All Forum Posts by: Lumi Ispas

@Mark Creason, that's right. Thank you for pointing that out all the way from Dallas. :)

Hi Brant, Congratulations! I will message you directly the contact info of my brick guy!

Interested in buying a investment property? Contact Lumi at 773.932.2906

Hi @Larry Majkrzak, Both @Account Closed gave you great advice. 

In order to learn investment you'll need a company that gives you training, mentoring and leads to get to practice your new craft and agents/mentors that are investors themselves and their clients are mostly investors. 

Regarding the agency, in Chicago as it's a large city, we get a lot of out of state and out of country investors that will look up big brands known in their markets too, so if you want to work with investors a big name brand is a must. 

In most industries, the more specialized the worker is the better he does. Same in Real Estate! 

@Jasmineka Caldwell, You could buy in the Suburbs too and avoid some of the pitfalls in Chicago!

@Roxani Adam , I am curious how you chose these markets! I have clients and friends that bought and are still buying in both markets. I am originally from Romania.

The clients that bought in Romania were buying close by to Universities and looking to rent to students. In Greece, I noticed that they are buying mostly villas on the coast for AIRBNBs and vacation rentals.

Good luck to you!

@Dillon Dinglasan contact Magda at Altima Title. Good luck to you!

@Craig Moreau , if the new tenant agrees to the 6 months payment ( which is unlikely) make sure you place that money in an escrow account, which could be the one where you have the security deposit and take from there only one month worth of rent at a time. Also, by Chicago Landlord Tenant Ordinance you'll have to pay him interest on that 6 months worth of rent paid as a lump sum upfront!

Hopefully your original tenant take the burden of handling payments.

@Lewis Sutton , make the purchase contingent on the zoning of the building as 4 units and have the seller order the zoning. 

There is a price difference between a 3 legal + an in-law unit and a 4 legal building. Also, the numbers that qualify you for the FHA loan might now work with a 3 unit, as you'll need more rent to cover 75% of the expenses of the building with only 3 units as the illegal unit's income is not taken in consideration.

Good luck to you!

@Jim Francis, Where is the property located, I might have someone for you!