All Forum Posts by: Boris Le
Boris Le has started 3 posts and replied 8 times.
Post: Prices don’t make sense in Chicago?
- Posts 10
- Votes 7
@Benjamin Aaker very much so. Cheap money really distorted everything and I am not sure how much longer this can go on for. Huge segment of the population is priced out buying.
Post: Prices don’t make sense in Chicago?
- Posts 10
- Votes 7
@John Clark for multifamily I've been looking around Humboldt Park primarily, Avondale, west Logan Square, Ukrainian Village areas. I might have to explore that area as well but I am not super familiar with it. Also I've been exploring SW suburbs possibly around Orland Park. Any suggestions are more than welcome. I can't get the numbers to even remotely make sense on properties offered.
Post: Prices don’t make sense in Chicago?
- Posts 10
- Votes 7
Has anyone found where prices for multi family buildings make sense around Chicago? When I look at rent prices versus mortgage, taxes, utilities, multi families are priced so fixed monthly costs are higher then the rents. Or you'd be making $0 monthly with 20% down. Am I looking at this wrong or am I looking into wrong places?
Post: Business type for owner occupied rental property in Illinois?
- Posts 10
- Votes 7
Does anyone have suggestions of best business type for owner occupied rental building in Illinois? Like S Corp, LLC, etc.
I would like to protect myself in case of any legal issues and/or have a business deduction from my yearly taxes.
I am clearly completely new to this and I am not sure if I should contact a lawyer or accountant but I wanted to get some general feedback from those of you with experience. Thank you.
Post: Best Mortgage deals for Chicago 3 unit
- Posts 10
- Votes 7
Hi Jonathan,
Is there an option with 3.5% down payment without PMI?
Thank you.
Originally posted by @Jonathan Klemm:
@Boris Le - Like the other above suggested if you can owner occupy you can put down only 3.5%. Also, I'd worry a little about the actual rate and emphasis on working with the right people.
I've personally found that you tend to get what you pay for and more often than not it's actually better to pay a little more.
Either way, I'd link up with @Zack Karp or @Michael Facchini and see how they can help.
Post: Best Mortgage deals for Chicago 3 unit
- Posts 10
- Votes 7
Hi Paul,
Originally posted by @Paul De Luca:
Can you owner-occupy the property? Lenders offer lower rates for owner-occupied homes compared to investment properties.
Post: Best Mortgage deals for Chicago 3 unit
- Posts 10
- Votes 7
This is a great point! I am trying to avoid PMI and try to get lowest possible down payment without PMI to have cash in case of repairs etc. so far it’s been 30 year with 3.75% interest and 10% down. I would live in one of the units.
Originally posted by @John Warren:
@Boris Le as you think about this question, what constitutes the best deal for you? Are you trying for the lowest rate? What about the lowest down payment possible? I have noticed over the years that a lot of my clients are very rate sensitive when they buy, but then they turn around and try to cash out refinance a year later! What are your goals with this loan? Is this truly going to be a loan you hold for a long time?
In terms or rates, I have recently seen a client close with a sub 3% interest rate on a 4 unit here in Berwyn. I believe there was a rate buy down involved, etc.
Post: Best Mortgage deals for Chicago 3 unit
- Posts 10
- Votes 7
Hello,
I wanted to see about getting the best mortgage deal in the Chicagoland for a 3 unit building. So far the deal I have secured is 3.75% with 10% down and no PMI, and it comes direct from the bank. Does anyone know of any better deals or ways to get better rates? Thank you very much! PS. I am a complete novice in this so please excuse my lack of knowledge ahead of time.