All Forum Posts by: Ryan Heldt

@Crystal Smith

Thanks for the insight. We will definitely take it into consideration.

Do you foresee any issues with doing the 203K 4-plex for a year while renting out 2/3 units, then refinancing after 1 year to pursue a 2nd 203K 4-plex and renting out all 4 units of the original 4-plex? Kind of a rinse and repeat...

@Mark Doyle

You're right. I looked locally and didn't see much except for over in Joliet. Might check out Lemont area though.

@Crystal Smith

He does intend to occupy the property. I would either live with him or in a separate unit depending on the property. I have a longtime girlfriend and dog that would relocate with us.

@Mark Doyle

We are looking for C+, B neighborhoods on the north side of Chicago and west suburbs north of 55. Within 1/2 hr of Elmhurst where we work ideally.

I've only recently started looking on realtor.com and have found a couple, but plan on talking to a real estate agent and networking on here to find the right people. What resources have you been using to search?

RH

Hello BP Community

Looking for a little bit of guidance here...

I have been spending quite a bit of my free time learning about the benefits of REI and decided recently that I will be pursuing a buy + hold strategy to build some long term wealth. While my current financial situation is improving, I do not currently have the ability to jump on a deal should I find one.

After explaining my plan to a close friend who also lives in the Chicagoland area, he told me he is interested as well and has up to $40K to invest. We both currently rent (separately) and are looking in the direction of doing an FHA 203K on a 4-plex and renting out 2-3 units.

Any advice on how to structure the partnership and/or better ways to invest the $40K? I told him he might be better off pursuing this on his own as he would have all the skin in the game initially but he insists on me helping him and holding him accountable. Right now we're leaning towards putting everything in his name and I would live low rent/rent free until we could pursue a 2nd investment. Assuming we find the right deal, it seems like this strategy would increase our combined cashflow the greatest.

Thanks in advance.

RH

@Peter O'Donnell

@Mark Nolan

Thank you for the warm welcome. Best of luck to you guys!

RH

Thanks Tristan, truly happy to be here.

Hello Everyone

My name is Ryan and I currently reside near New Lenox in Illinois. I stumbled into REI and BP after looking for ways to better invest in myself and financial future.

I am in the very beginning stages, mostly learning from you guys on the forums and podcasts while saving up some money for a first property. I am interested in the buy and hold strategy and am considering "house-hacking" my first property and using an FHA loan to purchase a dilapidated duplex/4plex in the Chicagoland area. I have a partner interested in investing $20K - $30K if we can find the right property and the cashflow makes sense.

Thank you for all the information you've already provided. Any advice or things to think about going forward would be appreciated!

Cheers

Ryan