All Forum Posts by: Megan Roche

@Crystal Smith- thank you, I messaged you back and will definitely look for a Cash Flow Quadrant group. I've played online a few times, but never in a group setting. I think I could learn alot! 

Thanks for the advice @Robert T. . I agree- cash flow is king! 

@Jeff Burdick - thanks so much. I grew up in the South Suburbs and know quite a bit about the towns in that area, I plan on starting around there. I'm always on Trulia or Redfin investigating! 

Hi everyone, I'm going to try to make this short and sweet!

I'm moving back to Chicago in 6 days and I'm ready to jump into Real Estate (finally!) I have not done any deals/taken any action yet in Real Estate because I knew this move was coming. 

What I have done is read, studied and listened. I've listened to any/every Real Estate Investing podcast there is and experienced investors always talk about all of the mistakes that they made. How can I avoid those? I know I will make mistakes, but I want to make as many correct moves as possible. 

Successful investors- If you had to start over, what would you do different? What would you do the same? What was a waste of time and what was the best move that you made? Did you start out solo or have a partner? 

Just so you know what my plan is to better frame your answer- I'm going to go for my real estate license right away to learn more in depth about purchasing/selling properties- I learn best in a classroom/organized setting so I think this will be best. 

I want to purchase a small multi-family unit in/around the Southwest Suburbs within 4 months of the move. I'm working on a personal loan with a family member and will do a FHA or 203K loan. We will most likely do a 203K to have room for repairs.

I want to get into a situation where I'm living rent free as quick as possible so I can save for my wedding and purchase more property! The end goal is to be a full time investor within 18-24 months of next Monday! (right now I work full time in travel) 

Any advice/thoughts will be incredibly helpful! (especially from investors in the same area) 

Thanks for the time

Megan 

@Leon F. I will confirm will the agent, but that would make a lot of sense. When I first saw the listing about a year ago it was listed as a triplex and listed the units and number of beds, but now it doesn't say anything like that The listing seems like a single family now. 

Hi @David Dachtera and @Kevin Hunter, 

Thanks so much for taking the time to answer! 

There's a duplex (one large house broken into 3 smaller units) that I'm looking at and interested in for my first purchase because my goal is house-hacking. The property has been on the market for over a year so I'm really suspicious. 

I spoke with the listing agent briefly today and she mentioned that others have tried to purchase the property but financing has fallen through. And then she said 'the property must be purchased as a single family'. She said it as if that made a big difference to the potential buyers up to this point. 

That's where my confusion came in and I didn't get into it any further with her 

Thanks again! 

Megan 

Hi everyone, 

Thanks for reading! 

Can you share any links or information on why someone would need to finance a multi-family (triplex) income property  as a single family? 

Pros and cons? All info welcome! 

Thanks again, Megan 

Hi Greg- I'm also new to real estate and these are great notes! Thanks for putting them in 1 place! 

@Steve Vaughan thanks for the input! 

The car is not quite worth 1/3 of my income and I owe less than $5k on it. I'm hoping to have it for many more years and drive it into the ground (fingers crossed!) 

Hi everyone, thanks so much for taking the time to read and respond to this post! 

I'm new to real estate investing, but know that I would like to purchase my first multi-family property in the next year-18 months in the Chicago-land area. House hacking is my goal so that I can live as close to house payment free as possible. 

My overall question is: do I pay off other debts FIRST OR save money to purchase the property first. 

I've heard arguments both ways and understand each viewpoint, just looking for some advice/personal stories! 

Some more details: right now I have a small 0% credit card balance, a car note, and a significant (in my opinion) college loan.  I have a full-time income. I plan on putting 3.5% down on the property. 

Thanks so much! 

Megan