All Forum Posts by: Melissa Szanati

Any small banks or credit unions in Chicago that investors have worked with for portfolio loans? 

As an agent I'm trying to compile a list of "go to" people to help potential clients and investor clients finance their deals. 

Thanks! 

Agreed! I'm interested in joining 

@Craig C. I looked at Lending Tree and got connected with Quicken Loans, a really great representative listened to my scenario and took the "let's figure it out approach" which is awesome. 

Has anyone worked with Quicken Loans before? Anythings I should know about that might differ from a traditional lender? We talked about the ballpark payment and worst case scenario based on insurance, HOA fees, the asking price and the taxes for the area. The closing costs estimated seemed a little high to me and the rep. BUT it sounds like I'm going to be able to pre-qualify and not have to get hard money or something like that.

@Craig C. can you get enough personal loans to make up the $134,000? The first one that came up is Discover loans- I have had a card with them since college maybe that could be a start

@craig 

@Craig C. if I try that, how does that then affect the debt to income ratio part of getting a mortgage... if they look at my credit at that point won't they say...you don't actually have 20%, you borrowed it the numbers are the same. 

Does it just help my case to show someone else was willing to risk lending the 20% to me?  

Where would you look to get the $20,000 from? 

Jay Hinrichs, my Dad would but he is retired and has a mortgage and outstanding debt...so I don't know if that would help or hurt the scenario. 

Well if I could do the 95% financing with the bank is potentially offering I'd be putting down $6,500. That's about what I could do right now. 

I thought I had a few more years of renting my current place. My rent is only $475 so if I moved anywhere else priced higher (as it should be in Logan Square) I wouldn't be able to save money and pay off student loans like I am now.  But my landlord was old and I got a good deal. I wouldn't have written anything off this year if I knew I was going to try and pull this off. But life doesn't care if it gives you warnings. 

I am in a weird situation. I'm a full time employee with benefits and a 401K with good credit but I cannot get traditional financing, because I am also a stand up comic. As a comic I make a little money, but I write off more expenses so I still take a business loss on my taxes and that is the issue I'm running into trying to get pre-approved with traditional lenders. 

I'm a licensed broker and saw on the MLS a foreclosed 2 bed condo currently priced at $134,900. With association fees and a mortgage on this property at even 4.5% my mortgage payment would be around $684 a month (association fees are $200). $884 a month would be less than renting a studio in Chicago. My building sold so they don't want to resign leases, only month to month.

If I could swing financing for this 2 bed condo I would rent a room to a roommate to cover the mortgage. I already have a roommate in place who is month to month at her place. 

Anyone have any creative ideas? The seller notes said the bank may finance up to 95%, so I'm going to reach out to the bank that owns the unit and see if there is something we can work out. The price has dropped from $159,000 and has been on the market since January so they seem motivated. The unit has been winterized but other than potential issues with the plumbing from not being used the unit looks good. 

Any thoughts and suggestions are much appreciated! 

 Bringing the inspector with, brilliant. I need to become good friends with a good inspector in Chicago. 

Thank you for posting about this as a new agent that wants to work with investors this is good to know about without having my clients experience it. 

Thanks for the input, I would have never thought of Kale.