All Forum Posts by: Richelle Smith

@Aaron Harren

Hi Aaron,

One of my tenants brought bed bugs when they moved into one of my apartments. I used rose pest control and they set off a gas/spray every other week for 6 weeks. The tenants were required to leave for 4 hours after each spary but they did not have to bag or trash anything. Luckily we caught it quickly and the bugs did not spread to the other units. It caused me around $500 but was a fairly painless process. Make sure you check with your local tenant landlord laws because in Chicago the landlord is required to pay.

Hope this helps.

Hi,

There are squirrels in the attic of my rental unit. I have called a few companies but they will not go and set traps in the attic, they will only set them outside on the roof. So far the outside traps are not working. Any suggestions would be greatly appreciated. 

Thanks!

Hi,

I purchased a multi unit in Chicago a year ago with an FHA loan. The property is now worth $375,000 and I owe $260,000. I want to refinance out of the PMI and then pull out cash to buy another property. What is the best way to do this; refinance with cash out or refinance and get an equity loan or HELOC?

Thanks! 

Congrats, that's awesome! I look forward to your meetups. 

Hi @Nadeya Hassan

I just bought my first home/rental property last September in Chicago. I started looking at condos then I realize multi-units are a much better investment.

1. How and when did you start? 

I started looking at the beginning of last year. It took the whole year to find a place in my budget. I made over 10 offers on different places. It was frustrating but I finally got a 3 flat that I live in and rent out the other two units. It will be cheaper to buy if you are going to live in one of the units. The first thing you need to do is shop around for different mortgage rates and get pre-approved. 

2. How did you save up for your first property and the down payment?

I did a FHA loan and put 3.5% down. You will have to pay a monthly PMI but this will get you in a place faster than waiting to save 20%. I also raised my offer and had the sellers pay the closing cost. I also have student loans and a car payment so having good credit is what helped me get the loan.

3. What resources did you use when you first got started? Was it all through networking?

I use zillow and found a realtor who really helped me. I didn't have a lot of connections and I just found out about Bigger Pockets! 

4. What were some of your major challenges?

Finding a place within a budget. If something new comes on the market you will need to go see it that day. The good ones go really fast.

5. Who were/are some of your major business partners?

My broker and realtor helped me through the process.

If you have more questing feel free to message me. I would also be glad to share who I used in this process. 

Best of Luck

Richelle