All Forum Posts by: Zierry Eme Carl T. Tagbas

My fiance and I are moving back home to the south suburbs of Chicago within a few months. We are trying to find MFH in the Frankfort/Mokena/Lemont/Lockport area. I can't seem to find any good deals on the MLS that will cash flow (we can't use any other methods since we are out of town). We have a $30k downpayment and looking to do FHA for our first home (still haven't talked to a broker or real estate agent). In our current jobs we make $60,000 and $75,000, that should increase a little when we move to the city.

We love the idea of getting a new house every year and holding properties for cash flow. Doesn't seem possible in the Chicago market. Should we expand our search? We want to stay out of Chicago as we don't really like the big city that much. We were looking at NW Indiana as well but, find the same issues. I have construction experience and would do everything myself until we got too many properties. 

 Would love any insight from investors in the area. We would love to connect and learn from anyone in the city. 

@Zierry Eme Carl T. Tagbas

Yes, it is. Currently looking for the next property and will be doing vacation rental next. 

Hope all is well in the real estate world in WA. 

Current situation: Family of 4, single income, military 45k salary. I have little extra to put toward a house after putting away from savings and daily life. Bought first home in the last 2 years so not a lot of equity.

I want to figure out some creative ways to get another property in the next 2 years without reducing my overall income from monthly costs. The first plan I've thought of was getting a HELOC and spending the right amount of time and effort to find a duplex that will cash flow the monthly repayment of the HELOC. The second plan would be to partner with someone locally (or in El Paso) that can help mentor and split the responsibility and cost to help me get started.

Please let me know if these plans would meet my goals. I want to know if they are not good plans also because REI is not something that shouldn't be done without research and opinions from people that have found success. Is this realistic or should I wait until my job pays me more for savings (not realistic because military) or for my equity to build?

Give me a list of every single thing I need to know and understand in order, when educating myself about how to invest in RA

Investment Info:

Condo buy & hold investment in Alexandria.

Purchase price: $363,100
Cash invested: $24,468

House hacking living for close to free. But when after a year this will net $700 a month

What made you interested in investing in this type of deal?

It was available in this competitive market and met my immediate needs

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Conventional mortgage financing through mortgage leneder

How did you add value to the deal?

Change flooring,
Backsplash in kitchen
Small bathroom upgrades
Painting

What was the outcome?

If everything works out in terms of market conditions, property value will increase much more and rents can definitely be increased further

Lessons learned? Challenges?

Creative thinking can make ok deals great deals

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Joaquín Camarasa

Hello fellow investors,  

I've been working hard for years to get to this point! I've got a nice down-payment an ACTUAL approval and basically my ducks in a row to start my first investment. My new problem are these crazy price hikes,  I'm in the San Diego County and I dont know if I'm able to keep up with these prices?!!  Does anyone have any advice or know of a good out of state market that might have more to offer a new( first time) investor?! 

Thank you in advance!

Hi, i'm looking to purchase my first home in the next 3 months. I'm looking for advice. I don't have experience with home repairs, but i'm open to learning how to replace floors, cabinets, cosmetics, etc. Which means the home I buy won't be a fixer upper or a BRRR investment necessarily. What is your advice on how I can make this home an investment home? I've considered Airbnb-ing a room, petsitting people's dogs, using it as a storage space for people. Whatever income I receive I can set it aside to save to purchase another home to set up as a rental or Airbnb property. However, that will take a long time for me to save up enough for a decent downpayment in the purchase of a second home for rental/Airbnb.

OR if I purchase a home that could use cosmetic work, should I sell it and get it appraised, purchase another home and repeat the process? Just trying to figure out how to dive into investing. I don't have tons of savings, I have excellent credit and can get a teacher loan for my first purchase.

I'm currently looking into investing in real estate and one of my first approaches is househacking. I wanted to know if it's a good idea to initially start off with househacking either a duplex or triplex within the Central/North Jersey area. Someone told me it wouldn't make much sense to Househack with a triplex here in Jersey because my mortgage payment would be too high and I wouldn't get enough monthly cash flow. I'm not sure what to think right now. I would like to know the pros and cons with FHA loans regarding duplexes and triplexes in the NJ area. Thanks to anyone who replies!