All Forum Posts by: Luis Dedios

 Hello Dale! 

I explained to the bank that I wanted to create an LLC so it would be under the LLC name and me as a guarantor. Also I can submit my 401k statement and that can be used as my 6 month reserves.

Hello Brian,

I grew up in Berwyn and Cicero / west side of chicago but currently live in bolingbrook.

My initial instinct is to start where I am familiar with Berwyn / Cicero. 

There are a couple of people I work with own properties south of the city like hazel crest markham in those areas houses are at ridiculously low prices I have seen plenty under 20k.

 Do you have any experience in those areas??

What would you recommend?

Thank you

Luis

Hello Bp! 

So after obsessing over realestate over the last year I took action!

I just closed on my first property in august which is my main residence and have a goal of acquiring another property by summer 2016.

I was listening to the podcast and I got the courage to go to the banks!

After 3 banks I found the one! Its a small local bank that will lend a conventional loan at 3.7% and I only need 10% down.. 

The catch is I need 6 months reserves to cover my current mortgage and the future mortgage. Also I have to pay 3 points.

Forgot to mention when I went to banks I took all my paperwork and 3 deals I analyzed and woud be interested in. 

Should I keep looking for banks?

Or is this a great deal?

Thank you @Dmitriy Fomichenko @joe scott and @ Johanna Izaguirre.!!

Thank you everyone!

I have listened to all the podcasts and have started listening to them all over again. Also I set up my keyword alerts to the town I live Bolingbrook and Chicago and have been reading forum after forum!

Thanks @joshcaldwell

Yes I am very fortunate to have stumbled onto this site. I just went to my first real estate meeting but it turned out not to be what I expected, in the mean time I have plenty to keep my hands full on bp!

Hello bp! My name is Luis Dedios and I have been obsessed with real estate! I was just approved to buy my first home and cant wait for my next property. I am interested in buy and holds but am determined to learn the whole business.