All Forum Posts by: TIm Harstead

highly recommend getting away from them as many others have posted but if you must take it, separate accounts for each building is needed

Awesome list!!

Completely biased as I have lived in and worked in Chicago my whole life, but I think Chicago is a great place to invest, with that being said the downtown area is super saturated and is struggling to fill vacancy as there are tons of new rental buildings being built and offering free months to get renters.  If your looking at a 200k budget I would look into some of the neighborhoods here like Lakeview or Lincoln Park for condos or even something like Brighton Park or west lawn for a two flat.

Hi Jeremy

I am an agent and property manager in Chicago, and have done tons of 203k loans with my clients,  there is no such thing as a 203k certification.  They must be licensed and insured in the city you are looking to have them do work, and they must be ok with the banks pay schedule.  Would be happy to answer any other questions you have on the process if you have any.  203k loans are great products and have helped many of my clients get there dream home when it didn't exist before.

https://www.biggerpockets.com/forums/521/topics/725556-chicago-multifamily-club

Not very easy, but in reality comes down to zoning, and two exits in the unit, make friends with your alderman they hold the keys to your success in this.  

Welcome Ranny,  Would love to connect, tons of great events on here and on meetup that I have met people at.  There is one at Sully's house on the 15th that I went to last month and was very well attended.

Besides finding a broker to help out, the other suggestion would be to go to the buildings and look on there pin boards usually in front of the lobby or sometimes in the laundry area, this is were you can sometimes find for sale by owners that may not be posted in other spots.

looking forward to it!!

It all depends on the city and local laws on if you can, but on another note it may be a good idea to go half and half to make sure you are not ever at risk of not getting enough income for a particular month,