All Forum Posts by: Mateusz Skiba

Hello, I am currently looking to purchase a condo in the surrounding Chicago suburbs and I am looking to get a DSCR loan. The condos I am looking at range from $110,000-$140,000. My Fico is around 650. My down payment would be around 30-40%. Any recommendations or advice would be greatly appreciated, thank you.

Hello, I’m currently looking at purchasing a single family home in Dekalb IL as a rental property. I was wondering if anyone knows of any reliable management companies in the Dekalb area, thank you. 

Currently I work for a company but i plan on becoming a subcontractor. As a subcontractor i will still have a boss and i will be working with a crew. Checks will be paid out every week. Checks will mostly be the same every week but may slightly vary due to the weather because my job requires us to work outdoors. Me being a subcontractor and having my own "company" or llc just means im responsible for myself on the job site, and having my own insurance (instead of the boss being responsible for it)I have been working in this industry for over two years now. Working for a company has made getting loans for properties easy the past 2 times i have applied. My question now is, will being a "subcontractor" make it more difficult for me to get approved for loans, even though my income will be steady every week, and i've been in this industry for over 2 years???

Hello everyone, on Thursday I will be closing on my first property at the age of 21! I just sharing because I would like to get some insight, get some advice and to see what you guys think. The property was listed for 119,000$, I am purchasing it for 110,000$. The appraisal came back at 120,000$. I put 5% down. I will also be getting sellers credit of 1,900$ because all the windows need to be replaced and so does the stove. My principal and interest come out to 618$, HOA 160$/month,insurance 21$/month, taxes are about 2,200$/a year. With all of this I will be paying around 1,050$. In the area that I purchased, rent goes from around 1200-1400. It is a 2 bedroom 1 bath condo with central heating and cooling. It doesn't need much work besides new paint on the walls.

I am in the process of purchasing my first rental property. Everything is going good and I will be closing on it soon. But I'm already thinking about my next property. Where/how/ who can I get funding from? I would need 15,000$ for my next properties down payment. Also do I have to wait 6 months before taking out a loan for my next one. I'm in the Chicago area, does anyone know maybe some hard money/ private money lenders who can help me out????

In a couple of weeks of I will be closing on my first unit. A 2 bed 1 bath apartment in a great area for a great price. How long do I have to wait or should wait before going after my next apartment?

So just to clarify, if after the renovation the ARV will be at around 130k. The bank will only let me cash out lets say 70% out kf the 130k which is 91,000$. So once i refinance, the bank will let me cash out 91,000$. Is this correct?

Brand new paint Re stained floors New Kitchen cabinets New appliances New bathroom tiles New bathroom sink Renewed bathtub New lighting New door handles New bedroom closet doors

A condo is listed for 110k And i knock off 30k and buy it for 80k So I buy the condo for 80k Then i renovate it Lets say ARV is 130k Would it be worth it in this scenario??

Condos around the chicago area go for 110k. If I am able to find a deal, and buy a condo for 80k so lower it from 110k to 80k, and then renovate it would i be able to refinance it, and pull money out of it? I know BRRRR strategy works well on homes, but I am asking if it works on condos as well.