All Forum Posts by: Patrick Howe

Can someone DM me a copy of the lease as well. Thanks

I am looking to continue investing the south side of Chicago. I am in need of GC to rehab 2-4 units properties that I will then rent out through section 8/CHA. 

Looking for a reliable contractor in Chicago to rehab 2-4 unit properties

I am building my team to BRRRR on the southside of Chicago. I am looking for recommendations for a General Contractor.

I am looking to complete my third deal using the BRRRR method on the south side of Chicago. I currently own a 2 unit in the south side and rent through section 8. I would like to BRRRR a 2-4 unit property. Any advice or recommendations for lenders/real estate agents/wholesalers/general contractors would be appreciated.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Chicago.

Purchase price: $427,000
Cash invested: $2,000

Purchased a move-in ready three flat utilizing the VA loan (zero percent down). I live on the first floor, 3 bed/2 bath. Currently renting the second floor, 2 bed/1 bath, for $1400. Currently renting the basement studio for $900. PITI=$2596

What made you interested in investing in this type of deal?

Live for close to free

How did you finance this deal?

VA Loan

I have been doing some research on BRRRR (Buy, Rehab, Rent, ReFi, Repeat) and looking to speak with any experienced investors who use the BRRRR method in Chicago. I am mostly focused on the north side of the city. Also looking to connect with any hard money lenders/agents/wholesalers willing to work with a relatively new investor.

     Any advice/help is always appreciated

Jack,

I used my VA loan to purchase the building I am currently living in. I do not plan on moving or refinancing, it was my understanding that I could only have one VA Loan at a time. Can your specialist still help with this?

I am looking to purchase my 2nd property this year in the Chicago area. I used a VA loan to "House Hack" my first three unit building. I was able to purchase it with very little down (under $3,000).

I have found 2-3 unit properties in the $200k-$300k range. I am trying to determine how much money I will need to save up in order to purchase my next property. Is it going to be necessary to put down 20% since it will not be owner occupied? If anyone has any insight on different loans or sources to finance the deals and can explain (as I am relatively new to real estate).  Thanks again BP community!!

3 unit building: 2101 N Lawler Ave, Chicago, IL 60639

2 units are 3 bed/1 bath @ $1200/ per unit

1 unit 2 bed/1 bath @ $850

$3,250  total monthly rent

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List price $298,900

Taxes $3,500/year

B- Neighborhood