All Forum Posts by: Dyryl Burnett

Welcome to Bigger Pockets! 

Pray you find everything you need and desire on this site! LOTS and LOADS of information! I'm looking to get into the same niche with multi-families.

If there is anything I can do or help with, feel free to contact me.

Best Regards,

DB from Chicago

@Crystal Smith

Thank you! I honestly did not think about any type of warranty programs aside from home appliances warranties. I will definitely add this to my list. Thank you

DB from Chicago

@Derek Walvoord

Thanks alot sir! I appreciate the advice and yes, I would love to receive the contractor referral. I am attempting to put together a list/booklet of RELIABLE and QUALITY general contractors and sub-contractors. 

As I am studying/researching the 203K process, I will definitely keep in mind a lender that is 203K savvy. NACA seems to be very savvy with dealing with realtors and contractors in the 203k process.

Hello All,

DB from Chicago here! I have a question for anyone willing to provide wisdom and honesty. 

So, I consider myself in the "pre-newbie" phase (the phase where most people decide to take action, become an investor, educate themselves, pay off/down debt, build their credit scores, save up money, network, etc.). I am currently paying down debt and saving towards my 1st Income Property. 

I desire to do the following:

-Purchase a distressed 3/4-unit Income Property, Owner Occupied (House Hack)

-Rehab the property via a 203K loan (Chicago is an appreciation market)

-Once the property has tenants and the necessary systems to run effectively, save reserves for that property AND build savings for the next property (I am aware of the equity earned, but I DO NOT want to rely solely on equity & appreciation. I love saving and having that extra cushion).

I question what hidden fees may come with the aforementioned approach? I am greatly considering NACA in financing my first property and I am diligently looking for Down Payment Assistance Programs offered to first time home buyers and Chicago Public School educators.

What were the unforeseen fees, costs, and needs that you experienced? Of course the answers will vary per each situation, person, state, and county. 

Thanks for the wisdom and advise! 

DB from Chicago 

Peace and Blessings

@Nnabuenyi Anigbogu

I am about to look into that website NOW to see if I qualify. Big Thanks! 

From what you describe, I pretty much want to do the exact thing your friend did. The only difference for me is more units (3/4 unit). 

If you find anymore, please share! Thanks again and hope to build our real estate empires,

@Barbara G.

So here is my strategy:

House Hack Property

3/4 unit Multifamily South Side Area (Bronzeville, Hyde Park, Grand Crossing, South Shore, Chatham) of Chicago 

Must need a renovation 

Numbers must produce cash flow (to fund reserves and second property)

I am looking into doing the NACA program, where they usually offer 1% to 3% interest. 

No closing cost

203K loan can be included in the mortgage

They require to bring $5-7K to the table.

Currently living with a relative, so my rent is cheap. I just paid off another debt. I am stopping my debt snowball and going back to saving!

@Robert Obniski

Love the post and the finished product looks amazing. I am also a fellow Chicagoan. I wondering if you would be interested in receiving assistance (paperwork, phone calls, managing, etc). 

I am looking to get involved in Flipping and I do not mind partaking in free labor to achieve some of my personal goals. I have led in flipping two properties before as well. 

Again, great post! 

DB from Chicago

Hello @Matthew Krump

Welcome to Bigger Pockets and good to meet another "Chicagoan." I am looking to do the same, "house hack" multifamily plan as you! 

You should reach out to @Brie Schmidt as she heads up a REI group in Chicago, not far from your area! I am a newbie as well, but if I can offer anything, don't hesitate to contact!

DB from Chicago