Tag Archives: Financing

Use a Self-Directed IRA to Purchase Real Estate Investments

Self-directed IRAs can be a mystery to most but a retirement goldmine to a select few. Are you a real estate investor, do-it-yourselfer, independent mind, control freak or entrepreneur? If so, you should definitely consider taking advantage of a self-directed IRA to purchase real estate. What is a Self-Directed IRA? A self-directed IRA is an individual retirement account held by a trustee or custodian that permits investments in a broader set of assets typically permitted by most IRA custodians. Custodians …
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FHA Self-Sufficiency Test 3-4 Units Chicago

FHA loans can be great for first time home buyers and owner-occupied two unit buildings but what about three and four unit buildings?  FHA Loans are a good option on three and A Large Four Unit Building in Chicago four unit buildings but they must pass the self-sufficiency test. The self sufficiency test states that the maximum mortgage is limited so that the ratio of the monthly mortgage payment, divided by the monthly net rental income, does not exceed 100 percent.  In …
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Buying 2-4 Unit Properties Using an FHA Loan

Some of you may already know, but the FHA (Federal Housing Administration) allows home buyers to purchase multi-family property using a mortgage for as little as 3.5% of the purchase price. Recently, the FHA reduced the loan limits in Illinois which will affect the purchasing power of future buyers who plan to use an FHA insured loan for their first or next purchase. Here are the new loan limits for Cook County Chicago, Illinois: Two Units:  $468,150 Maximum Loan Amount …
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Buying 2-4 Unit Buildings with a VA Loan

God bless America! Yes, you can use a VA loan to purchase a Two Flat, Three Flat or Four Flat in Chicago or anywhere else in the nation. Instead of buying that condo or single family home, buy a four flat, call it home and live for free from the rents of the other three units! What better way to start a new career in Real Estate Investing? To be eligible, you must be one of the following: Veteran Current …
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203k Rehab Loan for 2-4 Units in Chicago

In Chicago, there are a lot of old homes that require updating. Many of these homes were built between 1890 and 1920 or in the 1950’s and have not been updated or maintained for decades. Throw in the real estate crash of 2008 and you have a recipe for rehab! There is a lot to say about 203k Rehab Loans, so in this post, I will keep it basic and to the topic which is to tell you what you …
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Can You Buy a 2-4 Unit Building with a VA Loan?

Yes it is absolutely possible to buy a multifamily building with a VA loan. There are however limitations, but for our veterans this is one heck of a program! It’s the ultimate real estate dream. Put 0% down on your mortgage, acquire an investment property, live in one of the units and have the rents cover all expenses. Live for free or cash flow with little or no money down! What a great way to reward those who serve our …
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