All Forum Posts by: Quamal Burton

@J. Harvey and @Edgar Rodriguez thanks for your opinions. I've already ordered offered 320k and was countered with 355k. I am in agreeance with your guys, I'm just s little in a rush to purchase my first property and start on my journey toward financial freedom. 

There is a 4 unit building listed for 365k in an area where the comps suggest (which there are no real comps to compare to this property) that its worth around 315k-325k. The units are 2 bdrm and only 860sqft. The building has been completely gut rehabbed. My mortgage payment at 365k will be around 2450. I can rent each unit out for 950 producing gross rents of 2850 leaving me with an excess of $350/month. Each unit pays their own utilities. I'm currently looking for a house hack opportunity as such, but I'm not sure if overpaying for a property just to accomplish the house hacking situation where I could live mortgage free is worth it. One factor  that is causing me to give this deal so much consideration is the fact that inventory for 4 units are very low at the moment and I'm not sure when the next time I'll come across a situation like this. What do you guys think? 

@Crystal Smith this is the approach that I would like to take. My greatest challenge has solely been finding a good deal. One where the the all in cost would be about 80-90%of the ARV. I don't need a ton of equity but I would like some. Thanks for the advice

@Alexander Ramos glad to know that someone experienced the same issue as me. Finding a good house hack deal in the Chicago market is very challenging

I'm looking in neighborhoods such as Avondale, Logan Square, Albany Park etc. Areas which I consider crime infested are North Lawndale, Englewood, and the Garfield Park areas. These seem to be the only neighborhoods where these deals exist

Thanks for the advice everyone.

@Buddy Holmes I did not take your advice as a cheap shot. I accept all advice, even its constructive criticism. Thank you

@Christopher Phillips I'm aware of all these requirements you eluded to. The issue is finding a deal that fits this criteria in a decent neighborhood.

@Aaron Vaughn Thank you. I believe I messaged you (this is first time on the forum and I'm not familiar with how this works)

@Ibn Abney Thanks for the advice. I understand exactly what you're saying. It is not the return the percent return that I'm in search of, just a deal that fits my criteria that keeps my debt to income ratio stable. Thanks

Hi guys,

My name is Quamal and I recently became a realtor about 3 months ago but I am mainly looking to invest. I'm located in Chicago, IL. I have this 15 year plan all written out but the first step is what's turning out to be the most difficult. Just like many other investors, I'm looking to house hack using the FHA loan. I would like 75% of the properties gross rents (preferably a 3 or 4 unit) to cover the mortgage. In the Chicago market, finding a deal that fits this criteria seems merely impossible UNLESS you're willing to live in a crime infested area. I feel that I have educated myself as much as I can and now I must take action but finding a deal of this caliber has turned out to be my greatest challenge. Do you guys have any advice for me?

Thank you