All Forum Posts by: Dillon Dinglasan

@Matt K. thanks for providing a in depth example of the 1% rule!  Ill take account of that when I'm looking into a property

Jeff Burdick am currently from the north west suburbs of Chicago, so Im trying to look for something local. 

Does interest tend to be high for the FHA 203k loans?

@Will Gaston I feel like the market in Chicago is really competitive. Its hard to find good deals on the MLS that work with my price point. Ive been also looking into some properties on craigslist and see if anyone is also willing to do a seller financing but haven't seen anything yet.

@Matt K.

I agree with you if the numbers work the numbers work. Would you say the 1% is like a rule of thumb in calculating our monthly rent? 

Ive been focusing on properties that won't have pools or any gyms because like you mentioned they'll eat up all my funds. 

@Jeff Burdick thanks for your response!

Would you suggest in obtaining SFH in the Chicago land area then? I can't seem to find properties within my budget. Also would you know if conventional loans have a minimum property standard? I understand that with FHA loans they are strict on whether or not if a property is "livable" or not.

Thanks!

@Caroline C. thanks for your feed back!

Thats what I most of afraid of is the HOA fees and the additional assessments eating up my cash flow.

Do most HOA's have restriction on units that can be rented or does that vary on the board?

If you don't mind me asking do you still invest in condos or do you focus on SFH, multi units, etc.?

Thanks again!

@Tom Parris

Thank you for elaborating on the things to look out for in a condo!

Sorry, I actually meant conventional loan not FHA.

I agree that reviewing over the questionnaire such as reserves, renter to owner ratio etc. would definitely save me money and time in the long run.

Ill make sure to get in contact with the owners and ask for the 12 months of board minutes for my refrence.

Thank you for your help!

Hello Everybody!

As being a beginner investor I wanted to reach out to the bigger pockets community and hear some feedback on my first investment property! So Ive been recently looking at some condos in the north west suburbs of Chicago. From what Ive read and heared in the BP community condos have pros and cons. I understand that condos high HOA fees and also special assessments sometimes. The reason why I am interested in condos because of the price point. Most SFH, Town homes or multi units are above my price point. I recently got approved for a FHA loan for 110k as a side note. I also considered in purchasing a condo in the city of Chicago as well and use Airbnb as additional income. What are your thoughts?

Would you say that a condo would be a good first investment considering of my price point? 

Thanks for your feedback everyone!

@Matt Motil

What are some benefits of a conventional loan over a FHA? I understand that FHA it has to be considered your primary residence. Is that not the case for a conventional loan?

@Jason B.

I agree that it's a great entry level point in the real estate investing field. I'm currently a leasing agent at an apartment complex, so I'm trying to soak up as much information about being a landlord and the whole idea of renting apartments.