All Forum Posts by: Svend W.

Hi folks

I'm interested in pursing REI opportunities in small multifamily, but recently switched from W2 employment to self-employment.

My impression is that the rule of thumb here is that banks want to see 2 years of 1099 wages before lending to self-employed professionals. 

Is there any flexibility on this if someone has excellent credit and/or is ready to put down some collateral? 

If so, do you recommend any particular banks? I'm in Chicago.

Thank in advance.

Thanks @Rishi B., @John Warren and everybody else for sharing all these great insights.

You raise an interesting point, @John Warren. Would it be reasonable to say that the differences in working with a smaller local bank are less relevant to small (2-4) multi family deals? At that smaller scale are lending terms pretty “cookie cutter” across the industry? Thanks 

Thanks everybody. This is very helpful.

Thanks, @Henry Lazerow and @Jason Albasha.

Sorry, @Peter Halliday, I should've noted that at this point I'm interested in small multi-family house hack opportunities, probably through HUD.

Thanks for the tip, @Dave Madoch.

I'm in the Chicagoland area and currently banking with a big national bank, but I'm thinking that from a REI perspective that it might be wise to use a smaller local bank that might appreciate my business more and be more flexible about loans than the big guys.

Do people have any recommendations/experiences with more local Chicago banks? 

Thanks in advance.

Hi

Any suggestions on getting an estimates for adding a doorway to a load-bearing wall in the basement of a home?

I'm looking for a contractor who's fully insured, registered with the City of Evanston and willing to set up the necessary city permits and inspections.

Thanks.

Hello, everybody

Do people have HVAC contractor recommendations for Evanston, IL? 

Thanks in advance.

Thank you, everyone, for the very helpful responses! I ended up accepting their offer, so we will see.

BTW, given that an inspection revealed no concerns other than it being at end of life, is there any argument for getting work done now as opposed to when the weather improves in a few months? 

I figure that it will be a lot more expensive to get work done during the Chicago winter. And it's probably unnecessary--if there is a hidden problem that both the general and the roof inspections missed, it probably won't be worsened much by waiting 2 months.