All Forum Posts by: Chris T.

congratulations! You've a good problem on your hands. 

Your cash on cash after refinance is Inf% is probably because you got all of your money out. 

I would look at closed sales, not houses for on sale on the market. And use a conservative ARV, minus your rehab/holding/closing/realtor fees etc. And if it's worth while for you to flip.

Most as-is properties are probably not in a good condition enough to qualify for a FHA loan.

However, look into a fha 203k loan. If your current lender is not experienced enough, find one that is familiar with it.

Full price? maybe. Cash on hand, no. They're right though about the inspections and appraisals. They're probably trying to hold your hand a little. Especially for your first property. 

Our investing took off once we got a HELOC on our primary. Key thing is the ease of accessing the capital. It's easy to qualify, cheap but it's also variable, so it's meant to be short term.

Cash out the property with a 30 year fixed, and do it again! 

There may be some banks that have fixed HELOC terms, so you can shop around.

You're doing the right thing by not keeping the current tenants. 

Your 13 year old son will probably not understand your reasons, so I wouldn't go into too deep. 

Blame it on the current a**hole owner. Or your "silent" partner. 

Congratulations @Johnny Situ

It sounds like we have similar journeys. 

Keep plugging away! 

The Du Page County Real Estate Investors group was started to provide a platform for Du Page County (and surrounding areas) real estate investors to share knowledge, resources, and deals.The members of this group are involved in primarily single family, multifamily and commercial investments, and represent all levels of experience. 

The focus of the group is professional networking.

Our meetup is at Emmett's Ale House, 5200 Main Street, Downers Grove, IL 60515 from 6:30 pm - 9:30 pm. There is a parking lot across the street and in the back of the restaurant that we are allowed to use.

These events are 100% networking. If you're looking to expand your network, come join us! 

6:30 - 7:30 - Networking

7:30 - 7:45 - Introductions

7:45 - 9:30 - Networking

The best strategy is based on your goals and your comfort zone. 

Interest rates are trending higher. There is nothing wrong with being more conservative such as the "debt snowball effect". 

BRRRRR is a way to acquire more properties using leverage. Repairs, ARV, leverage are all part of real estate investing. In fact, if you're dealing with MF, cap rates are more important to you, than comparables.

welcome to BP! 

If you're in the western suburbs, come join us in downers grove on 2/20 6:30 PM. 100% networking only, no guru or classes sold. Bring your CC for drinks only, there will be free apps.

DuPage County Real Estate Investors Meetup

thanks @Alex Morstadt

More than likely, the person who is selling this note bought it as non-performing. And after modifying it, reselling it at a premium as performing. 

Or you could get a HELOC, for less cost. And use it to buy the right investment property when you come across one.