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Old 09-19-2016, 12:48 PM
 
Location: Illinois USA
1,299 posts, read 850,468 times
Reputation: 962

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Quote:
Originally Posted by damba View Post
What you were approved for in the past won't necessarily mean much now.
FWIW, my self-employed friend was approved pre-2008 for a massive loan
that would not fly so well today
True but it was 2 yrs ago
Anyway I don't want to budge from 250 I might even get a smaller home.i don't want a bigger family and no need to get more house just so I can justify a "good deal" that's how I feel correct me if I'm wrong
Anyone tried the gurus like Bill Vaughn or Than Merrill ?
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Old 09-19-2016, 12:57 PM
 
28,455 posts, read 85,346,203 times
Reputation: 18728
Quote:
Originally Posted by Dad01 View Post
True but it was 2 yrs ago
Anyway I don't want to budge from 250 I might even get a smaller home.i don't want a bigger family and no need to get more house just so I can justify a "good deal" that's how I feel correct me if I'm wrong
Anyone tried the gurus like Bill Vaughn or Than Merrill ?
I have no direct experience with either. That said I have met people that took a "Bill Vaughn" course, used his materials and they did seem to be overly unrealistic. Than Merrill is another story -- he fits the profile of somebody that uses media exposure to lure people into spending far more than is prudent for info that anybody could get for free and unrealistic strategies that leave lots of gaps...


If the OP's goal is to flip a property or to generate income there are many downsides in the current market in every part of the Chicago area and I would not advise a novice to attempt this with any amount of money...

Homes smaller that a 3 bedroom 2 bath are not the best for flippers nor are they ideal for rentals. If you cannot afford a nice home in a good part of the Chicago suburbs and have a strong desire to speculate with real estate I would recommend different parts of the country.
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Old 09-19-2016, 01:32 PM
 
Location: Illinois USA
1,299 posts, read 850,468 times
Reputation: 962
^thanks that's the impression I'm getting after a little research
I'm very suspicious of all real estate agents who keep showing me "great deals" which houses are slightly touched over with inflated prices

What would you advise if I want a 3 bed 2 bath house to hold on to for next 15 yrs ? But then plan to sell ? I would prefer lower price if its cosmetically challenged And i I can update it as time goes on
Too early to say huh ? No one has a crystal ball
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Old 09-19-2016, 01:35 PM
 
28,455 posts, read 85,346,203 times
Reputation: 18728
Quote:
Originally Posted by Dad01 View Post
^thanks that's the impression I'm getting after a little research
I'm very suspicious of all real estate agents who keep showing me "great deals" which houses are slightly touched over with inflated prices
Job growth is not sufficient to match the expectations that many investors have for either flipping or rentals...

https://www.riverbender.com/articles...orce-13669.cfm When the largerst number of jobs are in traditional low paying hospitality sectors the workers will not be able to afford rent increases or buying a home...
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Old 09-19-2016, 03:21 PM
 
4,011 posts, read 4,249,331 times
Reputation: 3118
Quote:
Originally Posted by Dad01 View Post
^thanks that's the impression I'm getting after a little research
I'm very suspicious of all real estate agents who keep showing me "great deals" which houses are slightly touched over with inflated prices

What would you advise if I want a 3 bed 2 bath house to hold on to for next 15 yrs ? But then plan to sell ? I would prefer lower price if its cosmetically challenged And i I can update it as time goes on
Too early to say huh ? No one has a crystal ball
Honestly, 15 years is such a conservative timeline that I just don't see a lot of risk in your scenario if you are sticking to relatively modest payments each month.

Why not post some examples you have been shown by RE agents here?
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Old 09-19-2016, 03:22 PM
 
Location: Illinois USA
1,299 posts, read 850,468 times
Reputation: 962
Ok I will thank you all

Last edited by Dad01; 09-19-2016 at 03:42 PM..
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Old 09-20-2016, 02:01 PM
 
4,011 posts, read 4,249,331 times
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Quote:
Originally Posted by Dad01 View Post
Ok I will thank you all
What did you find on Zillow?
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Old 09-21-2016, 08:24 AM
 
748 posts, read 832,434 times
Reputation: 508
I know that Downers was mentioned in this thread - for what it's worth, I saw 2 detached SFHs under 250 that were 3BR/1.5BA. My guess is the neighborhoods you'll need to look in might be more like Westmont, Darien, etc. if you want to be in that general area.
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Old 09-21-2016, 09:50 AM
 
Location: Illinois USA
1,299 posts, read 850,468 times
Reputation: 962
Quote:
Originally Posted by damba View Post
What did you find on Zillow?
Didn't, worked this weekeweekend
Thanks for your interest
I'll look this weekend
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Old 09-21-2016, 09:53 AM
 
Location: Illinois USA
1,299 posts, read 850,468 times
Reputation: 962
Quote:
Originally Posted by RJA29 View Post
I know that Downers was mentioned in this thread - for what it's worth, I saw 2 detached SFHs under 250 that were 3BR/1.5BA. My guess is the neighborhoods you'll need to look in might be more like Westmont, Darien, etc. if you want to be in that general area.
Thanks on zillow ?
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