All Forum Posts by: Dorothy Wulf

HI Maciej,

I am a Realtor in Chicago and have helped many buyers buy multi unit properties as their first property using the FHA loan. Since you will be living there you will have a very small payment or if you choose to live in the garden unit and rent out the other units you may be able to break even. It's a great opportunity to buy an investment property with very little down. Feel free to PM me.

Welcome Jun!

I live in Chicago and know the area very well.  I am also a Realtor and help many investors buy multi unit properties. Feel free to PM me. I would just need a little more detail to your property search.

Good morning David! 

I am Realtor eine Chicago and have helped many investors with their properties. I also own some myself. 

I have access to off market properties but suggest using MLS as well. I would focus on the list price as everything is negotiable.

Feel free to reach out to discuss further.

You can find a private lender to fill in the gap on your financing. 

Welcome Edward to BP!

I am a Realtor is Chicago for 10 years and previously worked for Chase for 14 years. I can recommend a lender for you that specializes is rehab loans. I would stay clear of all major banks. I have helped a couple clients go through the rehab process and understand it well.

I would 1st recommend a lender whom you should talk to and I can also get you set up on a search to start looking through properties. Your closing costs will be more then  $5k. Chicago also has transfer tax stamps that need to be taken into accout. As for Realtor fees,  buyers agents are compensated by the seller so there is no cost to you to use a Realtor.

Also, you mentioned a consistent income and you will need 2 years of income verification by your lender.

Your debt to income ratio will vary by property due to property taxes, price and rent roll.

Feel free to reach out.

Hi Chris ,

I have been using Home Advantage for over 9 years. Call Leon Mann. 

Happy Thanksgiving to everyone!

I am a Realtor in Chicago for over 10 years and know the market very well.  You have many different options if you want to buy and hold.  I also have a great lender for you as well. 

FHA is a loan program that allows buyers to put down as little as possible on a property, which is 3.5%.

With 5% you move to a conventional loan. With condos, finding a building that is FHA approved is out there, but slim, which means you will have to at least put down 5%. On that note, the different between 3.5% down and 5% down is not that much depending on your purchase price.

So, you can buy a condo with 5% down, but because you are not putting down a large sum of money this keeps your principal, interest, taxes, insurance and assessments high which leaves a slim margin on your profitability.

With a 2-4 unit you can purchase your first property with an FHA loan, 3.5% down and let the tenants pay your mortgage. You will need to live there for majority of the year.

You can also buy a single family home with an FHA loan or Conventional. The minimum down payment for a Conventional loan is 5%.

There are many options that you can venture into. It will come down to the location, price you want to pay, your down payment and how much you want you mortgage to be.

Hi David,

Are you looking to buy and hold or flip your 1st property? 

Hi Sonny!I have two 2 ffats in Jefferson Park.  I am also a Realtor so it's important to be able to negotiate a great price to make the numbers work. Even though a property may be priced high it does not mean the seller is going to get that price. I can set you up on a search in those areas and then you will be able to break down your list from there. Once you find a property you like I would suggest previewing it and determining if it is a property you want. Properties don't always look good in pictures. From there, I can run the numbers for you to see if it makes financial sense to buy it.

Only one meter was installed. I pay for water for my properties.