All Forum Posts by: Michael Delmont

@Bijou Diaou to piggyback on Dave's suggestion, I am under contract on a triplex where I will be living in one of the units. The banks want to see a track record to show a favorable debt to income ratio. Since I am self employed this was a little difficult.

I was able to submit the leases for the other two units to count as income (the banks used 70% of the gross rents) to improve the Debt to Income ratio. And since I will be living in one of the units the property also qualifies for the 3.5% down FHA loan

@Cory Ferguson a standard Chicago lot is 25 x 125

@Morgan I Levy Have you thought about a three flat for your primary residence? You can live in one and let the other two make the mortgage.

@Kyle D Birch I have the name of a pest management co that just did some work for me in Chicago

You should be marketing to other agents and brokers as well. If you sell to them, they will bring you their buyers. One way to do this is to do a broker open house. Make sure you serve food, and think about having a giveaway (tickets to an event, gift cards, etc)

@Angelina McEwen I think the issue is with the type of loan you are requesting. If you want to use the LLC for the Title and loan a conventional with 20% down would be the way to go.

If you're looking for an FHA or other government backed loan with a lower down payment then they require it to be an Owner Occupied property.

While you could be living in the property, if you have title in the name of your LLC lenders look at that as investment property and you would be "renting" from the corporarion who actually owns the property as an investment.

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Hello, everyone, I'm Mike and I currently live in Battle Creek, MI. I have been wanting to get into real estate investing for years and have decided to dive in head first. 

I am currently a stay at home dad and have a business that I run out of my home manufacturing custom lighting fixtures and selling lighting parts though Amazon. The industrial pipe chandelier trend, I started making those about 7 years ago and you may have seen some of my work on TV or in different places across the US and Canada. Trends, however, come and go and now I'm looking to get into something I hope is a little more stable and eventually develop passive income streams. I also umpire high school and college baseball in the summer and curl in the winter. 

My goals are to own enough rental properties so that I can rely totally on that income stream to support myself and family. Right now that number seems to be around 64 and I hope to hit that within five years. The head first diving in is being done as I have a signed contract on a condo in Chicago, IL which I had a bid accepted through the HUD website and I am getting ready to put an offer on a triplex which I will be hacking as my primary residence as well.

So far the Podcasts have been a great resource and I've learned a lot. I am super grateful to have found this site and all the resources it offers.