bratton I thought about going the inspection route, but my professional background lends itself more to appraising. I'm with you on getting paid to learn how to size houses up, that's my rationale for getting into REI through an alternative angle like appraising or inspections. Either route seems to offer useful skills to REIs.

The process in Illinois is challenging! To start earning decent money it requires 2500 hours of experience in no less than 24 months, which means earning low wages (if any at all) for a minimum of 2 years. The thought of being ahead of the curve seems great, but the struggle to get to that point is serious stumbling block for me. @Gabriel Amedee your insight was very helpful. Thank you.

I have a full time job and I'm considering Real Estate Appraising to both gain skills and earn some extra income to jump start my buy and hold RE investment strategy. However in Illinois the road is long and rough to gaining the RE Appraising certification. Is it worth it to purse this particular certification or should I just focus on REI?