All Forum Posts by: Lawrence Ajao

Thanks for your responses.

Checking with mortgage brokers and local banks seems the way forward.

@Jaron Walling thanks for the advice. No more CITI or Chase talk!

Looking into local banks now thanks again!

Hi

I am preparing to search for my first rental property!!

First I would like to see how much I can borrow for a house hack or just standard rental property investment and see what my options are.

I’ve got about 30k +30k loan on my 401k.

What do people recommend?

Local banks?

Banks in the area I am looking to invest in?

Online mortgage lenders?

Where I currently hold checking accounts?

The big banks (CITI, Chase etc)

Any advice would be much appreciated!

Thanks @KIran Kaur and @Shawn Regnier for your responses and advice.

My re Fi/ rent numbers were as follows.

New mortgage at 3.125%. Approx $1700 monthly payment + $500 HOA fees makes $2300 monthly.

Rent around this area for my condo size is approx $1800-$1900 a month.

If I include 1 month vacancy and $50 a month for repairs I got to around $700.

I agree and do not want to take that hit and the development isn’t 100%. Though the signs aren’t good.

I think I will see what offers come in and if not high enough, I’ll see what I could do to get high end of rent and hold out.

Thanks again for the response. Happy to hear any further thoughts.

Hey all

Looking for some real estate advice and where better to start than the bigger pockets forums.

A few years ago (before i was wiser and looking into real estate properly) I bought an expensive condo in downtown Chicago. I now need to move to have space for my family and would love to house hack.

My mortgage rate is high at 5.5% and a new huge 10 yr development is potentially to be built right in front of my condo view of downtown.

I am now in a situation where I can sell the condo but will have to pay near 30-40k as the market is down. So all my savings.

Or refinance to a decent rate and rent the unit, but still have to cover near $700 a month, if I can rent the property with a potential 10 yr building site next door.

Any thoughts or advice would be greatly appreciated.