All Forum Posts by: Chris Gundersen

Yeah, I'm thinking conventional. 

Looking for a local, Chicago area lender that can accommodate less than 20% down on small Multi-family Rentals. Any recommendations would be appreciated!

@Patrick Moore Good insight - thanks!

@Audrey Parzyk good ideas. I was thinking about time on market as well. Have you come across any good data sources for this? It seems like the majority of rentals are not listed on the MLS.

@Russell Brazil thank you. I agree, those are good to consider as well.

I’m currently assessing several markets within the Chicago metropolitan area, and am trying to identify the best way to measure ‘rentability’ of a particular area. By rentability, I’m referring to what makes an area attractive to a renter, and what about an area will attract quality renters. There are several data points that come to mind – population growth, employment, crime rate, % owner occupied, school ratings, and proximity to desirable amenities. My goal is to mitigate risk related to vacancy and everything that comes along with bad tenants.

What key metrics or data points do you look for when assessing an area as a viable option for rental property?

@Cody Lingle @CJ Watkins @Jason Lam @Raul Reyes @Daniel Cullen

We are planning a small meetup for this upcoming Saturday, 8/31 at 9:00am at Limestone Coffee in Batavia. Please join if you’re available!

@Alvin Uy

I'm a newbie, but I think HELOCs are a good funding source for the BRRRR strategy. If you can find a deal where the cash out from refi pays back the HELOC funds used in the BR, I'd say that would be a good use. The key is that you are using the HELOC for a short term loan, while setting yourself up to present a cash offer to the seller.

@CJ Watkins

Looks like we’re both Batavians! I’ll shoot you a request to connect.

Hello BP Community! I’m a new member and would like to introduce myself.

I’ve been a landlord for 8 years, although I fell into this role as a result of buying a condo in 2007, losing nearly 60% of the value shortly after, and then moving onto a larger home for my wife and growing family.

I recently sold this property after re-building the equity, and am putting plans together to start acquiring SFH rentals in the western suburbs of Chicago.

I'm looking to build a network of like minded people with diverse backgrounds and specialties in the REI community. Let's connect!