All Forum Posts by: Marteki Codjoe

Hi @Adrienne Green! I'm trying to crawl into the REI space so I'm being open and thought maybe I look into other avenues, such as out of state investing.

Yes, Chattanooga is definitely a great location, and I'm interested in looking further into that market!

Hi everyone!

I am a newbie living in Chicago. BiggerPockets has inspired me in many ways, and I am truly grateful for this platform. I'm currently house-hacking, and I co-founded a REI company. We are in the process of finding our first property.

I, however, also want to pursue my own personal RE investments as well. I'm considering an out-of-state deal, and I'm looking for a RE agent in the Chattanooga area, who is of course investor-friendly. I'm looking to do a flip in the Chattanooga area, but also open to other strategies. Any recommendations would be appreciated! Thank you in advance!

Thank you everyone for your responses! I will be primarily in Southside, so I’ll research banks there. 

Hey everyone,

I am a part of a REI company (series LLC), and we are considering using a local bank or credit union to house our funds and potentially use for financing for deals. We are primarily wanting to start with flips. Any recommendations? Thanks!

@Eudith Vacio Thanks so much! Your story is great, maybe I'll be like you one day! Yes, I'm learning how to analyze deals and get some more experience in that. The inventory is definitely low, so I'm using this downtime to focus on better educating myself. Thanks for all the advice!

@Crystal Smith I'm reading more on the FHA loans and the qualifications. Would you say they are pretty strict on these qualifications, specifically, more-so the debt-to-income ratio? I have very good credit score, no credit card debt. However, I went to professional school and acquired a huge debt load. In your experience, have you seen any wiggle room in this area?

@Crystal Smith Yes, I definitely agree with you with that first statement. I'll continue to learn that process and what that entails. Thanks also for the advice about the FHA loans. I will definitely look into that. This was very helpful, thank you!

@John Warren Thanks for the encouragement. I'm going to continue what I'm doing and learning numbers so I'll be ready when the right deal comes up!

@Crystal Smith Thanks for the advice. I'll start looking into lenders and keep my eye out on properties as them come by. I go back and forth about entertaining a rehab project, but like you said if it's not the right deal, then I need to pass. My current lease is also a factor to consider, but if it makes sense, then definitely something worth considering.Thanks!

@Jonathan Klemm Thanks for the connection, I will reach out to her! You're definitely right about time being a valuable resource. It's nice to have a contractor connection too, so definitely will be saving your info, thanks! 

Hey everyone!

First post here (although I’ve been lurking 👀). I am a newborn baby when it comes to real estate. After the shenanigans of 2020 (dealing with unemployment, uncertainty with jobs, etc.), I realized I couldn’t rely on a 9-5 job, nor did I want to.

So around November 2020, I started doing my research on RI by all of the conventional methods we all read on here. 

It was rental property vs. house hacking for me, but I’m leaning towards the latter. I decided I want to explore househacking a duplex in Bronzeville, outside of Chicago. My current lease ends in August.

As mentioned, I'm a newborn and still learning the ins and outs of RI. However, I'm still searching for deals and run across some properties that look interesting. I started a new job last month which brings much needed stability. I've paid off all credit card debt, saving all my bonuses and as much as I can from my paychecks, so I want to make something haI'm hoping to use a FHA loan to finance.

I need some advice!

1. Should I wait and learn more about RI before jumping into it (maybe I’m an eager beaver) as well as raise more capital for upfront costs? I go back and forth, but I also think the best teacher is experience, but would like to hear your thoughts.

2. My current lease ends in August, but seems like the market tends to get more competitive in the summertime (am I wrong?). Do you think it’s a viable option on potentially purchase a property needing work, rehab & renovate, then start the hack months down the road (assuming reno will be done, but I know nothing is absolute)? I’m aware that I would have to pay 2 rents, etc., probably not the smartest. Or if I find a deal before my lease ends that is hard to pass, would you recommend going for it? 

3. Anyone have experience in the Bronzeville area that can shed some light into that market or would like to connect?

I would love to hear any insight you all have to hear. Trying to soak up as much as I can. I’m not shy to ask any questions, even the most basic or strange, because I believe we all started from somewhere.

Thanks everyone! 😁😁