All Forum Posts by: Samantha P.

oooooohhhh! So are you saying the terms that she gave me are only for if I do it through her company? I was thinking it had something to do with my existing mortgage and would apply with any company.

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Originally posted by @Derek Harris:

Originally posted by @Samantha P.:

I purchased my first rental property in December 2019. So far, the value has gone up almost $68K since I purchased it. In the meantime, I found another property for sale by owner for $99K. How can I use the equity from my first purchase to obtain the second property? This would be my second deal if I make it happen.

Samantha, that's a huge increase in equity in a such a short time! Congrats! One option is to do a cash-out refi (assuming you have at least 70-75% LTV). However, you'll want to make sure the first property still cash flows. Keep in mind that many lenders require a seasoning period (the most common period is 3-6 months).

Thanks Derek!

I spoke with my mortgage lady and she said I have to wait a whole year to draw from the equity because the value of the property right now is based off of how much i bought it for instead of the assessed value until then.

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Originally posted by @Ben Israel:

I got a heloc just as @Benjamin Small mentioned. It has worked out great for me allowing me to continue to invest capital into other opportunities that have come about.

Ben, Would you recommend this in a situation where the equity that you use does not cover the total cost of the property you are purchasing? I have $68K worth of equity in my duplex that i bought in December 2019. I found a 3 unit building for sale by owner for $99k. How could I work this deal?

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Thanks Nick! The bottom unit tenant is currently paying $1100. When her lease is up, I will rent it out for $1300. The units will rent for $1250-$1300 each.

Originally posted by @Nick Heil:

Congrats Samantha! I know nothing about the Chicago market and I'm from a rural area, but $125,000 in a large market like that for a multifamily sounds like a pretty solid deal on the face of it. What are you getting for rent? Also, that is an impressive low down payment amount for a property of that value, too.

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Investment Info:

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

Purchase price: $125,000
Cash invested: $5,200

2 unit building with 4 bedrooms and two baths in each unit. Upstairs and downstairs in each unit.

1 Vote

@Stephan Rehoric and @Cristian Samayoa, how did it go?

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Originally posted by @John Warren:

@Samantha P. you should connect with @Mark Ainley. His company manages on the south side, and they are a very professional outfit with a lot of experience.

Thanks John! We are already connected! I'll send @Mark Ainley a message!

1 Vote

I'm in the process of purchasing a two unit building on the south side of Chicago. Can anyone refer a reliable trustworthy property management company to me?

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So I found a rental property that I really like on the south side of Chicago but I need some help with Analysis. Its a two Unit building with a full unfinished walk out basement that could eventually be converted to a 1 bedroom unit. According to the bigger pockets analysis tool, the way it is currently, my monthly cashflow would be $631. My cash on Cash RoI is 240.74% since I'm purchasing it with 3.5% down payment an my purchase Cap rate would be 14.55%. Is this a good deal? I was hoping for more than $631 per month but if this is a good deal, i'll be okay. I'm new to this so I just need to get oriented to what a good deal is.

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All Forum Posts by: Samantha P.

Samantha P. has started 19 posts and replied 80 times.

Post: How can I make this work?

Post: How can I make this work?

Post: How can I make this work?

Post: Using equity in property to purchase another property

Post: My First investment!

Post: My First investment!

Post: (FHA Loan) can I also live somewhere else?

Post: Chicago Property managers

Post: Chicago Property managers

Post: Rental Property Analysis