All Forum Posts by: Nicholas Pascullo

Would you want to use hard money as part of BRRR? If you're planning on using the property for rental income, doesn't high interest from hard money hurt?

Nice, welcome! 

@Brie Schmidt thanks for the reality check, I'll make sure to calculate cash flow numbers including rent from the unit I'd be living in!  Also thank you for the spreadsheet, it's informative.

@Crystal Smith thanks for your reply! Do you have any suggestions as to where I could look to get data about cash sales vs. finance sales, sales price/list price, etc??

@Logan Allec thanks for the encouragement! if you could do it in LA that makes me feel better about my chances in Chicago.

@Jeremy Cohen Thanks for the encouragement and advice.  What you're saying makes sense.  I'll have to ask around and look for an investor-friendly Realtor.

Hey BP!

I spoke to my first realtor today, and told him that my goal was to buy a multi(2-4) unit building in a neighborhood like Humboldt Park, Avondale, or Bridgeport in downtown Chicago. Both he and the mortgage broker I'm talking to warned me that it would probably be very hard to find a property like that, because the areas are "flooded with investors" making cash offers, and coming in with an offer, planning to pay with FHA loan with 3.5% down, it would be really hard for me to close a deal. They were much happier with the idea of me buying an attached apartment/condo in one of the "hot" downtown neighborhoods(west loop, lincoln park, river north).

I'd love to hear the opinion of some seasoned and knowledgeable Chicago area investors, or anybody who could lend some insight. Is it true that I'll have trouble closing on a cashflowing multi-family property, even if it's in an area of Chicago that hasn't blown up yet? I'm going to be coming in with a 3.5% down FHA offer. I don't have trouble coming up with listings from zillow, realtor.com, etc...

@Brie Schmidt - Excellent, thank you for the info!

@Brian Karlow @Nino Alfano  @David Dawodu

Thanks for the welcome!

@Brie Schmidt

Thanks for the welcome! Do you know where I can find out more about the meetup groups you mentioned? I have already signed up for a mailing list(I think) for one that I've actually seen you mention elsewhere. Are there others as well?

Hey Everyone,

I'm brand new to the scene, been listening to the podcasts and getting at a lot of the incredible content on this site, it's really an incredible resource.  I'm in Chicago, IL, and I'm looking to buy my first property very soon.  If there're any other newbies around in the Chicago area, send me a line! Always looking to connect with people with similar interests.