All Forum Posts by: Preston Phillips

Hi everyone, 

My fiancée and I have been given the opportunity to purchase our first investment property off market from a family member. We have purchased 2 previous owner occupants. I am looking at advice, references on financing options. The PP is around $72k but current value range is around $140k+ based on recent comps (not a lot in the area though). We have about $35k liquid for renovations and another $15k ish set aside for a down payment. My question is if anyone has any referrals on lending for the remaining loan amount necessary. We are looking into investment loans but know that if the property is considered unlivable that would be difficult, but we also have not had a GC look at the scope of work yet as we were told of the deal this past weekend (property is 5 hrs from us). Any and all help would be greatly appreciated. 

Looking to buy a multi family (3 unit) owner occupant this year. Goal is to live in one, long term rent one unit and short term rental the bottom unit. Im reading the book on tax strategies volume 2, and I’m learning more about depreciation. I am curious what others have to say or  what they learned from a similar experience. My fiancée and I will be married next year (after 4/15), we will be over the $150k Adj Gross income threshold together but if we continued doing separate taxes we would fall below individually. I wasn’t sure how or if that could work as we would own the property together. Would love to get everyone’s thoughts and input on the matter. Thanks in advance! 

@Jonathan Klemm is that virtual rehab open to everyone or is that more for business purposes only? It would be interesting as a beginning investor to see how it’s done. Thought I would ask 

This is very helpful, we were not aware of the ADU pilot program, but I will be looking into that shortly. @Danny Polanski

@John Warren Thank you. We are also listening to them very frequently. It was one of the first resources we started using when we first decided on the Chicago Market. It's great to have the local knowledge compared to a more general industry knowledge from a lot of other podcasts. 

 Yes, we cannot wait to finally get up to Chicago and attend these, thank you!

@Jonathan Klemm I would love to connect and learn more about the Chicago market. I'm still learning how the forums work with replies and "quotes/votes", so I will reach out via a direct message if you do not mind? 

 @Mark Ainley That would be fantastic. I've been using a lot of the BP Pro resources but having more Chicago based type of information would be very helpful. 

 Thank you Jack! 

Hi Everyone, 

Thank you so much for all the knowledge and advice. The fiancée and I have been traveling for the holidays, so I have not been able to check back on here for a bit. I will be reaching out via PM to those who offered, we are excited to connect with everyone and look forward to sharing our progress along this journey.