👋🏽Perfect timing - now is the time to set up your team to help you find a lucrative deal in the north side of Chicago.

That allows the payment to be low, manageable and easy to cash flow when you transition it into a rental.When you move out you will have more money in the bank, stronger assets, and be cash fluid in case you need to make an offer on more investment properties.

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

If you are buying in a LLC there is typically a loan agreement and personal guarantee that is common

In this case the current financials on the property aren't great(rents well below market value and the owners family living in several of the suites) so the lenders will likely not provide the funding based on poor NOI.  

Are the older homes in this area safe to buy or do they break down a lot?

If this is a $400k home, you have to make a lot more than $20k/yr in profit/cashflow.  

Hi John, feel free to reach out if you are looking for some additional options on your DSCR loan!

@Brandon Brown I have done this many times on buildings where it is required by code in Berwyn and surrounding suburbs.

I was in banking for a bajillion years and now own a lender that specializes in this type of financing, so I feel I can answer the question.