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In the latest episode of the Straight Up Chicago Investor Podcast, hosts Mark Ainley and Tom Shallcross dive into the world of house hacking with guest Brendon Heneks of Team Facchini at Fairway Mortgage. Alongside his agent Sarita Scherpereel, Brendon shares his journey of purchasing his first multi-family property and offers invaluable insights for both new and seasoned investors.
Jumping on the Right Opportunity
Brendon begins by discussing his "buy box"—a specific set of criteria he used to identify the perfect investment property. He emphasizes the importance of being prepared to act quickly when the right opportunity arises, especially in a competitive market where other buyers may hesitate. With Sarita's guidance, Brendon was able to seize the moment and secure a property that met his needs.
Overcoming Challenges in a High-Interest Market
One of the standout moments in the episode is Brendon's discussion about navigating the current high-interest rate environment. He talks about the mindset required to push forward with a purchase despite the challenges posed by rising rates. Brendon also opens up about some of the worrisome moments he experienced while under contract, offering a candid look at the emotional rollercoaster that often accompanies real estate transactions.
Lessons Learned and New Lending Products
After closing on his first multi-unit property, Brendon reflects on the lessons he learned throughout the process. He touches on the importance of due diligence, understanding the ins and outs of gift funds, and the value of patience. A particularly interesting segment of the episode is Brendon’s breakdown of a new 5% down lending product that’s creating a buzz among investors but is still underutilized. He provides practical advice on how others can leverage this product to get started in real estate investing.
Sarita’s Expert Guidance
Sarita Scherpereel’s role in Brendon’s journey can’t be overstated. Her expertise and strategic thinking helped Brendon navigate the complexities of his first purchase, particularly in identifying properties with longer market times that presented unique opportunities. Sarita’s insights into the Chicago market and her ability to spot potential where others see risk were key factors in Brendon’s success.
Final Thoughts
If you’re considering your first househack or looking to expand your investment portfolio, this episode is a must-listen. Brendon Heneks’ story is a testament to the power of preparation, the importance of expert guidance, and the benefits of taking calculated risks in real estate investing.
Watch Straight Up Chicago Investor Podcast Episode 281 in Full Here
Questions We Answer In this Show:
Q. Don't Miss Out on this Investing Strategy...
Q. It's Time to BUY!
Q. How Are Influencers Spending Their Money?
Show Notes:
03:20 Housing Provider Tip - Consider upgrading landscaping during the spring season.
04:36 Intro to our guests, Brendon Heneks and Sarita Scherpereel!
09:12 Brendon’s househack search!
11:08 What to know about gift funds.
14:15 Brendon’s buy box!
19:50 Opportunities in higher market time properties.
25:50 Mindset of buying in a higher interest market.
31:04 Worrisome moments while under contract!
39:36 Brendon’s lessons learned after his first multi-unit purchase.
40:44 Outlook on Chicago.
45:11 What is your competitive advantage?
46:16 One piece of advice for new investors.
46:54 What do you do for fun?
47:13 Good book, podcast, or self development activity that you would recommend?
48:10 Local Network Recommendation?
49:10 How can the listeners learn more about you and provide value to you?
Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest Name: Brendon Heneks & Sarita Scherpereel
Guest Company: Fairway Independent Mortgage
Guest Links: https://www.fairwayindependentmc.com/lo/brendon-heneks-1778477
https://www.saritasells.com/
Other Links for show notes:
SUCI Ep 247 - Sarita Scherpereel
Millionaire Next Door (Book Recommendation)
Show Sponsors:
Looking for a property manager?
Real Estate Agent Accelerator Course
Chicago Investor Resources Shared
What You Must Know About Renting Your Property In Schaumburg
Survival Guide For Self Managers - 15 Tips Chicago Landlords Must Know(Especially House Hackers)
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