All Forum Posts by: Mitul Gandhi

@Mitul Gandhi I am curious how you are going to pivot from a four unit into a 100 unit or more property. One of these is not like the other! I graduated from the four-unit space years ago, but there are not THAT many big deals in the Chicago market. Mostly we have six- and 12-unit size buildings, with a few courtyard type deals that have 30-40 units in them. 

Yes, vendor is the seller.

Where I've used a partner for the downpayment in the past, I've structured it so that they got a split of the profit on sale. Are you in an area that is appreciating quickly? 

I am planning on House Hacking the 3 unit (live in 1 rent out the other 2)  for a year or 2 and then move out a rent my unit out.

$200k is a lot of money if you are in a flat market.   

I'm in Chicago

Remember that you need to think like your partner - what do THEY want out of the deal? Security for one - so put them on title as co-owner. This ensures for them that you can't run off with their money. 

Good advice! 

Next, they want a return on their dollar. 

What's your exit strategy? Buy and flip in a year? 2 years? Long term owner occupied? 

Long Term Owner Occupied

Remember your partner isn't going to want to marry you for the balance of the 30 years. Figure out what your exit strategy is first, and then make sure it fits for your partner to cash out and move on. 

Now I understand, I need to figure out exit strategies. I don't have one. I just thought every deal i buy becomes part of my portfolio but yes from the partners perspective they will want to cash out. 


This home is in the US? Whereabouts? Just wondering the average home prices in that area. 

Chicago --- average home price in that neighborhood is $1M