All Forum Posts by: Marvin Anaya

Hi Nicholas,

I can connect you with an investor friendly realtor,  who himself started as a house hacker and owns multi-families. He is familiar with the areas you're looking at. If interested I'll send you his info.

Marvin

Hello,

I'm curious to see what @Brie Schmidt's recommendation is, as I'm in the same situation, especially with a high debt to income.

Cheers! 

Marvin

Hi Nicole,

I agree with Ronan and Brie. The current owner of units 1 and 2 is in control and could essentially make your life a living nightmare.  Maybe you can talk to the neighbors and get more info about the owner of the other units.  I think if you really want to make a move on it, wholesaling would be your better option if you can get the price low enough.  I'd get a better estimate on repairs before making an offer if you do.

Good luck!

Marvin

Hi BPers!

I have a property in unincorporated Cook County (Chicago address) and I wish to NOT-renew a lease with a tenant which is expiring April 30th.  1. For Illinois/Cook County, do I have to provide a reason why I won't renew. 2. How much notice must I give? 3. Do I have to follow Chicago RLTO since it's a Chicago address or Cook County/Illinois since it's unincorporated.

Thanks! 

Marvin

Thanks everyone for the advice and private messages. I greatly appreciate everyone's expertise and advice here. 

The reason I am looking to refinance, is so that I can take out another FHA loan next year for my next buy & hold property @ 3.5% down. My goal with the current property is to hold it for another 3-5 years and then either selling or cash-out refinancing and continue holding.

So that is the goal, to go conventional so I can take use FHA again for 2nd property.

Hello BP community,

I am considering refinancing out of my FHA loan to conventional, and I need some help determining if it's worth it. I have a loan estimate from Quicken Loans and seeking someone to help me navigate it and help tell me what my true cost to refinance is.

Here are the quick and dirty details:

Original loan amount $180,000 FHA @ 3.75%

Refinanced Conventional new loan amount $190,750 @ 4.75%

They said they would pay off about $1,000 in credit cards I have and give me about $800 cash back as well.

Please PM me and I can send you the actual estimate, thanks a million + 1 !!!!!!!!!!!!!!!!!!!!!!!!!!!!

Hi Frank,

If you message me your criteria (property type, ROI, Cash on Cash return, etc), I will volunteer some of my time to search for properties for you.

Marvin

Yup! It's called Little Village / La Villita. It's where a large majority of immigrants first settle down in Chicago and has about a 50/50 mix of SFR/MFH . That area was my sales territory when I worked for MillerCoors brewing, and let me tell you that it is one of the most dangerous places to be in Chicago. There is a numerous amount of gangs within a small radius, and isn't a safe place generally speaking. As for investing in that area, I'm not sure what rents/ROI is like there, but if you do, DEFINITELY use a property management company as you don't want to be there if you don't have to. Cheers!

Hi Lindsay,

I'm an investor in the south suburbs. I'm not familiar with the area you are looking into by the lake.  I know the dirt cheap properties are dirt cheap due to crime.

Marvin

Hey Frank!

Water is NOT included in taxes, it's paid separately. One percent for repairs/maintenance seems awfully low, especially if your plan is long term buy & hold, as you'll have larger maintenance 5-10 yrs down the line (example: roof, furnace, etc). Just looking at the monthly rents vs price of the property , along with the high tax bill, I don't see this one working out unless it's an appreciation play.

Marvin