All Forum Posts by: Account Closed

@Soh Tanaka you're right, HELOC rates are usually adjustable after an initial fixed period (maybe 6 months). Then they usually or set to a spread over the prime rate, but can't go up more than a predetermined amount each year. The big advantage that @Michael Barbari was referring to (they're free!) is that you typically incur little to no closing/transactions costs related to setting one up.  And of course you don't pay any interest until you draw on it.  

I just opened one this past summer to use for investment purposes and was pleased with how easy it was (and no closing costs).  It's a good thing to have at your disposal if you need to make quick cash offers on properties, etc. 

Based on the scenario you described, one thing you might consider is using a HELOC to complete the purchase, and then refinance into something more permanent on the rental once some time has passed and it's seasoned a bit.

@Michael Barbari might have some good suggestions here.

@Dan Cecchin sounds good - hope to see you there.

Hey @Dan Cecchin - welcome and I can only assume you're referring to the meetup that @Michael Barbari are organizing for 3/23.  Hope you can make it - details are here.  I live in the downtown DG area as well so I'm sure we'd have plenty to talk about.

@Adam Juodis hope to see you there.

Thanks @Mindy Jensen! Meetup is in Downers Grove on 3/23 at 6:30 pm.  See BP post here for the details. 

Thanks - that's interesting.  I used to live in Lakeview (off Halsted, b/w Diversey and Wellington) but it's been almost 11 years since I've spent any significant time up there.

@Michael Valente sounds good. We own one rental currently in the city (West Loop, to be exact), but are currently focused on SFH rebab opportunities in the western suburbs. Currently have two projects in process, one in Downers Grove and one in La Grange. Both require pretty significant rehab. Separately, we also help folks secure financing for both non-owner occupied residential and commercial buildings/projects.

Welcome @Michael Valente - are you working exclusively in the city of Chicago or are you in the suburbs/surrounding areas as well?  Checked out your website - looks great.

@Nick O. re your question on how to grade neighborhoods/areas, below is a chart from @Wendell De Guzman that I think does a nice job summarizing how he thinks about neighborhoods/area grades.