All Forum Posts by: Victor Mays

Hi  Everyone, 

I'm looking for advice, I am trying to house hack a cash flowing multi family around 200k or lower in a decent area in the south side of Chicago ( interested areas below) . I wouldn't mind doing a small rehab. I have been having a hard time finding decent properties on the MLS that are in decent, Comfortable/ Safe areas. The problem seems to be a lot of the good multi's are taken quick. What do you suggest on finding better deals & getting a property under contract quickly?

I would great appreciate your feedback!

Interested Locations

south shore, Woodlawn, Kenwood, Hyde park, Bronzeville, Washington park, Bervely, maybe auburn Gresham, Rosemoor, Pullman,  bainerd, Maybe chatham, etc.

P.S. - I would love a mentor right now. Also, I manage commercial construction projects for my day time job!

I'm looking for help . I am buying a Multi Unit in the next 2 months using a FHA Loan in Chicago. Also, I am partnering on a Fix & Flip. The deal with the investor is 50% /50% funding. I roughly look to get 40K at a good interest rate. I don't have the property in my name, but I just started my LLC. I don't want the flip loan to impact my FHA Loan. My credit is over 700 & I make a salary over 55K. What are some options I could use to get about 40K loan at good rates without Impacting my personal credit for the FHA Loan to buy the Multi Family? Any thoughts?

@Chuck Wensler I haven't just yet. The issue is that the property isn't in my name. Its in the other investors name. Also, they other investors doesn't want to have to get the property foreclosed on potentially. I'm still learning about hard money honestly. So i'm not sure if I'm seeing it from the right angle. 

@Sterling White Congrats for being on Bigger Pockets! Proud of you man. I look forward to speaking with you soon!

@Tyler Duffin Goodmorning Tyler, how did this turn out? I'm curious how you set it up. Currently I'm partnering on a deal & I'm in a similar situation. I got good credit & they want me to finance the rehab. I'm looking for the best lending options. Deal Partner purchase - 30k me- Construction Loan - 60K I would appreciate your advice

@Kenneth Garrett Thanks Kenneth, currently I'm partnering with another investor & I'm not sure if I could get a residential loan. The Property was purchased for 30k. So basically I'm still defining my options. I do have a personal credit score over 700. My goal is to be able to finance the construction which will be about 55k or less.

Hi everyone,

I am starting my first flip & I'm looking for funding options. I have run into a couple of companies such as Midwest Corporate Credit, & Pathway financial that help you get unsecured funding or credit card funding with limits 20K-40k or more, etc. for 0% APR for 0 to 12 months. They charge 10% for their services & provide a variety of options. I'm looking to get a loan to fund the construction of the project for 60k max at a low interest rate. Is the credit card route a good option? What is the Pro's & Cons? Would you suggest getting a loan instead? If so, who do you recommend?

Their are two good one in the file place if you look up check list. I would recommend. real estate rehab investing bible. Check this link out as well. http://www.rehabinvestingbible.com/resources/

Drop Box Link to Pictures - Current Condition

https://www.dropbox.com/sh/swe0p8yegbs3ubs/AADDi1e...

Address: 9530 S. Yates Blvd. Chicago, IL. 60617 *South Deering Area

• 3bd 1ba
• Brick Townhouse
• Full finished basement
• Property recently remodeled

Recent Sales Nearby This Year:

1) 9822 S. Yates --$79,500 Sold 9/2017
https://www.zillow.com/homes/9822-S-Yates-Blvd,-Ch...
2) 9840 S. Hoxie Ave. --$94,900 Sold 9/2017
https://www.zillow.com/homes/9840-S-Hoxie-Ave,-Chi...

ACT FAST, THIS WILL NOT LAST LONG!!! THE FIRST ONE WITH A SIGNED CONTRACT AND EARNEST MONEY GETS THE DEAL!!!!

We have equitable interest in the property and we are selling our contract.

Cash or private/ hard money only. We have lender referrals ready to lend- contact us.

Buyer pays ALL closing costs which include transfer taxes, title insurance, and title company fees.

Buyer will receive taxes prorated at 100% with a free and clear title. Property being sold "As-Is" with no warranties by Seller.

Please do all of your inspections and due diligence up front before contracting.

Proof of funds required for viewing.

Do you know someone that would buy this deal?? Please forward this post as we do compensate for referrals.

If you have a property you want to get rid of, want a quick sale, and need a buyer-contact us today.

Past Condition When renovated - Please see link to current photos

Pictures - Drop Box Link Attached - 

https://www.dropbox.com/sh/3gxaalfj30gdjyr/AAD_O5t...

$2,49/Mo Gross Rent!!!!

Here is a turn-key off-market brick 2-flat in the very hot Woodlawn Area. It sits minutes away from Lake Michigan, University of Chicago, public transportation, planned Obama library, and the list goes on! Don't miss the opportunity to generate cash flow right away, or renovate it to achieve great returns as seen from the comps close by-the choice is yours! Not sure how long this one will last, so if you're interested let me know asap.

ACT FAST, THIS WILL NOT LAST LONG!!! THE FIRST ONE WITH A SIGNED CONTRACT AND EARNEST MONEY GETS THE DEAL!!!!

We have equitable interest in the property and we are selling our contract.

Cash or private/ hard money only. We have lender referrals ready to lend- contact us.

Buyer pays ALL closing costs which include transfer taxes, title insurance, and title company fees.

Buyer will receive taxes prorated at 100% with a free and clear title. Property being sold "As-Is" with no warranties by Seller.

Please do all of your inspections and due diligence up front before contracting. PLEASE DO NOT DISTURB TENANTS.

Do you know someone that would buy this deal?? Please forward this email as we do compensate for referrals.

Pictures - Drop Box Link Attached