All Forum Posts by: Nick Tzenevrakis

I'm actively searching Quincy/Hannibal area. I'm sure I will stumble upon something.

Thanks everyone for reinforcing what I thought was true. Im trying to get pre approved to buy a rental of 4 units or less. I wanted to exercise the option of not living in the rental, although I'm not opposed. One bank told me in this scenario, I would need a commercial loan.  I am speaking with other banks this week.

I do not have an LLC, and I would consider moving into a MFR. I need to speak with a few more banks about my situation. I have meetings scheduled this week with 2 different banks here in town. I will get a hold of Central State, it sounds like that may be the place to go.

Thanks for the feedback guys.

Good Idea. I can clean up my figures and put together a better proposal. It just shocked me that two different sources said this would have to be a commercial loan. I'm saving as much as possible for my first deal, need to reach the 25% mark ASAP for deals in this area.

Welcome to Bigger Pockets! I'm located in Quincy IL, but have spent quite some time in the Palatine area. Good Luck!

Hey BP, I have a question. I am trying to find my first deal here in Quincy IL, and am currently renting myself. One bank has told me that to purchase a property as a rental, it has to be a commercial loan. The variable rate  would require 20% down and is amortized over 15 years, maybe 20. Another realtor told me the same thing, If I'm going to buy a rental, I'll need to have a commercial loan. What are my options? I have about 10k at my disposal and am trying to get my first investment property under my belt. 

@Anton Ivanov,

Good advice, I will be setting up another checking account. When the day comes that I am ready for an LLC I will be sure to separate my accounts.

Thanks again!

Quincy is nice, but has a 60k population. Every body here knows someone renting or flipping, making it ultra competitive and hard to find the best deals. I'm looking into NW STL, towards Wentzville and possible closer to town. I've travelled through those areas many times, and have friends who rent in Wentzville for super high prices. The city seems to be expanding our way. I would like to take advantage of some new deals or potentially overlooked deals between here and there. Again, I'm still a new, and own 0 property. There is opportunity there, I just need to find it.

Welcome Sharon! I'm also new to the BP community and real estate. I'm looking for my first deal and am ready to buy once I find it. I'm in Quincy IL, just a couple hours north of you. I'm always looking for more connections in the area and have hopes of making some deals in STL.

I have used the BP calculator in several scenarios and feel that I am at worst going to break even. The EXACT same house layout, but upgraded exterior and interior, sold in the lot 15 ft to the North for 96k last May. In the end I may end up renting it out for 800 - 1000 per month. The trouble I'm having with estimating is I have not been able to actually get a tour of the place yet. That is scheduled for next weekend, but there are pictures from Zillow from 2013 that the owner says are accurate. 

It is a small 700 sq ft house that has a new roof and siding with no obvious fatal flaws. It has mustard yellow paint on the inside, original hardwood, and a very out of date kitchen.