All Forum Posts by: Nicholas Sanchez

Hi everyone, I am currently looking to purchase a condo which is a garden/basement unit with strong cash flow potential as a rental property. I was going to submit an offer but received a disclosure report stating "a trickle of water occurs in the bathroom during heavy rain events." When we followed up with the selling agent, she said there is a tiny trickle that comes through bathroom maybe once a year and that the owner installed a sump pump in the last year. She went on to say it's virtually nothing but the owner wanted to be up front about it. I was looking for any advice on this matter. I wasn't sure if they would disclose just to make sure they are covered if they sell it and then something floods? Or if this would seem legitimate? And if I were to continue with purchase, would any serious problems come up in an inspection maybe? Thanks for any help!

Hi everyone!

I own and live in a condo in Chicago (Old Town area) that I purchased for about $600K and currently have about $250K equity in the home. I am looking into purchasing a rental property in the Chicago area and was trying to figure out what everyone thinks is a better idea:

1. Since I have limited cash available, purchase a property worth around $100K and finance with a conventional mortgage (20-25% down).

2. Use a HEIL or HELOC to purchase the property, in which case I could increase my price range. I am not too familiar with the HEIL/HELOC financing yet, but not sure if I should be nervous to do this!

Bonus Q: Any recommendations on solid areas in Chicago area to invest in rental properties?

Thank you!

Nick