All Forum Posts by: Account Closed

Jennifer, I'm actually interested in Traverse City and Cadillac, Mi. 

Justen, your right finding a bank will be the hard problem but it's not impossible. I just called a local bank saying they service loans that low for investment. So not impossible

Hey folks,

First of all thanks for looking at this thread in advance. I live in Chicago and currently own a multifamily property. I want to expand but the barrier is coming up with that 20% down payment in Chicago so I have to look outside and get creative. I've always been fascinated with Michigan, up north. Low property values, low taxes, and overall good people. I want to turn to Michigan as an out of state investor and take advantage of the 20-60k properties and generate income off of these properties. I see lots of these properties are already rented and are in good condition. What do you think about this idea if I qualify for a loan on these low priced properties, snag one, just receive income off of it that offsets my loan and put money in my pocket. Rinse and repeat.  Is there any insight someone wants to share? I plan on targeting northern Michigan, I'm going to venture there for myself next week and see it for myself...

 Yeah I agree with Matt but I'd try the high price as possible to test the waters. No harm. As for the property you referred to, 1375 seems easy there. What a phenomenal location and beautiful property. I'd like to remodel mine at the same level if not a bit higher.  Thanks for your input, all. 

Let's say they are the normal 2 bed 1 bath 900 square feet apartments.

So there are a couple of cool things that'll be happening to Little Village.

• http://chicago.curbed.com/2017/3/15/14935330/chica...
• El Paseo Trail
• 2nd class Restaurants being put into 26th Street (Panda Express)

Apart from business and development, the way i see it is that residents of Pilsen are being pushed out due to gentrification and my prediction is that they relocate to Little Village. Little Village still has their fair share of crime. If youre investing south of 26th street, crime is better there but then youre faced with being far from the Pink lines. What im asking is: would you believe that purchasing a multi unit property in Little Village is ideal, south of 26th street and would it be possible to pull off $1100 rents consistently if the place is nicely displayed? The way I see it is that if you have 200k to spend on a two flat you only have a couple of options: Little Village, East Garfield Park, McKinley Park, and Brighton Park. I think the best choice out of these neighborhoods is Little Village due to the livability of these neighborhoods. The neighborhood that has the best future outlook is East Garfield Park due to its proximity to West Loop and downtown itself, but something extraordinary has to happen to really turn that place around in my opinion. Feel free to express your thoughts here. I'd like to hear some of your feedback.

-Tony

I know this works with FHA. I'm just wondering if this works with Freddie Mac Home Possible. Purchase a property using Freddie Mac Home Possible. Make it my primary for a year, then purchase another one and make my first property my secondary.

...

Hello All,

I'm very interested in taking advantage of Freddie Mac's Home Possible program in order to purchase a multifamily 2-4 unit property. One of the requirements was that it would have to be my primary residence. Now does this mean permanent primary residence or can it be I make it primary residence for 6-12 months and then I can purchase another property and make the second property my primary. If anyone can give me insight that would be great. I'd love to utilize Home Possible because of the 5% down payment for a conventional loan, vs 3.5 FHA.

thanks for your input Matt. Well I'm definitely not trying to rent out to section 8 nor do I want any of the local owners to rent out to section 8, but I don't have control over what others do. I'm really trying to do whatever I can to make this area of little village better. But I do understand the Humboldt Park situation. As long as people are comfortable with the room sizes then so be it. This is a new experience for me. I just hope outsiders and prospective renters aren't shocked and walk away because of that. Location is very proximate to downtown which always helps. Do you see college students renting out here? I see its proximate to UIC as well.

by this do you mean will people have some attraction or be accustomed to how small these actually are?