First time buyer dilemma !!
4 Replies
Matt Stoch from Chicago, Illinois
posted 5 months agoHi Guys!
This is my first post so I am sorry if this is not the right place! I am looking for some solid advice on purchasing investment property in Chicago. I currently rent an apartment from my folks and I am thinking about buying a property (2 flat or more if I can afford it). I saved up only $50k so I am not sure if that's enough to purchase a decent rental property. I just started looking in Bridgeport (south Chicago) and there are some properties which cost around $300k (2/3 flat). The only down side is that they are all build prior to 1900s and need some serious remodeling. I have some background in remodeling as I worked for general contractor all through college (4-5 years). Any advice will be greatly appreciated! Also if you have stories about your early days of real estate investing please share!
Chris Puglisi Investor from Wallingford, Connecticut
replied 5 months agoIf you are going to live in the property you could get away with only 5% down and use the other $30k towards rehab costs.
Chris Puglisi
Brie Schmidt (Moderator) - Investor, Broker, Public Speaker from Chicago, Illinois
replied 5 months ago@Matt Stoch - Depending on location and income, the 5% down is the way to go for your first.
Feel free to PM me and I will give you my lender. He has done tons of these types of loans for my clients who are looking to "house hack"
Matt Stoch from Chicago, Illinois
replied 5 months agoOriginally posted by @Chris Puglisi :
If you are going to live in the property you could get away with only 5% down and use the other $30k towards rehab costs.
Thank you Chris, I will definitely try to apply for that loan.
Ashley Carter Residential Real Estate Broker from Chicago, Illinois
replied 5 months agoHi @Matt Stoch - I agree with the concept of buying a property as a "owner occupant" with a low down-payment. Depending where you buy your properties, you should be able to stretch your $50K into multiple properties over a period of a few short years. If you want to discuss in more detail, send me a pm. Good luck.
Ashley Carter, Real Estate Agent in IL (#471.002063)
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