All Forum Posts by: Eudith Vacio

Hey @Michael Sanchez you're a broker then? sounds like you have many options that traditional lenders don't have but all sound interesting!

@Gregory Coop, wow knocked it out the park! that's amazing, was this your first deal??

Hey @Alden Doolittle 👋🏽

This is the place to be! & for 5% gross rent, I would love to hear more! What areas do you operate around? 

Hey @Chintan Patel - were you able to get started? definitely agree that that price range will leave you looking in the south side of chicago!

Hey @Fed Finjap 👋🏽

We have low inventory throughout Chicago, and it's really a reflection of what's happening all over the world right now. But I agree with @John Clark, why not explore other areas in the city of Chicago in the south side? There is plenty of opportunity for appreciation and cash flow. 

Hey @Abiola Falana - welcome to investing in Chicago! Super happy that you are ready to take the leap of faith and get started, what were you looking to do? 😃

Hey @Jorge Leon 👋🏽

congratulations on your first deal with a family member! have you called the listing agent to inquire if there have been any offers on the property & check what the seller is looking for? If your sister really wants it, she might not have the option of negotiating concession upfront. Right now, the market is extremely competitive and there are still multiple offer situations happening. I usually try negotiating concession post inspection, if you can. Also, if you don't mind me asking 😃 what brokerage are you with? 

Hey @Jason R. Besanceney👋🏽

I definitely would recommend house-hacking if it's you're first investment. You can use the FHA loan to purchase a multi-unit for as low as 3.5% and because you make $70k a year, you might even be eligible for a 3% downpayment. As far as extra income, maybe Uber? or any type of freelancing?

I'm in Chicago, so I'm not sure how the CA market is, but I would definitely start initiating conversations with an agent / lender to understand what your options are! 

Best of luck 😃

@Mary Arents of course :) 

I would interview a few agents from eXp because eXp works a bit different than your traditional brokerage. Once you interview agents, you choose your "sponsor" and your sponsor is basically the agent that should help you succeed in the brokerage. It's an agent centric model. Our managing broker has bi-weekly meetings that are recorded and while they are helpful, its mainly agents helping other agents. When I joined, I remember I needed help with a listing and I received multiple messages in less than 2 hours where at Keller Williams, it was a struggle to get help. 

& yes it was quite an interesting story that I hope to never have to go through again...to say the least! 🤣

& FHA 203k loan is for a live and rehab project and is only for owner occupants. My investments are on the south side of Chicago and Northwest Indiana :)

here to help if I can!

Hey @Mary Arents 👋🏽

Kudos for you on converting your 3-flat into condos, I am sure it was not easy feat! 

1) I recommend Art Betuzzi, he runs iloverealestateschool.com - I absolutely loved his self-study program and his videos were super engaging. He also has a high pass rate with his students, definitely check his stuff out! 

2) I started off at Keller Williams but honestly their cap / commission structure and even technology was crap - and I was already a seasoned investor and I knew more than the average agent just starting out, so then I moved to eXp and honestly, NO REGRETS! I am a solo agent but I produce 2-3 deals each month and their commission structure / training is EXCELLENT as @Tom Casey mentioned. 

3) My first purchase was a condo that I house - hacked and then got a 3 unit that was all cash that ended up as an accidentally gut rehab but I learned a lot. And then I recently bought a mixed used 3-unit with an FHA 203 loan. I'm a huge advocate for those loans!

I wish you the best of luck, PLEASE keep us updated on your journey as a broker 🙌🏾