As Sean Wagner mentioned, the city of Chicago has adopted their own regulations on charging what's commonly referred to as a "security deposit" you need to do it another way. 

We paid ours off when our balance was $125k, but on a 15 so payments were fairly high at $1732 PI.

Main benefits to this strategy include:- Low down payment options (as low as 3-5%)- Acquisition experience- Property management experienceThe NYC metro area has nearly 2,000 available 2-4 unit listings on the market.Other new investors consider the BRRRR Strategy.All the best to you on your journey!

It’s true that while the 10% down payment for a second home sounds appealing, the fact that rate adjustments are now similar makes the distinction less about cost and more about strategy.A few years ago, I helped a couple in San Diego navigate this exact decision.

The didn't live within their means, accrued a lot of debt, and it eventually resulted in them not paying rent and being evicted.Consolidating debt reduces their payments so they have more money available, but it doesn't automatically teach them to live within their means.

@Meena MallikFrom my experience, securing financing for commercial real estate involves understanding your options, such as conventional loans, commercial loans, private lenders, or partnerships.

The mortgage payment is $1,000 on each house, so you earn $500 per house or $2,000 monthly.

Pro tip--make sure your exhaust fan in the bathroom is vented to the atmosphere--meaning out to the outside.....go out the roof or out the side of the unit or secured to an opening in a soffit vent grille off the house. 

You can always charge an air and surface scrubbing fee from their security deposit after they've moved out. 

So I would buy the home and rent it for a couple of days, and then show the payment receive if you end up not being ready to launch and generate other bookings before the application window opens and closes.I'll direct message you my phone number.