All Forum Posts by: Nick Patterson

Hi

I've done this before.  In my situation, I wanted to keep the monthly payments at $1700 which after expenses still had some monthly cash flow from rents.  Which I think is the most important.  As long as the property pays the debit, its a great idea to free up cash to reinvest.

I told this number to my lender and he provided the loan, we closed in 30 days.

Easy.

Good luck!

Now that you have a condo under your belt, my advise is to go bigger

4,5,6,50 units.

$105K for the northside? What neighborhood?

Is this a garden unit? Do a search on the MLS (or redfin) I think you might be surprised how many there actually are.

3 rules of Real Estate

Location Location Location,

The answer to your question is....

Make offers and see what happens.  It typically will all fall into place.

$140,000 is an amazing spot.  I would recommend leverage that for a 20% down payment and try to get as many units as you can.  

There are thousands of areas.  Pick 1 or 2 and concentrate on those and only those.

Narrow that focus

Go Hawks!

Very common in Chicago

You even see it in million dollar homes in Lincoln park.  

It just needs more care,  seal it every 4-5 years and it should be good

But not the best

Jose is right

Get them out.  Start fresh

Chicago and Texas?  Lots of options!

Good luck!

HI

Just search the site for hard money - THere are thousands of posts and podcasts on the subject.

Are you able to get the property and close in 30-45 days?  Then go conventional, it will be less stressful for your first deal

WIll you only get it if its a quick cash sale and you know you can flip it in 30-50 days?  Than hard money might be a good option.

Contact a few hard money guys and meet them face to face- You will see education solves all.

The Chicago market is very hot right now.

Single Family and 2-4 units are the most desirable and competition is crazy now.
At the foreclosure auction bidders are paying MLS prices now.

However, there are still deals but really need to be on the ball to get them.

Good luck and remember cost vs value.  You can buy lots of super cheap properties in rough areas, but do your homework