All Forum Posts by: Sonny H.

Rosston Smith great advice but the multi units in chicago is pretty high up there. Do you know anyone from chicago that sells multi units ?

Thank you everyone for the post. If I buy a used clunker for 8k then the problem is a peace of mind . For chicago , it's 6 -7 of brutal cold months. While driving the car and it breaks down in the middle of the road and have your little ones freezing while waiting for the car to be towed is not a pleasant thing to see. Buying a decent 2 years old car is more of a conservative way to save $$$. Either buying a new or used car, I still have to put out $400-$700 monthly . My concern is what and how do I need to invest so I can generate the amount to pay for the car. Thanks again for their responses. I greatly appreciate it. Just wanted to plan head of the game since you have little babies involved.

John - thanks for the calculation , brilliant idea.

I experience with used car before , every year I had to fix it and the repair comes out $500 to 1k annually . With the new car, don't have to repair till 3 -5 years , jut worry up with the oil change and minor maintenance. What are the other alternatives are you suggesting to create cash flow ? Please advice with details and numbers.

I was conservative side with the appraisal , actually it could be $500k, Instead I used 450k. 2. Cash flow reduced $300 monthly with the new loan interest. Still great cash flow. My concern is can I used the $139k cash out on the 1st property or it has to be the 2nd property ?

Hi - just recently have new edition to the family . Planning to get a van which cost almost 40k. Need a strategic plan to pay for the van. I need some advice or directions to generate cash flow to pay for the van . Any advise is greatly appreciate it. Thanks in advance.

I spoke to a lender and here what came up with : Purchase : 220k Rehab : 90k ARV : 450k 20 % down : 44k Owe bank : 176k 450k *70 =$315 k cash out 315-176=139 k cash out So it's only $139k I will get cash out for the 1st property and that it wont be paid off. Not only that interest will be raise higher for the cash out from the original loan. Isn't The purpose of brrrr strategy is to get the first property paid off and repeat to the 2nd property? Can I use the$139k to pay the first property or it has to be used on the second property? Please advise how would I pay the 1st property off?

Thx guys for the advise

I'm looking for a contractor myself.

Hi Tony and Traci, Do you have any contractors that you can refer in chicago ? Your help is greatly appreciated.