All Forum Posts by: Eric X.

Yes you can take equity out of rental properties. most banks in my area allow up to 75% LTV but some a bit more some a bit less. Buying homes with cash to get the best deal, pulling money out via equity loan/credit to buy another home is a good way to go.

Keep in mind most lenders/banks don't want to see more than 4 mortgaged units so it gets a bit tricky after. that.

@Dave Cieslicki

Let me know what you are interested in doing and where you are at. Although I'm not a real hard money lender I have worked with people on Flips that required capital. Looking to network with people as well.

@Dustin Oaks

Property taxes should not matter that much since most people will be paying similar taxes in the same area. The market is hot (almost too hot for my liking) so it may take time to get a nice deal. I'm in the burbs but I'm guessing closer to city has more opportunities.

@Brianna S.

We do have a few high rise units in the loop but we mainly invest in Dupage/Will county. Lot easier to maintain when you don't have to drive hour to get to the units(especially in this weather). Don't have any multi unit buildings yet. Mainly single family, town homes, and a few single unit apartments.

@Ryan Steele

Thanks for the welcome! Look forward to meeting you as well. Seems like a lot to learn from everyone here

I typically prefer 2-3 bedroom units for buy and hold. For flipping it doesn't really matter. 2-3 is a good balance of cash flow and cost for me atleast in chicagoland area.

Is this for investment or for living in yourself? I'm usually willing to pay slightly more for the perfect home if I'm planing to live there but for investment I would say keep on trying.

I typically try to offer on as many potential homes as I can and if 5-10% get accepted then so be it.

5k over asking can be a lot or a little depending on how expensive of a home you are getting. If the numbers work out, you could always offer more than 5k above. many realtors(myself included) will list homes below market value to get people into a semi bidding war. It seems to work in my area and 5k over would not do the trick.

New member but have been lurking for many years. Been investor for around six years and a broker for 2+ years now.

Currently 29 years of age. Married no kids. Live in Naperville area. Studied engineering and worked in engineering/finance for a bit before quitting and working at home (started a few businesses in school). Family got into real estate after the crash and we have been acquiring mostly buy and hold properties ever since (23 and counting)

Technically I guess I'm a real estate broker now but I mostly do SOI deals and investor deals for myself and other fellow investors but it's mostly a fun side job that anything else.

Really looking forward to getting to know everyone and learning! Trying to absorb as much as I can.

Flipping, whole selling, commercial, and international development are all areas I'm trying to learn/improve in and learn more about.