All Forum Posts by: Paul Giblin

@Samuel Pavlovcik looks like a bill was introduced in February to allow ADU's statewide. I'll be tracking this bill to see if it passes!

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4869&GAID=15&DocTypeID=HB&LegID=124933&SessionID=108&SpecSess=&Session=.&GA=101

I like the idea of buying a house in the Chicago suburbs and building an accessory dwelling unit (ADU) or junior ADU on the property to live in while renting the house out. Has anyone done something similar in the Chicagoland area?

Does it make sense to buy a vacant lot with cash and then finance a new house build? Is it easier or harder to get a bank loan doing this vs buying property with a house already on it?

Great, thanks John.

I’ve heard conflicting answers to this question. Using the Brrrr method, when it comes time to cash out refinance, do you have to be able to afford both mortgages even if your first one is renting with cash flow? Does that cash flow count as income for approval on the second mortgage?

Thank you for the detailed response! I love the idea of a 4-unit if I can find a good deal in a decent area. Not sure I'd be comfortable doing section 8 for a couple reasons but it's hard to argue with the direct HUD payments!

I'm looking to finally get into RE investing. I'm in Chicagoland. These uncertain times have me wondering which is the best way to start. Single family or up to a 4-unit? Any thoughts?

I'd like to use the VA renovation loan but it's currently not available due to COVID. So I'm likely going to use the FHA 203K renovation loan to buy a single family or up to 4-unit building. I am talking to a Loan Depot lending agent because he claims to have done many of the renovation loans, which is important to me because I want it to go smoothly.

I believe that Loan Depot has an A+ rating on BBB but I've seen many bad reviews so I'm not sure what to believe. Has anyone used Loan Depot?

Thanks,

Paul

Anyone know when the VA renovation loan is supposed to open back up? It was temporarily put on hold for COVID.