First time poster long time lurker
Hello all,
I have been lurking on this site for a few months and really enjoy the upbeat pace and knowledge of the people.
I am thinking about doing my first deal soon on Chicago north side. It's a 4 flat 3br /1 bath. Will need a complete rehab total cost of construction about 100k. Property listed around 200k COMPS in area are in the 450k-600k range. Again, this would be my first ever rehab - it would be hired out and would take around 6-7 months to complete. Upon completion I would rent out and hold long term in a positive cash flow situation.
My questions are
1. I am I jumping in to quick?
2. Should I start smaller?
3. Bought condo cash can I use FHA 203k loan?
4. If all goes as planned can i use ARV equity to purchase more properties?
5. Any local Chicago folks available to mentor
I really love this site and plan to get more involved as of right now I am done lurking around.
Thanks to all,
JAK