All Forum Posts by: Michael Van

Hello fellow investors! I have more than a handful of deals in the southside of Chicago and wanted to start building a list of people that invest in the southside! Feel free to connect with me or leave specifics on what you're looking for in a reply! Would love to start sending deals out and getting to know all of you fellow investors!

What areas? (zip codes preferred)

How much are you looking to spend? (Would help if you add this with specific zip codes)

What types of properties are you looking for?

1 Complete gut 2 medium rehab 3 light rehab

4 currently rented but due for updating 5 turnkey properties)

What types of returns are you looking for?

Preferred method of communication and email address.

Please feel free to leave as much information as you would like as any bit helps!

Bump. Would like to know the specifics about it as well. Thanks. 

Hello fellow BP members! I have more than a handful of deals in the southside of Chicago and wanted to start building a list of people that invest in the southside! Feel free to connect with me or leave specifics on what you're looking for in a reply! Would love to start sending deals out and getting to know all of you fellow investors!

What areas? (zip codes preferred)

How much are you looking to spend? (Would help if you add this with specific zip codes)

What types of properties are you looking for?

1 Complete gut 2 medium rehab 3 light rehab

4 currently rented but due for updating 5 turnkey properties)

What types of returns are you looking for?

Preferred method of communication and email address.

Please feel free to leave as much information as you would like as any bit helps!

Definitely some great advice here. Thank you everyone for sharing. I love reading the posts and the community involved. 

If anyone by any chance knows anyone interested in the Aurora Illinois market I may have a portfolio of SFR houses being sold soon. Please pass along some names if possible!

@Kevin Danikowski Hey Kevin, I'm just curious. How are you or anyone else looking up or finding probates?

@Sebastien Beauboeuf Hey Pierre, I'm a local real estate agent in your market and agree with most of the people on this thread. It's not too early to start looking and to reach out to an agent. The work that you're thinking of primarily happens when you're closer but the more information and experience you arm yourself with now, the whole transaction would be much easier with more peace of mind for yourself. 
I'd love to have the opportunity to chat with you about your goals, most important next steps for you, as well as creating a plan together to get you prepared and actionable to achieve your goal to purchase next year. 

@Derrell Grant Hey there, I'm a realtor in Illinois and an aspiring real estate investor as well. Maybe we can connect and talk more about what you're looking for.

@Sam Shueh How do you analyze and figure out what you consider to be ratings of neighborhoods?

@Joani Riley Generally it can vary slight by state but most conforming loans are generally the same. 

PMI is charged at a rate around ~$60 / month / $100,000 borrowed.

PMI is charged on conventional loans up to 80% LTV. At 80% LTV you can request to have it taken off but most should automatically come off at 78% LTV.

There is no PMI for FHA loans but there is Mortgage Insurance Premium (MIP) that is charged upfront and can be wrapped into the whole loan. What most people tend to do is get an FHA loan because it's easier to qualify and eventually refinance into a conventional loan.

Hope this helps!

@Sonya Braddock You're going to have to be more specific than that. Do you know what your budget is? What do you have as far as cash? How are you looking to finance the transaction? will you be living in it? What kind of return do you want on the property? etc. There are a lot of questions to ask and try to figure out so that you can do it.