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60644 : Real Estate Advice

  • All16
  • Local Info1
  • Home Buying5
  • Home Selling0
  • Market Conditions0

Activity 11
Tue Feb 14, 2017
Andrew Carpenter answered:
I can help you find investors to purchase your property. Feel free to contact me with more details on the home.
0 votes 1 answer Share Flag
Sat Dec 17, 2016
Andrew Carpenter answered:
How is your home search going for you?
I would be happy to help you if you don't currently have a Realtor.
I would need your email to set up a search for you.
Some other things that would be useful are price range, number of bedrooms and bathrooms desired and if you need a garage. ... more
0 votes 1 answer Share Flag
Mon Nov 9, 2015
Anthony Cavalea IV answered:
Yes, but there are a lot of scammers out there so use professionals to help you, do not give out personal info and don't send any money or "refunds" anywhere.
0 votes 1 answer Share Flag
Tue Jun 16, 2015
Noah Seidenberg answered:
You need a credit repair specialist to help you repair your FICA score. If you do this there are probably many areas that can be repaired.
0 votes 3 answers Share Flag
Thu Jun 12, 2014
Bryan Hayes answered:
An owner occupied 2-4 flat is great way to start out because you may be able to live for free while you build equity. Keep it simple and make sure the property is cash positive with the rents. The goal is to have the rents pay for the expenses and mortgage of the property. Also, make sure the building is close to where you live so you can be around when needed.

Here is a link explaining cap rates. Cap rates are a way to measure the return on your capital. Also, become familiar with the Gross Rent Multiplier, GRM X Annual Income = Market Value

http://www.investopedia.com/terms/c/capitalizationrate.asp

Good luck and keep it simple.

Contact me if you need any help or have any questions.
... more
0 votes 8 answers Share Flag
Sun Mar 17, 2013
Toska Palmer answered:
Fri Dec 7, 2012
Kelly Miller answered:
Yes you can. Moreover, you are a military personnel which is an added advantage. Most of the landlords would not disapprove your situation and some of them who do would demand a higher security deposit and then rent you the apartment. ... more
0 votes 18 answers Share Flag
Wed Mar 17, 2010
Michael Cline answered:
Yolanda,

I want to add to what Matt mentioned earlier. He is correct when he says there are additional requirements on 3-4 units that do not apply on 1-2 units. The building must be self sufficient based on your proposed payment vs. average market rents. These property types often require a larger down payment than just 3.5%. Also many people think a property is a 4 unit, when it's actually a 3 unit with a garden apartment. This is a bad thing because garden apartments don't count toward the properties self-sufficiency test.

I would suggest finding a legal 2 unit with a garden apartment. This will provide the 3 individual units you are looking for and the loan process will be much easier since you won't have to worry about the additional 3-4 unit requirements.

I hope I didn't confuse you. Any questions please feel free to email or call. Good luck!

Michael Cline
mcline@enterprisemortgagefunding.com
... more
0 votes 10 answers Share Flag
Wed Jan 6, 2010
David Hanna answered:
Hi Ced-

Harry is right on target with his range. My personal experience is $30,000 is about where it will end up with all costs and permits.
It is critical to have licensed contractors do the work and be sure you get the necessary permits. The city will also require the lot be fenced as and after the work is done.

Dave
... more
0 votes 4 answers Share Flag
Thu Oct 8, 2009
Cherrie Catama-Smith answered:
This was listed at $299K in 2007. Some of the information on several sites are inaccurate. You may want to look at Realtor.com. There are several multi-units like the property on Leamington Ave for sale in the area. If you have any questions or curious to see whats out there, I would be happy to send you some information.

Thanks!

Cherrie Catama
Newman Realty
773.490.3437 Phone
800.395.0154 Fax
cherrie@newmanrealtyillinois.com
... more
0 votes 4 answers Share Flag
Thu Oct 23, 2008
Greg Zaccagni answered:
VA loans are great for purchase loans. Here is some information you may find helpful.

http://www.gregzaccagni.com/GovernmentLoanPrograms

http://activerain.com/blogsview/534256/FHA-vs-VA-Loans

http://localism.com/blog/il/posts/534764/Are-you-eligable-for
... more
0 votes 3 answers Share Flag
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