All Forum Posts by: Account Closed

thank you Brie! So will they still be rentable?

I have a question about room sizes in Little Village? are they all that small? Was looking to rent in a 2 bedroom apartment, living room and kitchen are decent sizes but the bedroom can barely fit in a queen bed like it would take up the whole wall. What do you guys think about room sizes in Little village in a 2 or 3 flat?

If I can guess the room sizes are a good 7x10 or even 6.5x10

I do plan on living in it as well. I think at the minimum I might have to do a 3 flat. I hear they're strict on basement units in Chicago...

oh you can do a conventional after with refinancing? Never thought of that. Reason why I want to go with conventional is that some sellers don't accept FHA because FHA is kind of tricky to close...

Darren,

But I'm asking for conventional. FHA will allow as a minimum as 3.5 for the property. However since you say 5, which lender can offer that?

it will be owner occupied and wil have tenants. Hmm looks like I'm stuck. Think lenders do 85 10 5 loans?

hey all,

I'm a new buyer and I found an awesome two flat that I want to purchase. After lots of research and seeing properties I found the one. I want to  go in for it but my lender only does conventional for a two flat if i have 20% down which I don't. However I have 5% and I want to save the rest for closing and fixing the place up. Anyone know lenders that will offer loans for 5% or less that are conventional loans? Chicago area please if that matters.

Hello Everyone,

I'm a new member to the BiggerPockets Community. Very grateful for being in a community where I can learn from like-minded individuals and begin and grow as an investor. I'm currently siding with Multi-Family Investing. I'd like to purchase a duplex/triplex/fourplex and rent this out to tenants. I'm starting small now with properties under 80k that I can find in reasonable locations in Illinois for example, Dwight, IL, Ottawa, Morris, areas in Central IL where area is cheap so I can generate a nice stable income. Most of all, I'm looking at these forums to learn from you guys and read your posts and as well  as the BiggerPockets guides that are out there. I live in the Northwest Suburbs of Illinois in Rolling Meadows, IL and was also wondering are there investor meetups around there or in Chicago? Thanks a lot in advance everyone, and I hope to learn from you all and begin my path to generating passive income as an investor.

-Anthony

Hello all,

I'm very grateful to be part of this community of real estate investors and luckily this is an awesome resource thus far. I'm a new investor starting out fresh at 21, high credit score upper 700s, great job, and my next step in my life that Id like to achieve is generating a great amount of passive income. I do have a specific goal in mind. To begin, I want to purchase a duplex that is located near Ottawa, IL. Which is an hour away from Bloomington, and an hour away from Chicago. The area that I'm targeting has this duplexlisted for roughly 50k and has nearly $1200 of monthly income before mortgage payments. One tenant has been there for 25+ years. The area has a very low crime rate, average schools, the average household income there is 60K. Just from this it already seems like a sound opportunity for me. The duplex is fully occupied which seems like a fluid transaction for me as I'll be taking the handoff from the owner. the current owner would like to retire from land lording and wants to get rid of it. The property is in good shape, it's livable. My only concern is that I live in the northwest suburbs  of Chicago and this may be an issue when problems occur. So then Ill have to get to know some handy men in the area. Off of what I've described alone does this sound like a solid investment? Also, the property is 50k right now, say if I buy it at market price and put 10k down, is that even possible for banks to give out mortgage loans that low? Thank you all in advance.