All Forum Posts by: Shahab Siddique

"I am looking for the best possible deal on a mortgage (leaning towards higher credits as I plan to fix and flip) on a 5 percent down mortgage payment. I've looked at a lot of banks, but am curious, does anyone in the Chicagoland area have recommendations with regards to interest rates/credits?

Updated 2 days ago

Note: this is our first home, so we can get a traditional mortgage on this"

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You've gotten a lot of good advice, but I have to ask: Why present the house to the bank/credit union as a fix and flip? You said you were going to live in it (that's how I interpret "out first home"), so why not buy a two flat, fix it while living in it (with a reasonable mortgage and use your $500k for down payment and renovation), and THEN sell and buy another that you can THEN present to the bank as a fix and flip, showing that you have some experience under your belt? Variation -- cash out refinance and buy second property --presented to bank as fix and flip. Give the bank some experience to go on. Chasing that extra quarter point in interest savings for a short-term holding just doesn't seem worth it. Consider it the cost of gaining experience you can prove. Getting started is more important than getting a rock bottom rate.

I'm presenting- as a primary residence :)

0 Votes

Chicago, Illinois

@Andrew Holmes thanks for the information- by the way, I attended a few of your REIA meetings in Chicago/suburbs a few years ago- gained a lot of good info!

Cheers,

Shahab

0 Votes

Chicago, Illinois

@John Warren interesting- what are the benefits of using an ARM vs fixed rate? I'm unclear from your message

0 Votes

Chicago, Illinois

I Should have clarified- this will be our first home

0 Votes

Chicago, Illinois

some background- my wife and I are DINK high earners (600k combined salary), i have a credit score of 780, and have ~500k in liquid assets. just looking for the smartest way to finance a first house that we plan on fix and flipping

0 Votes

Chicago, Illinois

I am looking for the best possible deal on a mortgage (leaning towards higher credits as I plan to fix and flip) on a 5 percent down mortgage payment. I've looked at a lot of banks, but am curious, does anyone in the Chicagoland area have recommendations with regards to interest rates/credits?

1 Vote

Chicago, Illinois

Hi all,

I'm doing a fix and flip in the Hinsdale area, and looking for good contractors. The job is likely going to be in the 70k-130k range.We would be starting sometime in December, probably mid month.

1 Vote

Chicago, Illinois

I'm trying to get a list of people who have filed for bankruptcy. I've heard of PACER, but from my understanding, you have to look up a person specifically to find out whether they are in bankruptcy but how do you find a general list of people in a certain area?

0 Votes

All Forum Posts by: Shahab Siddique

Shahab Siddique has started 3 posts and replied 8 times.

Post: Good credit unions in Chicago?

Post: Good credit unions in Chicago?

Post: Good credit unions in Chicago?

Post: Good credit unions in Chicago?

Post: Good credit unions in Chicago?

Post: Good credit unions in Chicago?

Post: Good contractors in Chicago?

Post: How to find people in bankruptcy near me?