All Forum Posts by: Adam Yunker

I wasn't really looking for a "turn-key" property, is that bad? I mean the management company I use will cover rent up if they can't get a tenant in (that's there guarantee) I just saw this property: https://www.investability.com/7011-S-Carpenter-St/... would this be worth pursuing? Obviously I haven't done any "in depth" research, but just curious if it was worth a call. The only thing I notice is it was built in 1898 and that could mean some big expenses under the house are waiting for me, so don't get me wrong, I would definitely get an inspector out there to check things out.

Great to see a local investor on here! I don't really know the far west part of Joliet to well, I'm more familiar with the centralize Joliet like Crest Hill, Fairmont, etc. On the other hand I am way more familiar with Orland, I used to work down there and had friends that live down there and pretty much everything entertainment wise I did was in Orland Park. I'll be definitely expand my reach into Grundy County and primarily be looking for deals in those two areas!

Thanks!

First off, this entire thing was all theoretical to help clear up a question I had about LLC's and bank loans. I am planning to my first property under my name with liability insurance. I wasn't sure about the "umbrella" tax strategy where you had an S-Corp and underneath you have a bunch of LLC's with a different property in each LLC and I assumed they would go to the bank when already made the LLC and get it under it's name with no other assets and if they would get a non-recourse loan if they did that. However, now I guess (I don't know, but I would have to guess) the bank either makes the loan on the S-Corp (that already has the credit and profits) or has the loan guaranteed by the S-Corp, or something like that. I just wanted to know how bigger more established companies do it, if they go and create an LLC and try to get a loan in a new LLC when it has no assets in it.. Now I know that is wrong, but coming from that perspective I wanted to know if in that case would having a recourse loan even matter, but now I get that it wouldn't come down to the newly made LLC the bank would probably look at the financials of the S-Corp holding it. Or maybe they don't make the seperate LLC until the loan is paid off and then afterwards the create the LLC and transfer the property into their or something like that.

 Your rental rates are way wrong and you can definitely buy good, clean real estate out here for $70,000. Not exactly where I live because it's a little more upper class, but I was thinking Orland Park, more towards the west. Orland Park is in Cook County right next to Will county and I would never invest in Joliet because that is pretty much bad territory all around. Orland is constantly growing and commercial buildings being built, road expansions, etc with everyone moving out there for work. As for maintenance and vacancies and capital expenditures I already have conservative numbers being taken out of the expenses monthly to cover the cost later on while having money set aside when I buy the house of 4 months of expenses (including the mortgage). The property management firm I talked to (http://www.chipropertymanagement.com) have a 30 day guarantee to find a tenant otherwise they cover the rent. And I also am not looking to get into a deal if those major expenses like a roof, or piping, or what have you is about to go bad and I'll have an inspector to let tell me that. Since it's my first investment I'm taking a very conservative route.

Hey guys,

So this has been a bit confusing for me, but assume I have an LLC that has nothing (0) inside of it. Should I try and get a non-recourse loan, if the loan & property is going to be under the LLC?

Is that just pointless because I'd only have one property in the LLC and if things go bust they couldn't come after me personally anyways because it's in the LLC's name, right? And getting a non-recourse wouldn't that possibly increase the interest rate they give me?

Yeah, sorry I forgot to mention that.. I'll be putting 20% ($14,000 + $1,500 for closing cost) and will be running the numbers looking for my magic Cash-Flow number of $300/month ($3,600/year) which will get me just over a 20% ROI. Since it's my first property I just want to go the conventional route and make it cash-flow. Then when I get experienced and done a couple deals I'll try some creative financing down the road, but for now I'm just sticking to the basics :)

Hey everyone!

So I'm going to be meeting with a real estate agent to help me find some deals.. Since I need to give her some criteria for what I am looking for here is my list:

• $70,000 Rental Property
• Clean/Really good condition
• No TLC Required
• No HOA areas/fees!
• Up and Coming area

I was wondering if you guys think I forgot something.. So my question is, what is it I should add to that list that you think is important?

Adam

Hey guys! I had a general business related question that goes for all types of businesses, real estate, commerce, e-commerce, etc.

My question is about raising capital & I'm sure we all heard the phrase "You need a great team!" Or "Business is a team sport."

I realize investors really invest in the team behind the project, but how are you suppose to get a team without the capital to pay for them? And how are you suppose to show investors your A+ team if you work with a great Attorney that has 100's of other people to work on, or your amazing property manager, or website designer? If they don't have any equity in your company?

I realize this question is more business focused, but real estate is a business! And you need a great team to win :)

I'm just wondering if there are some members that may have the same question I have, or maybe some people that know the answer!

~Anyways guys & gals, thanks for supporting the awesome community we've got going on here & let's keep it up!

Hey guys! I'm new here and I have been absolutely loving these forums! My biggest question in getting into real estate is the cost for attorneys, contractors to give you estimates; However, I'm pretty sure contractors don't need any money up front. Don't they get paid only if you hire them to do the work? Also what about attorneys for the paperwork and how do I go about doing that? This is my biggest concern because I want to wholesale a couple properties first whether it be assignment contracts or double closings. But how do I go about doing an assignment contract or double closing with my attorney & do all attorneys know what these are & are familiar with? People say you don't need any capital to wholesale, but don't you need the capital to go through the paperwork? Lastly, how do you go about getting an appraisal where they tell you how much other properties have SOLD for? And how much do they cost? If any of you guys have done wholesale deals if you can leave like a step by step basis and how much were things roughly. That would be amazing!

~Thanks, Adam & Great luck to all you wonderful people in the biggerpockets forums helping kids like me out! :D