All Forum Posts by: Sarita Scherpereel

Shelton, I don't know the NJ market. But I do know that I read a lot of @Jonathan Greene 's comments on BP and agree with what he says. There can be misleading information on BP and you need someone that will set the record straight. I recommend reaching out to Jonathan and getting some insights. Even if you are not looking to buy in the same locations that he specialize in. It won't be a waste of time to talk to him. Best of luck! 

@Amanuel Yohannes Gotcha. Definitely reach out to some local lenders and see what kind of products they’re offering that are not on the shelf. And see if they have anything that’s competitive. Although I will say that the professional and physicians loans are the best I’ve seen . It never hurts to do more research and dig deep!

@Deniqua Antoine so much great advise already on here. But I would say making the mistake of not giving myself more time on decisions. Even when it feels like I have to hurry. You don’t!

Good point! Make sure you check that the property is in Bucktown. "Bucktown" gets bigger and bigger every year. I swear some of it is not a apart of Humboldt park! 

@Harrison Ojimma I agree with what is being said on here. When I help people buy properties to Airbnb in Chicago we focus the returns on renting the property first. That way if Chicago restricts Airbnbs, my clients are still buying a rent worthy property that will give them the minimum returns they need. I just had a client switch from Airbnb to renting a unit and I expect a few others to do the same due to COVID this year. Tourism is going to take a hit this year and being nimble is important.

@Robert Skruhak that’s great! Especially in Austin. Congratulations!!

@Andrew Gomez I agree with @Joseph Cacciapaglia. I also want to add that there’s risks with this tenant model. If you were in a college town- like Lubbock. This might get you a few years down the road. However 4-5 people that might not know each other in the future agreeing to pay decent rent for share of the property seems like a limiting business model. My parents bought a house in Lubbock for my brother while he was in college. He rented to friends but two years after he graduated it was harder to find quality tenants that would live like this. I’m

Not trying to crush your dreams but I see this as a very limited tenant demographic that could be limiting.

Sometimes your first hack is just a hack to get your mortgage to be less than your rent. Cash flow is important but don't forget to look at ARV so that you can refinance and by the next one. You're not going to be a millionaire on your first property. It's just the stepping stone. You'll get there!

Are you talking about low down payment programs specifically? The physician's loans and professional loan's are some of the best loans I've seen on the market! That's awesome. You will have more negotiating power than with FHA. Although, that might be something I see only here in Chicago. Which is a very competitive market.

I second what has been said. You need to find another lender. They are still being done in Illinois. This is specific to that Lender's Brokerage. Your realtor should be able to help you find other lenders in your area that will offer this product. Best of luck! 

Hi Philip. I'm interested to know why you think Foreclosures are the way to go? Speaking from the Chicago market which has micro-markets in various neighborhoods. So please take my input with a grain of salt. In some of the areas in Chicago, foreclosures and short sales can be just as competitive as the regular market. Also, here the properties can have building code violations that need addressing. Chicago also has different closing processes for these at times, such as tax prorations not increasing, etc. Chicago pays taxes in the arrears which is not helpful to some buyers in foreclosures. Especially, if there budget is tight. Every deal is different so again take this for what it's worth. And really it's all about the math. A buyer might get a good deal on the property but not have the cash to fix these other issues OR the deal is so good they can keep their cash to fix any closing issues. My recommendation is to contact a realtor in your area that can mentor you through these financial aspects through your market. Find someone that guide you through this. And don't take your eye off of the market. You don't want to miss anything out there that might be a good deal for you! Best of luck!