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Home Buying in Chicago : Real Estate Advice

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Activity 3,169
Yesterday at 6:37pm
Kathylakritz answered:
I'm a retired realtor and still in contact with lenders. The issue has to do with a document / statement that buyers sign with their lender. The document states as follows - "You (the buyer' name) will occupy the home (address) within 60 days from the closing date. You (the buyer) will maintain occupancy and not rent it for the first 12 months after the closing date."

The above means that if you do NOT move in within 60 days from the closing date OR if you rent out the home during the first year, you are committing "mortgage fraud" which is a felony and punishable by law. Meaning you could be facing jail time or a stiff penalty. Lenders do check on loans after the closing date to see if the buyer lied to them. This is why residential loans have low interest rates, low down payments and low lender fees.

Investment loans do not have the above requirements, however, investment loans do have higher interest rates, higher fees and higher down payment requirements. Investment loans are a much higher risk to lenders.

What you CAN DO (yes you do have options). You can finance this home with an investment loan to start, then after the tenant leaves, refinance the home into a residential loan. At least this way, you will be able to get the low rates and fees.
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1 vote 1 answer Share Flag
Fri Jan 12, 2018
Thankyoujesusforall answered:
PLEASE I WANT TO BUY A HOME AND I NEED A PLACE TO RENT TO HELP ME BUY MY OWN HOUSE IN JESUS NAME AMEN HEBREWS 4:16

THANK YOU
0 votes 17 answers Share Flag
Thu Jan 11, 2018
Alex Taz Ruiz asked:
Wed Jan 10, 2018
Leoballer2 asked:
Mon Jan 8, 2018
Faith answered:
Hello,

I have emailed you regarding this issue.

Thank you for using Trulia!

Faith
Consumer Care Advocate
http://www.trulia.com/help/ask/
0 votes 1 answer Share Flag
Sat Jan 6, 2018
Appablue answered:
Hello, I actually have a unit that may fit the bill (right near Oak Street beach). Is there a preferred way to contact you?
0 votes 1 answer Share Flag
Wed Jan 3, 2018
Faith answered:
Hi,

We have closed your Trulia profile as you requested.

Thank you for using Trulia!

Faith
Consumer Care Advocate
http://www.trulia.com/help/ask/
0 votes 1 answer Share Flag
Fri Dec 29, 2017
Scott Godzyk answered:
Finding a home online is the easy part, the real work and expertise shows from negotiating the offer, to inspections, mortgage and closing. Discount agents will have discount service. You can easily each out to buyer agents in your area and they will let you know who will work at a discount. ... more
0 votes 3 answers Share Flag
Fri Dec 29, 2017
John Meyers answered:
It is hard to negotiate a good price if the seller's agent is also representing you.

I recommend finding a good realtor in the area and ask if you can do a "one time showing". -- He/she can also line up similar properties to take a peek at so that you can compare or maybe even find something better.

Good luck,
John Meyers
Meyers Realty
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0 votes 3 answers Share Flag
Fri Dec 29, 2017
John Meyers answered:
Hello Angela,

Your credit is very good, however, most apt buildings require that you make 2.5x the monthly rent which would put you at about $1,000/mo.

I recommend looking for a studio in Lincoln Park or Lakeview since downtown studios start at about $1,400/mo.

Good luck,
John Meyers
Meyers Realty
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0 votes 1 answer Share Flag
Thu Dec 28, 2017
John Meyers answered:
Hello Sam,

Great areas but plan to pay at least $5,000/year in property taxes and about $600/mo for HOA with a 2 bed/2 bath with any condos close to downtown. -- Just let me know if you need assistance!

Thanks,
John
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0 votes 1 answer Share Flag
Thu Dec 28, 2017
John Meyers answered:
Hello Elord,

You looking at anywhere between $1,500 and $2,500 /year depending on the coverage. -- Stay above 7% on your Capitalization Rate (NOI / value of property). -- I specialize in multi-units and work with a lot of investors so just let me know if you need a realtor who knows how to prepare rent rolls, calculate Cap Rates, etc..

Thanks,
John
Meyers Realty
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0 votes 1 answer Share Flag
Sun Dec 24, 2017
morgank1087 answered:
Fri Dec 15, 2017
Susie Kay answered:
I would suggest that you pick up the phone and work with a local realtor to assist you.
0 votes 1 answer Share Flag
Sun Dec 10, 2017
Susie Kay answered:
You can do whatever you wish. If you really like this home then you can at least make the time to call the HOA and see what they have to say.
0 votes 2 answers Share Flag
Tue Nov 21, 2017
Manugent2 answered:
Realtor did not verbally advised the seller the closing cost were to be paid by the seller.
Is the realtor not acting in honesty and accountability to the seller. The agent never verbally advised the seller that the seller was to pay all closing cost, never had the seller
initial the clause on the buyer agreement presented. It was highlighted in very small print,
and never advised to the seller? Is this a violation of realtor ethics?
... more
0 votes 81 answers Share Flag
Thu Nov 16, 2017
Susie Kay answered:
Be forewarned, there are a lot of misleading info on the internet. I would suggest that you work with a local realtor to assist you.
0 votes 1 answer Share Flag
Sun Nov 12, 2017
Danielleruffin857 answered:
I had the same question recently. I found one and she has been a Godsend. Her name is Nikia Evans email: Sold by nikia @gmail.com

Tell her Danielle in Korea sent you. Best of luck!
0 votes 2 answers Share Flag
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