All Forum Posts by: Vishal Gadhia

@Shane Cook

Welcome to BP Nation. 

Bea, Plainfield is a great area, but deals are really hard to come by specially on MLS. Try looking into Joilet, numbers are better there.

@Philip Williams, there is nothing such as how low can you go. You need to make an offer that seems to be a potential winner for you. Numbers don't lie. So if your numbers come ot 45K then go with it. if it come lower then go with that number.

One thing you should know in REI is you make money when you buy and there is nothing stopping you from making that offer.

Hope this helps

Congrats @TAWANNA HENRY, with your first big success in REI and also first of many more to come.

Absolutely agree with @Mark Ainley and @John Mathewson  the IL market has some good deals.

All the best for your next purchase in IL

Zack, The taxes in IL are absurd. Based on the area my guess is its not in COOK County, which is good, as there is a good chance of property taxes going higher in COOK County next year.

Also, you need to be sure that the property can be rented out post purchase, with a town of 350 population, what is the ratio of rent vs owning? Even if you rent out, what are typical vacancy turnarounds. Just getting free property management should not be your buying trigger.

Numbers, are not the only thing that you should go with, there are town where you can find great properties on numbers, but are war zones, and there are town where numbers make sense, but the economics of the town, proximity to work place don't.

I hope this helps you to make some valuable decision.

Look for JV partners who can help you get started and who are seasoned. You will share part of the deal, but atleast its better then owning something that's harder for you to turnaround.

Looking for a investor friendly realtor who can help accquire properties in and around Hammond and Munster Indiana.

If you know some one please PM his or her details.

Thanks

@Trevon Peracca

Do your primary residence first. That way you have the best DTI when applying for your first conventional primary mortgage. That way, when you do investment properties, the lender will see that your monthly outgoing expenses and since you would already have the primary residence loan, you will then know based on your income how much you can afford to do investments.

With LOC, typically it will be on a LLC, in which case your are just guarantying the loan, which will not show up on your credit profile as the loan has been given to an entity not an individual.

If I was in your shoes and reading your priorities, do your primary mortgage first.

Hope this helps.

@Yan B., Welcome to BP. Please feel free to ask any questions you have. There is a wealth of knowledge on this site

Sarah, warm welcome to BP community. Please feel free to ask any questions and please share your knowledge too, it will help all of us grow together.