All Forum Posts by: Michael J Scanlon

Hey Terry,

If you need help, let me know. Whether it’s openly listing or just connecting your properties with investors if the numbers work, we have a ton of buyers. 

It depends on if you mean 2-4 unit or 5+. Tom will definitely have some great resources but if you need others, feel free to reach out. 

Hi all,

I’m looking for lending options in Chicago for both myself and clients. Looking for the following:

1. Jumbo loan options for a 4 unit for less than 25% down

2. Creative loan products for 2-4 units that allow less than 20% down for owner occupants. I know a few already but looking for as many options as possible.

Thank you everyone!

The higher pay is a good thing. However, if you have any commission/bonus based income as part of your pay, they can only count the base salary for the first year of a job change within the same industry (2 if changing industries). 

Current rents would be available on the mls/LoopNet depending where the deal is found. Do you have any further numbers such as purchase price, taxes, etc? Also need to account for expenses as well as reserves. Feel free to text me if you want to discuss more in depth. 

@Philip Feinstein

Working with a real estate professional who is also an investor is the best way to break that paralysis. I say this because you likely know what is and isn’t a good investment. You’ve studied, you’ve run the numbers hundreds of times but you likely don’t have someone who has seen it and done it before reassuring you that you’re correct. I feel like it’s the same with almost anything in life. Just having one solid second opinion can sway most decisions.

@Colette Major

Always good to know first hand. Thank you for sharing.

Hey Jessica,

I have house hacked a condo in wicker park and I do still collect security deposits and go through all the normal processes just to protect myself. But if you’re house hacking in this manner, typically more premier locations are accessible price wise and the tenants tend to be young professionals so I have had no issues. 

Depends on how long you plan to hold. Just do the math of holding time and expected price if the interest rates rise. Perhaps compare to 2019 when prices were lower but interest rates were in the low to mid 4’s.

If the property was $400k but would cost $450k now, and interest rates were 4.2 but now you can get $2.875, your payment would be higher buying at $400k than it would at $450. Considering principal and interest, it would be $1802 for $450k purchase (3.5% down) vs $1888. 

It would be about 22 years before your amortization schedules crossed and you had more equity when buying at $450k but over those 22 years, you would save $22,704

So in this example, your true break even hold time would be around 14 years. So if you plan to definitely hold longer, it’s still a great time to buy. This is, of course, assuming the market even does go down. 

If you need any help, our team would be happy to assist in this math, or anyri f else you might need, further. Feel free to reach out. 

@Noah Lomax

I would wait up to 3 days then inquire about the response. And attorney review is likely still open. Attorneys add a provision that attorney review shall remain open until requests are resolved. Very normal timelines though-nothing to stress about yet.