All Forum Posts by: Michael Sharpe

@Kerry Baird thank you Kerry for your response ! So my plan was to purchase at least 3-4 multi units to cover my dream home mortgage but as you already know to satisfy the VA loan you must live in the property for a year & my wife is tired of the apt life & wants a house now I just think it'll be more financially strenuous buying a dream home first ( especially in this market ) & then going into multifamily rentals

@Bud Gaffney hi there Bud thanks for the response could you explain why you would choose multi over sf for your first home ?

@Zahmir Brooks-Smith thank you for that response Mr or Mrs Smith so which route did your client ultimately decide on ?

@Dave Skow thanks Dave I appreciate that reply

@Doug Smith thank you Doug for that insight I really appreciate it sir

So my wife is a real estate agent I am a veteran. I was looking to get my first deal earlier this year the deal fell through. My wife has been waiting many years to own a home. I am looking to own multiple small multi family homes to create, cash flow to pay the mortgage on the single-family home, which I want to use a VA loan on since the deal has fell through my wife does not want to start with multi family units. She wants to start with a single-family home. I don't think this is a good idea because I think it will be harder to get a multi family after you buy a single-family primary residence. Could someone shed some light and give me some ideas to get through this process?

@Jon Kelly Thanks Jon! The main reason I was a bit hesitant was because not only would the property not cash flow with the current rents in place, but I want to make certain I am able to cover the mortgage without having to use my 9 to 5 income to assist.

@Henry Lazerow Thank so much for this insight. Is there a cap at the percentage I am legally able to raise the rents at a given time in Chicago?

I have an opportunity to purchase a four unit property in either Chicago, IL or one of the surrounding suburbs. All off the current rents the existing tenents are paying are significantly under market for the areas. Should I be hesitant about moving forward with putting in an offer or simply raise the rents once I purchase the property?

I would really appreciate any and all suggestions/advice, as this is my first rental property purchase. Thank you in advance.

Hi everyone so my best friend & I were speaking about real estate investing the other day & we were wondering if we could start a line of business credit under my LLC using his 800 credit score? What structure in the LLC would I have to do set up to make this happen ?