All Forum Posts by: Samuel Liapis

Hi guys!

So I have one rental property and we are buying a second one under my mother's name for the first time buyer program. Now we are all maxed out on first time buyer which is fine. But how do you finance your second property under your name?

For example,

Lets say the person makes 50k a year and profits 1k a month from the one rental property. Purchase price was 280K. So debt to income is not that good. Would a bank be willing to finance another deal with the same person? If not how  do you finance your next property?

Please help as I will most likely be looking for the next property at the end of the year or at the beginning of next year.

I am looking to buy a second multifamily in Chicago, I have been searching far and wide and it seems that I can only afford the higher crime areas of the city. Have you invested in these areas? If so how do you manage them? Do you use a management company? Do you self manage and go there to collect rents?

I need some help to decide how I want to expand my areas. If I see a good deal in a high crime area, how I would go about managing it.

Thanks in advance!

I would definitely say Monteclare area and Elmwood park as well. I have been searching for my second investment property and there are some decent deals. I have also been very interested in Cicero, IL. It seems pretty underrated but I have been around there and it has a nice little small town feel to it. The prices are within range.

I just put a bid on a property in Elmwood Park for 225k. So that is a little lower then your range, but the building is pretty decent.

@Brandon Sturgill the 10% fee, how is that calculated? Is it 10% of the profits? 10% of total rent collected? I am confused.

What do Property managers cost usually? I have never looked into it.

Please @ me so I see reply!!

I allowed a small dog in one of my rentals and I regret it. Reason being is the lady does not walk the dog. She uses those pee pads and it's horrible. But seeing as I already allowed it and I didn't have that provision in the lease, I have to deal with it until she is ready to move out. Sometimes the front hallway smells like pee =(

Make sure you put that the dog must be walked.  No PEE PADS!

I have not run into this problem with tenants or contractors yet, but I have run into with friends and co-workers. I try to educate them and let them know that they can do it themselves with some savings and some willpower.

Thank you for making this thread though. I did learn some things from the replies.

I am already an investor albeit a very new one. I only have one property and I am placing bids on my second one right now.

My question is how do you search for certain properties? For example a 6 unit? Trulia is pretty bad at pulling up 6 units.. I do not have access to MLS.

What is the best ways you guys/gals search for properties? See trends or find comps in the area?

Crime/Comps are pretty good on Trulia but that's about it.

Thanks in advance!

I agree with these other guys. But to be honest, I just don't have enough trust in people to where I would do this for someone. You have one hell of a friend.

Congrats man! I have just started investing and bought my first property in November of last year and it has already appreciated about 30k. I guess the neighborhood is really coming up!