I plan to consult with my lawyer but I also wanted to chat with yall.

Hello everyone, I am a new landlord with little experience and wanted to get some insight on a rent increase I am planning on my rental home. 

@JT StanfordTo start buying real estate in Chicago, as a first-time homebuyers you should your budget, look at loan choices, talk to a loan broker, check out places like Woodlawn and Greater Grand Crossing, and choose a property type (duplex, triplex, or multi-unit), look at move-in ready homes, work with a local real estate agent, and plan for the future.

@Henry Clark  Let's plan on Friday. 

@Brandon BellIf you have a loan officer you are planning on working with, it might be best to consult them first on the best route to go for this scenario.

However, if you plan to do a furnished rental, then I think month-to-month may be more common.

The other two options require spending money that is basically going out the door to lots of fees and expenses of exiting your current house and getting into a new one.If you were just looking to move, that is perhaps a different story… If your house isn’t working for you, for instance.

That's how you decide if the project is worth doing before you start spending money on architects, engineers, city fees, etc....Or you could spend $30k to get your plans stamped and then run the numbers and find out you can't afford to do it....Just curious....how much are your architect and engineering fees?

We dont accept vouchers (aka Section 8) so I spend a lot of time copying and pasting, "sorry we dont accept vouchers for this property"Now this is specific to my market in Byran / College Station, Tx and might not be the same for you. 

@Ravi KaruturiRavi, a Project with a $10M “all in” cost will typically support a 70%-80% loan to cost (LTC).This means that you can borrow $7M-$8M which means that you will have to invest an equity infusion of $3M-$2M.More fundamentally, if you are asking a question like this, your priorities need adjusting.Raising capital from whomever, and especially from friends and family must come after you have acquired and can demonstrate the skills necessary to build a $10M ground up development.I believe that if you pursue a plan to raise the equity required that you will find it very difficult to secure bank debt without a track record and or the skills noted above.Feel free to reach out to me if you want to talk.