I am from Chicago IL. I work for a private bank in Chicago and we have  a new program that they have just rolled out with it is only for investment properties. This is how the program works. It is a no income verification program it is based on how much cash flow the building is bringing in per month (DRI). You have to put down 25% and also have a 680 mid score. I am currently doing 2 2units at this time for myself. The one 2 unit I purchased for $32K and had to put $14k into it and the other 2 unit I purchased for $39K and had to put $11k into it. The 2 unit I got for $32K will be bringing in $2,600 a month and the other 2unit I purchased for $39K is bringing in $2,400 a month.

 

I am looking for other investor's to do this on a much bigger scale. I currently have 2 crews scouting out all REO 2&3 units in and around Chicago everyday looking for the best properties that don't need that much work. I only scout out properties at this time that are $80K or less most of them are around $40K to $50K. If you have any questions feel free to call me at my office.I came across your e-mail on a real estate blog.The best of all is after 6 months of holding the property because of seasoning issues you can cash-out to the new appraised value. This can be done with a conventional or FHA program. Please send me your phone number or feel free to call me. Thanks