Home Buying in Chicago>Question Details

Josua Hunt, Home Buyer in Chicago, IL

Can I buy a home with 9000 cash in Chicago?

Asked by Josua Hunt, Chicago, IL Fri Aug 23, 2013

Here's the deal I see homes for under 10K all the time which are in rundown neighborhoods which requires a lot of repairs. The neighborhood doesn't bother me and the fact that I am handy most repairs wouldn't be much of an issue. I understand some properties have repairs that require permits and some properties have violations that have to be addressed by licensed professionals only. I have $5,000 to cover the most serious violations immediately. In order to move in. Since its only $5000 common sense tells me avoid homes with extreme violations. I know this is not the traditional way for a first time home buyer but I am a risk taker. I rather move into a dump "I own" and dump $800 a month in repairs into it, oppose to dumping $800 in rent down the toilet. I don't want to pay a mortgage Id rather spend years remodeling a dump using sweat equity. I am a young single male I don't care where I live I just want to own it even if its a dump. Is it impossible to make this happen.

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Answers

11
Hi Josua, You may need to go to a local bank and get a small credit line in order to pay for a portion of the price of the "dump" and the closing costs. This is how wealth is accumulated... through sweat equity and a strong work ethic - just make sure you understand the codes you have to meet before you buy - spending $300 for an inspection will be well worth it and may prevent you from the "Black Hole". Get the first one done, rent it and move onto the next one. Then call me to refinance cash out when you are ready to buy the third place. I think you are amazing to have the passion to jump into this and wish you the best in your efforts.

With warm regards,


Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com

http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
1 vote Thank Flag Link Fri Aug 23, 2013
The simple answer is yes. Just make sure you have enough for closing costs.
1 vote Thank Flag Link Fri Aug 23, 2013
Actually, you can buy a home with only $2,000 (1% down) with the IL Smart Move program. You just need 640 credit and min $40,000/yr income.

I work closely with Wintrust Mortgage and helped many folks buy with only 1% down.

Just call me at 847-533-7115.

Thanks,
John Meyers, Meyers Realty
c: 847-533-7115
e: JohnMeyers@MeyersRealty1.com
0 votes Thank Flag Link Fri Nov 29, 2013
Josua,
How has your home search gone? Have you bought your first home yet?
Nick Radakovich Home Sales Realty
0 votes Thank Flag Link Tue Nov 19, 2013
Yes but you better have it in the bank to avoid sourcing issues. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Fri Nov 15, 2013
Yes, you can but it will be in a less than desirable neighborhood as well as need repairs throughout. Please contact me and I will send you some listings.
diana@findingourbalance.com
0 votes Thank Flag Link Fri Aug 23, 2013
Josua,
I have been reading your posts for the last several days and now I finally see what you are trying to do. Your plan is unorthodox, but it is possible. Contact me and I will send you all the homes currently on the market that meet your criterion. We can then arrange for you to view the properties that fit in to what you are trying to accomplish.
Nick Radakovich Home Sales Realty nickrxhc@yahoo.com
0 votes Thank Flag Link Fri Aug 23, 2013
Josh-

I own several homes for $10-15K all in, they are out there.

Erik Sachs
RpV Realty and Development
Cell 773/368-5515
Email esachs@rpvinc.com
0 votes Thank Flag Link Fri Aug 23, 2013
Hi Joshua. Your ideas and goals are admirable! Having said that, I don't think you completely get the picture of what $9,000 will buy. I used to live in Chicago and can't see it buying anything more than a lot with a structure that should be razed. You have a reply from: Jacqueline Smith, MBA, CPA, Managing Broker, Chicago, IL. Read what she has to say, and give her a call. Best of luck to you!
0 votes Thank Flag Link Fri Aug 23, 2013
It's your money and your future headache. If you are comfortable with all the risks and will have enough money to pay for the Purchase Price, Rehab Costs, Violations (if any), Taxes, Utilities, Insurance, etc, then go for it. With no debt, just make sure you have enough income to cover the other monthly/annual expenses associated with owning a home.
0 votes Thank Flag Link Fri Aug 23, 2013
I live in Chicago in the Englewood area I don't know why location is Washington, DC.
0 votes Thank Flag Link Fri Aug 23, 2013
That was confusing from the previous question. I was wondering someone from DC has no idea what he is getting into with Chicago red tape. There are 61 properties listed in Chicago at $9,000 and below. However saying you don't care where you live is a big mistake. The number one rule of real estate is location, location, location. Go on HUD auction sites and talk to the city about houses they are targeting. Gary, Indiana has a program where you can buy a home for $1, but you have to have lived there for 6 months first.
Flag Fri Aug 23, 2013
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