I'm starting with a preforclosure because of my lack of funding so purchasing a contract is not an option for me at the moment.

For starters, I decided to join this forum to further expand my knowledge on how one may leverage an FHA loan on a 3/4 unit multi family here in Cook County, Chicago.

no meat left on the bone .

I am interested in talking to you about purchasing your property at: (property address)If you’re interested in selling this property, please call me at (###-###-####).Thanks for your consideration,PS: I am looking for an investment property for me and my family to live in

In my experience (developers chime in and correct me if you feel I’m off base), in general developers don’t target lots that are that cheap, because it usually means the market value of homes are low too, so there isn’t enough meat on the bone for them.

They call me at 4 pm and say they want to place an offer. 

i bought a multifamily for $180k and i am house hacking and cashflowing $120 per month, I have $7k cash, should I use it as a down payment on a $60k loan to turn my 1000 square feet basement into a 1 bedroom apartment and stay down there and rent out my old floor (that puts me at $240k for a 3 family, top floor $1500, second floor $1250, mortgage $1,379 plus the $500 per month payment for the basement loan)?

I was thinking maybe I should turn this one Class C into a "felon friendly" property since we have a prison here and definitely a need for it - but I agree, too risky for me, at least at this point.

Wondering if this is common among all companies or just mine and if I should jump ship * main office is a mess, boxes and papers everywhere, tables stacked high with papers etc, a tile is missing in the ceiling * it’s section 42 with lots of compliance, no one knows where anyone’s file is, a residents file might be at a different property and no one knows, etc, at the property they put me at they are behind by 40 recertifications and it’s my job to catch up until they hire someone * property managers work offsite at the main office, making it challenging to meet with tenants (fortunately I am onsite)* no one has given me much direction/training on how to do the section 42 recertifications so I’m winging it.

Add to that that rents don’t meet the 1% rule and for me at least it’s a walk away and “call me when you want to sell it.”The numbers don’t lie and in this case aren’t very forgiving.