All Forum Posts by: Kyle Wilkins

@Cory Lucas Thanks a lot Cory. I've just been reading/preparing for so long and I decided it was finally time to stop planning and start taking action. I'm glad to hear that you're getting going as well. Best of luck, sir!

@Mart B. Hey Mart, Yes, we are in the same neck of the woods. I am on the north side in Lakeview myself. I am planning on doing buy and hold myself. I am originally from Indiana and just purely for cost reasons I was planning on investing there. I have met with someone who invests in the city but I have not attended a REIA meeting. It is something that I do need to get into and start meeting like minded people in the city.

I had not yet heard of Chicago Funding but it sounds very close to what I am looking for. I am not certain if they are able to lend in Indiana but I would gladly invest here in Illinois if the numbers worked out. Do you know anyone over there? I would like to reach out and see if there would be a good fit.

@David Flores Thanks a lot for this advise! I have heard of seller financing but it is admittedly not something I have explored deeply enough. I will definitely look into it further and see if it's right for me.

@Yonah Weiss Thanks so much for the reply! Yes, HML is not necessarily ideal. I definitely want to make sure that I am not only of course finding a deal that works for me but also one that I can bring to a potential business partner that would be doing the lending a great deal as well.

The thought of me sitting by for another year or two on the sidelines kills me and I want to get involved as soon as possible. HML seems like the best way to get into the game. Your point is very well taken though.

Hello, 

I have long been looking to begin investing in real estate. Ever since being inspired several years ago I have known it is the proper path from me. I have read books, frequently scrolled through BP, listen to the podcast, and have analyzed deals on the market with the BP calculator. While doing this I have began to get my financial house in order as well, and while I am happy with the progress made, I am ready to stop sitting on the sidelines and began my path to FI.

I, of course, understand that I will need to be in good standing for a traditional loan and of course to have my reserves ready for when something does go wrong, but I am interested in exploring hard money in order to help get that all coveted first deal. From what I have read, it seems like it will be difficult to get 100% financing, with 90% being the highest financed amount to expect. I was curious if anyone here has gone this route to begin their investing careers and which tips you can provide to someone looking to go down the same path.

I sincerely appreciate your feedback and look forward to rubbing shoulders very soon.

Kyle

Hey fellow Chicago BPers,

I am looking to get started in real estate investing and am getting swayed more and more towards house hacking. I am a younger guy living in Chicago and with the price of real estate in Chicago I am finding it hard to wrap my mind around how I would buy a duplex/triplex and qualify for a mortgage with limited funds while staying in at least a decent area.

Has anyone successfully house hacked here? I’m curious if there is something that I am missing or not properly thinking about. If I could find a duplex/triplex in a decent area that I could qualify for I would begin to jump on it quickly. Any advice is greatly appreciated!

Would this make you opposed to BRRR or would you consider this unrelated?

For me, I am trying to get the last of my credit card debt paid off so that I can begin saving for my first rental. It feels like it'll be a couple years before I'm in the game but this seems like the best option right now. I'm trying to educate myself as much as possible so that once it's time to pull the trigger I will feel prepared

Hello,

I have been working to get some personal items paid off before jumping into my real estate investing career and as this payoff is nearing completion I am getting ready to begin saving for my first rental property. While I've been working on my personal finances, I've been trying to stay as educated as possible so that when the time is right I am ready to dive in.

I'm very budget conscious and want to make sure that once I am ready that I am stocking away enough money for my first purchase and want to set an accurate timeline for it. I understand that there is not a finite number for a suggested savings amount and I know there are countless variables that go into any purchase. I want to make sure, however, that I am accounting for everything and that I have reasonable numbers going in. I'm considering SFRs in the $80-$100k price range in Indiana. I know that I need to account for a down payment (I do not plan to live here and do plan to put 20% down in case it is what the bank requires), any repairs needed (although I do hope to find one with only cosmetic repairs necessary), money for mortgage payments until the first tenant gets placed, and having money set aside for CapEx.

Is there anything else that I should be accounting for?  Is there a loose number that you would suggest as far as a savings plan prior to my first purchase? Any advise is greatly appreciated!

I was curious and I think I found the answer for you