All Forum Posts by: Kristi Wolfe

Where is good to buy, renovate & hold a 2-4 unit building?  I'd consider anything within about an hour drive of Palatine IL (or 1-1/2 hours in the case of Milwaukee if it's a really great deal)  There doesn't seem to be much in my area (prices are pretty high here - would love to keep it under $100K/$140K all in.

Areas I might consider:

Milwaukee (which neighborhoods are up & coming?)

Kenosha WI

Racine WI

Aurora IL

Elgin IL

Chicago (which neighborhoods are up & coming?)

I'd appreciate any input from anyone familiar with any of these areas, positive or negative! 

@Jaysen Medhurst - I've done a little research online - are we talking about the *property's DSCR*? How exactly is that calculated? Is it just net income divided by net holding costs?

My husband and I are considering partnering with my brother on a deal. Between the 3 of us, we have well over 100% of the purchase price in IRAs, savings, and investments. I am self employed and my W2s show only about 30% of my actual income. I’m trying to figure out if I need to amend my tax returns/pay more taxes to increase my gross wages on my W2 of if our money in the bank will be enough for most lenders to lend us 80% of the price of a property. (Brand newbie, considering a small multifamily buy/hold out of state but only 1-1/2 hours from home)