All Forum Posts by: Mark Malevskis

Thank you for your responses. 

So to summarize, as far as I understand this rule, for a 4 unit property, 3 of the units' appraised (not actual lease rents) must cover principal, interest, taxes, insurance and mortgage insurance to qualify for the FHA 3.5 down loan.

I am here in Chicago, where closer to the city, I am running into problems finding the numbers that would work. Anyone else, having same problem?

Does my personal income has any role in qualifying for this loan since FHA is using self-efficiency?

thank you very much for the clarification, i appreciate it

Hello all, 

I had a question about the FHA 3.5% down payment loan. To my understanding, for instance if it is a 4 unit property, to qualify for this loan, 3 of the 4 units must cover the entire mortgage.

Does anyone know the exact requirements in terms of what 3 of the 4 units have to cover. Is it just mortgage, or PITI (principal, interest, taxes, and insurance)?

As far as I understand my income, does not really matter, if 3 units cannot cover the mortgage. 

I am a little confused on this, any clarification would be great. 

Thank you, 

Mark

I was wondering what target and actual cash returns are people getting investing in multifamily 5+ units in Illinois?

I am targeting 20%, however, achieving closer to 15% with self management. We invest in west and south suburbs of Chicago. 

Just curious what others are trying to achieve. 

Thanks!

Hello, 

I am looking for recommendations on a good CPA/Accounting firms to keep track of our books and do taxes at the end of year. 

Preferably looking for an individual who specializes in investment multifamily real estate accounting services. 

Any names would be helpful, thank you so much. 

Mark

Hello, 

Did anyone have success with getting seller financing, having seller carry let's say 15% and have the bank allow seller to be in second position? From my research, most banks oppose that? Specifically in Illinois for 5+ apartment buildings.

If bank does not allow second lien, what ways could the seller be convinced to lend 15% without a lien on his property?

Any input would be helpful!

very cool Stephen! 

Thanks!

Thanks guys! I will check that out, appreciated

Hello, 

Does anyone know a way of finding out phone numbers of owners in Cook County?

From public records I finding their mailing address and other info, just not phone numbers. 

Perhaps there is a doc that is being recorded that might have that info?

Otherwise, I would assume I could get some info by doing a FOIA request from the town property is in to find out emergency contact of the manager. 

Any thoughts?

@David Long Thanks David and others great, great advice!