All Forum Posts by: Michelle Bright

Hey there Chicago BP!! My husband and I are investors in Indiana and are currently renting in Chicago (new to the city). We are ready to start out second house hack and were wondering if you have any ideas on good affordable areas. We currently live in Avondale in a duplex that we would honestly love to buy from the owners however, they are not currently interested.

North of the city would be ideal. So many neighborhoods are changing right now! Thanks for the help!

Can one do a 1031 exchange to purchase a multifamily property (2-4 unit) that will be owner occupied? I know it would be considered a personal residence but it is also an investment property. Gray area?

Thank you for all the help!

Hey BP community!!! I am looking to refi a 4-plex that we purchased as our second investment last fall in Northwest Indiana. Feb will close the 6 months seasoning period. When we purchased to property the appraiser took the income cost approach and valued the property at $71k. We actually purchased it for $49k and put down 25% ($12500).

We have since moved to Chicago where we are currently renting but would like to purchase another house hack. Since cost of living is much higher here than in Indiana we will need a large down payment so my strategy was going to be to refi the 4-plex and pull our dp out plus some.

I have had trouble finding another lender even local banks that will consider the income cost appraisal approach. I do not understand why exactly. Does anyone have a better understanding on this than I? Currently I feel a little stuck in what I originally considered my strategy to to purchase my next property because of the push back we are getting from lenders pertaining to their appraisal approach. 

Thanks for any and all the help!!!

Thanks @Jason Insalaco! I will use these recommendations. Someone broke into my tenant's car this week. My missions statement is to provide safe housing so I am going to install cameras.

I tell everyone about BP!! Y'all have changed our life!! 

@Brandon Turner thank you so so much for the awesome podcast/ webinar this morning! I opened up iTunes today to see almost two hours, jumped for joy and created the post above before listening. Thanks of the motivation this morning!!!

Hi BP!!! Joshua Dorkin thank you for the longer podcast episodes!! I think I speak for most of us when I say I can't get enough!!! Thank you!!

I had a tenant move in a roommate once to help pay the rent. My tenant told me after the fact but I made sure she filled out an app so that I had her info for any damages. I think it's a good idea to get their info but I didn't raise the rent.

Welcome Katie!!! So glad you are here!!

What are your thoughts about pet rabbits? What experiences have you had with them? Have they destroyed your rental? Have you had a good experience with them?  Do you own rabbits? Do you require an extra security deposit? How many rabbits is too many?

This is of course pertaining to rabbits inside your rental dwelling, not the garage or barn.

Agreeable gray from Sherman Williams is my go to!!! It's a great neutral gray. The name is fitting.