Doing the 90 day challenge, but trying to figure out best loan

Investor · Los Angeles, CA · Member since 2019 · 26 posts · 10 votes

Hi there! I Live in California, but found a Single-family home that I want to make an offer on in Illinois. It's owned by the bank/ foreclosured And on the market for over 100 days. I did a short sale in 2015, so I cannot do a conventional loan as I had anticipated. From what I understand FHA takes too long to process and so I would hold the property for longer than I want… I know that there are other options like private money and portfolio lenders, but was Wondering if anyone had any advice? It would be my first time flipping a home, So I really appreciate anyone willing to take time and share some advice.

Thank you!

Diana

1 Reply

53 views

Most Popular Reply

George SkidisPro Member

Rental Property Investor · Belleville, IL · Member since 2017 · 875 posts · 529 votes

Contact Jane Garvey at the Chicago Creative Investors Association. She has a loan guy who comes to her meetings. Lombard, IL third Sunday at the Embassy Suites in Lombard, IL. Tell her I sent you.

2 Reply

See this reply in the discussion

12 Replies

Jump to latestLatest

Sort by

David Rowland
Flipper/Rehabber · Murfreesboro, TN · Member since 2014 · 5 posts · 3 votes
7y
I would not recommend flipping your first house in another state. Try to find something closer to where you live.
1 Reply
Diana Rivera
OP
Investor · Los Angeles, CA · Member since 2019 · 26 posts · 10 votes
7y
Thank you for your reply David. I definitely can't afford California at this point. I'm from the area I'm looking into (Chicago suburbs) in Illinois and will have the summer off to be in the area.
1 Reply
Kenneth GarrettPro Member
Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
7y
@Diana Rivera
Where in Illinois is the property? If it's bank owned and in rough shape conventional and/or FHA probably not possible. Let me know more details? Pm me if you like.
1 Reply
Michael Noto
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
7y
@Diana Rivera Something else you didn't mention with FHA financing is the fact that you have to owner occupy for at least 1 year. Just wanted to give you a heads up on that. Do you plan on living in the home you purchase?
0 Reply
Diana Rivera
OP
Investor · Los Angeles, CA · Member since 2019 · 26 posts · 10 votes
7y
@Michael Noto I won't be able to do FHA, no plans to live in it. It will most likely have to be a hard money loan.
0 Reply
George SkidisPro Member
Rental Property Investor · Belleville, IL · Member since 2017 · 875 posts · 529 votes
7y
Contact Jane Garvey at the Chicago Creative Investors Association. She has a loan guy who comes to her meetings. Lombard, IL third Sunday at the Embassy Suites in Lombard, IL. Tell her I sent you.
2 Reply
Diana Rivera
OP
Investor · Los Angeles, CA · Member since 2019 · 26 posts · 10 votes
7y
@George Skidis
Thank you! Will definitely contact Jane and tell her you sent me.
1 Reply
Diana Rivera
OP
Investor · Los Angeles, CA · Member since 2019 · 26 posts · 10 votes
7y
@Kenneth Garrett I sent a PM.
0 Reply
Diana Rivera
OP
Investor · Los Angeles, CA · Member since 2019 · 26 posts · 10 votes
7y
@George Skidis I sent you a PM to confirm her contact info! Thanks again!
1 Reply
Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
7y
@Diana Rivera, where is Chicago is it? Chicago can be super hit-or-miss. There's probably a reason it's been sitting on the market for so long.
[email protected]Podcast Guest on Show #261
0 Reply
Marcin Talaga
Real Estate Broker · Chicago, IL · Member since 2015 · 102 posts · 53 votes
7y
Diana,
I have a hard money lender i can refer. I am also local and can take a look at the deal for you to see why it's been on the market for so long. Let me know if you'd like to connect.
Marcin
0 Reply
Keith Hicks
Waukegan, IL · Member since 2016 · 28 posts · 7 votes
7y
@Diana Rivera sent you an message.
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.