All Forum Posts by: Mia G.

@Michael Magno I've always wondered how Cleveland is for investors. Do you have property there?

@Ofir Weintraub Welcome! What area are you looking to buy in? Staying around Skokie, or elsewhere? If you're not opposed to moving, I would see if renting out your current condo is a possibility (sometimes HOAs restrict rentals). If you can rent it, I would definitely look into buying a small multi-family to house hack. Then again, this depends on your goals. 

@Devan Sprayberry Is that a typical price for that size SFH in your area? Are there any 2-4 unit properties near there and what are those priced at?

Doesn't sound like a bad idea if you're looking to save on housing costs for yourselves until you can move out and rent the whole thing! That's a great interest rate as well.

If you do convert it into a duplex, make sure you check with the city/township and see if they have any restrictions or loops you have to jump through to get the proper zoning for a duplex. Another thing is, would you meter the utilities separately? That could be a huge factor in your cash flow once you move out. As a landlord, you don't normally want to be paying all those utility costs for your tenants, unless of course that is the norm in your area.

I hope this helps!

Hi @Paul Brown, welcome! That's so great that you are teaching your son about investing... I wish I had started learning that young too! I'm a licensed real estate agent out of Naperville area, so let me know if I can be of assistance or answer any questions for you.

@Allen Bosbyshell Are you set on staying within the city of Chicago? If not, moving into the suburbs could give you a lot more options within that price range. For example, I used an FHA loan for a 3 unit in Aurora, IL over the summer. The purchase price was $230k.

I'm with @Jonathan Klemm on his suggestions for Elgin and Aurora. I own property in Aurora and the cash flow has been great so far! However, the city does come and do rental inspections every so often and they also require that you complete a landlord class. 

@Harjeet Bhatti Thank you! Would Home Possible be more similar to a conventional loan? Or is it more like FHA with it's requirements? Trying to figure out what would be an easier process to go through.

Hi All, I am looking to purchase a 3 unit property as a primary residence (live in one, rent out other two). Do I have to use an FHA loan or can I do a 5% down conventional loan? I have been told different things by different people, such as I can only use a conventional loan for a single family home. Wondering if this is true? Any input is appreciated!

@Troy Bailey Did you end up renting out a room? I'm considering doing this in my next property but I don't know much about it.

Hi Tom! The BP podcasts are great, keep listening and I'm sure you'll learn a lot like I am!