All Forum Posts by: Ray Southern

Hi all,

Not sure if this is the right forum to post.

I'm doing homework on properties, and I keep getting to the point where I ask my Agent to get me an Profit and Loss statement on the property.

9 times out of 10, I don't get one.

At what point in the process do you ask for these?

I've been told that some sellers don't have these.

Is that normal? How can they expect to sell a building without one?

If a P and L statement is such a burden, is there other information I can ask for instead?

Thanks

Hi all,

Tell me if this is a good idea or not:

There are multi-family properties I'm interested in buying, but I don't have enough cash to cover the down payment + fees without wiping out.

I was thinking of taking out a personal loan to cover between 20 to 50% of a 25% down payment. It would bump me up to 20 - 30% DTI.

The properties I'm looking at already have tenants, and are between 80 - 100% occupied. I heard that the bank can consider their rents as income when coming to terms.

Is this a good idea?

Are there better ways to get cash for a down payment?

Thanks

Thanks for the welcome and  links all!

@Lumi Ispas: Sent you a PM

Hi all,

My name is Ray Southern and I'm looking to break into the world of REI.

I've been a web engineer in Chicago for going on 15 years now, almost completely self-taught.

It's been a great career, but I need to start looking ahead to retirement.

I have no experience in real estate, except a condo I bought in 2008 as my primary residence, right before the market tanked.

I'm still in the condo, did some refinancing, and plan on keeping it for good (great neighborhood), maybe renting it out if I start a family and need to move.

My overall plan? I'd like to retire or maybe semi-retire in about 10 - 15 years.

I've been going through the BiggerPockets webinars, and hitting every online resource I could find for the last 2 months.

I've settled on trying to purchase a Multi-Family 5+ building on Chicago's SouthSide.

I grew up there, so I have some familiarity with certain neighborhoods.

I don't have a lot of capital, but I have an extremely excellent financial history with a high credit score and very low DTI.

Time to wrap up, don't want this post to get too long.

I'm looking forward to interacting with all of you on the site, and here's hoping I can make this work with your help.

Thanks,

- Ray

Hi all,

I'm a first time investor looking to buy a rental property in Chicago. There are listings I've seen in poorer neighborhoods that are affordable, with a very good NOI.

Before considering, I'd like to hear some of your stories when dealing with section 8, or renting out of these neighborhoods in general. Anything good? Bad? In-between?

Thanks,

- Ray