All Forum Posts by: Felipe Uribe

Felix how are you man? Good to see you on here. Give me a ring. I'd love to give you some advice of what I know about the southside - Felipe

Hi Michael! Welcome! First off I will tell you 25k as initial capital is nothing to be ashamed of, that's a great starting point! As far as traditional mortgage loans have it be conventional, FHA or VA there are three main things banks or brokers will look at. 1) Credit - your score, how many trade lines you have, how long you've had it established, your timely payment history, etc. 2) Income - what your income is, how long have you worked there, can you prove consistency (I.e. A waiter earning tips vs a bus driver earning steady paychecks), your monthly debts in relation to your monthly income, etc. 3) Money - how much you have for a down payment, closing costs and maybe even reserves, where is the money coming from; is it your money or a gift from a great aunt? Etc. All these factors can play into which type of loan you can qualify for. As far as which loan I think it's best for you is tough to say without knowing what your overall real estate investment goal for a particular property but generally I would say the loan with less money down like FHA in your situation will benefit you as you could use the remaining cash for holding costs, repairs, emergencies, etc. Feel free to reach out to me though, I'm in the Chicago area as well and will try to guide/help you any way I can. I'm an agent now but use to be a mortgage banker. Hope this helps, Felipe

@Adam Soyak List now, sell now! I just listed two properties in the northwest suburbs of Chicago and they both sold within days with multiple offers each. They were regular properties but right now the market is short of those. As @Nate Shields mentioned, serious buyers are out and they are out probably looking for your listing, don't do them a disservice. The items that you mentioned that need to be repaired while they are important, they also are not part of the living area of the house so you can navigate around it. With all that being said I would suggest you keep in mind the following:

• Make sure you're pictures are really well done. They should tell a story and also include the layout of the property. Well taken pictures can generate traffic. 
• Your price should reflect the market. If it was going for 250k in the summer consider selling it for 230-235k. Agents and buyers alike will recognize it being a bargain and you'll get attention because of it. 
• Regardless of what side of the political spectrum you are on, the market reacts to uncertainty and the new president could scare rates into rising up as @Robert Whitelaw mentioned along with having buyers retreat and rethink there next move

The sooner you sell this one, the sooner you're onto the next project. 

Wish you the best of luck!

Felipe 

Hello Everybody,

I'm super excited to be a part of this community. I can't believe I've been missing out on all the fun. First let me tell you a little bit about my background and then I will tell you what I'm looking to get and give at this moment from this community. 

For over 10 years I've been doing Sales almost exclusively. I've sold as a sales associate at a retail store, I've sold products door to door, sold new and used cars, sold banking products when I was a banker and Mortgage Lender and now I sell homes as a Real Estate Agent. It's been a wild ride and each position has taught me new skills. What I love about my Career now besides the Income potential is also the lifestyle I can lead because of it. My experience as a Mortgage Lender has also been incredibly valuable to me as I am able to profile new buyers or offers from buyers (when on the listing side) better then the average agent. While I'm not Mr. Mortgage King - the knowledge about different and guidelines I do have has not only allowed me to be more efficient but also to build strong relationships with lenders for referral as they know I won't generally send them prospects that won't qualify for a loan. 

So here I am with six years of banking experience and two more years of being on the Agent side. Combined I've helped over a hundred individuals and families buy property and yet I have none. I need to change that now.

Here's what I'm looking for:

Single Family Homes in the Northside of Chicago and surrounding Chicago Suburbs to Flip. My partners and I are anxious to get our hands on a good deal. Depending on the deal we may be able to pay cash or use hard money lending with whom we've been in contact with. Wholesalers what do you got out there?

I'm also looking to meet great people, build connections and exchange ideas.

What I can give:

I have knowledge of the Chicago Real Estate Market, mortgage lending guidelines/programs and Building Credit and would be happy to get on a call or grab coffee with anyone to discuss. In addition, I have a network  of contractors, handyman, plumbers, etc in the Chicagoland area that every successful Agent must have and would be happy to give you recommendations. 

I'm really grateful for this community and look forward to growing with all of you.

Cheers!

Felipe