All Forum Posts by: Michal Kolenda

@Chris K. & @Nathan Gesner Good points, I'm not taking construction/engineering out of the equation yet. It would certainly be a good idea to use that consistent salary to get the ball rolling for my next deals. 

@Bridger L Logan I agree and align with everything you said. Let's keep in touch

@Nathan Gesner Ultimitely that is what I want to do, but I need some more capital before I can comfortably move onto my next project. Does it make most sense to achieve that via a construction/engineering job (higher salary, not directly associated with RE, working for someone else), realtor/appraiser (starting from scratch but in RE), or maybe something i haven't considered yet?

Hi all! I recently was notified I'd be getting laid off after Labor Day, which sort of works out for me. I'm 27 and I've been thinking about changing my career direction and this is a good opportunity to try something new. 

A little background: I graduated with a degree in Civil Engineering and have been working as a project manager for a general contractor for about last 4 years. Most of my projects were college dorm renovations (50 - 100+ units) and building mechanical upgrades. After starting that job, I started saving money as fast as possible to house hack and renovate a 3 flat in Chicago. I genuinely enjoy doing carpentry and minor plumbing/electric, so I did much of the work myself. Now I'm fully rented, which covers my mortgage and close to all expenses, so mission accomplished. 

I would really like to hear some other avenues I could explore. I really did enjoy working construction management, the experience and knowledge gained from so many different commercial projects can't be beat, but the job was very consuming. I still think about using my degree and going towards the engineering route, but I have a feeling being in the real estate realm would expose me to more future opportunities to invest. I like the idea of going the Appraiser or Realtor route. My skills set is probably better suited for Appraiser, however I am open to learn sales or whatever is needed. But I'm very interested to hear what other paths are out there that I haven't even considered! 

If you've been or are in a similar position please share! I very much appreciate any feedback, advice, or wisdom you throw my way. 

Great suggestion. I appreciate your time. 

@Chris Mason

Again, thank you for that info. Do you suggest getting a lawyer to read through the loan estimate? I wouldn’t know what to look at that would potentially raise any “red flags”

@Chris Mason

Thank you for a very detailed response. And my intention was to absolutely do it once, the “deferred” mortgage right now is a great strategic move as I’m rehabing one of the units. I’m sure it will be annoying to get the mail but the difference between a 4.75% and 2.875% most seemed unbelievable to me. I suppose I should read the fine print. Think I should get a lawyer for that?

@Alex G.

Certainly I thought about the 0 point, which was 3.25%, but then the competitors started beating each other eventually by .01% lol. Eventually, between like 9-10 options this one made the most sense.

Hi all, a few weeks ago I got a letter in the mail saying I was eligible for the VA IRRL loan, which is essentially a streamlined refinance with no appraisal, for as low as 3.7%. I thought that was incredible seeing as I closed on a 3 flat in December 2018 for 4.75%. Once I called up Loan United they started offering even lower rates, but that's when I learned about points.

Long story short after shopping around and sending the loan estimate a few times I landed on 2.875% for nearly 0.7 points. I thought this was too good to be true until Loan Depot gave me the loan estimate. So in my inexperienced opinion I thought this is amazing. I'm able to save nearly $500 a month and will be able to live PITI free. House-hack mission accomplished...

Except am i missing the full picture? Any other angles I should be looking at? Please share

The VA loan worked out well for me, and the funding fee is well worth it to buy a MFR with low money down.

On a side note/question, is investor accreditation income (200k/yearly) include gross or net rental income? Haven't found clarification on this.  

@Greg Larson 

Hey, I'm also in Park Ridge. Let's chat