All Forum Posts by: Andrew Holmes

@Yoseph Kalman

Lake a look at the following website: CHA Website

Hope that helps. 

Reach out to Barnett Capial - Vince Pace they are in Northbrook, IL

Reach out to Gardi & Haught law office in Schaumburg they will be able to help you. Andrew Holmes

@Matthew Olszak's comments make a lot of sense. 

I know lot of whole sellers very very few are worth anything in terms of deal consistency. There are a handfull good ones. In the particular area you are looking reach out to Trademark properties. They are very active in that area. PLEASE DO YOUR HOMEWORK though. A wholeseller will give you his/her numbers that may be a little different from reality. Not that they are trying to misrepresent but their job is to a bit optimistic about their numbers. 

Take a look the map below. Area is dark red have a huge migration out. 

Talk to Frank Montro if you want to keep investing in the southside. He know that area really well and he works with a lot of investors in that area. 

@Tiziano Ovale

If you have a real estate license my suggestion is use your board contract with a disclosure that you an agent and buying on your own behalf and not representing the Seller in the transaction. Have those disclosures in bold and initialed. Or you can just have your attorney put something simple together. You can get a simple assignment form and that can be generic just make sure it has non refundable earnest money built in. 

@Steven Royster

If you are in Rolling Meadows. Go to Dan Carlton's meetup in Alqonquin at Tanis Realty group. Joe and Dan do a lot of wholesale deals. Worth listening to for sure. 

Find a small bank and trust sort of an institution that is local close to the property. Or a credit union will work as well. Talk to the VP there and as long as this property is rented you can do a refi with a Commercial Loan. Do not talk to their residential loan division they will have the 6 month restriction. 

@Cody L.

Very well said :-)

Equity stripping is one of things that sound great but should actually think through before stepping into it. If it's just for lawsuit reasons then a good insurance policy with umbrella coverage makes much more sense. 

A lot of time investors will do things that make no sense rather than properly insuring the property. Equity stripping has a very bad wrap because some investors have put to very bad use. Refinancing equity has it's place and can be done if the funds are used correctly. 

@Asif I.

1. Personally Suburbs are much better if you look at the rate of return and risk. In very stable suburbs around chicago you can still get 20% cash on cash with out any issue. 

2. Per door cash flow on multi family expect 2-4 flats will always be much lower than single family homes. Assuming you are buying them correctly. If you over pay then of course the cash flow on SFR is going to be low. $ 350 to 450 per single family in very stable areas is still very doable in Chicago Suburbs.

3. Go off market. Look at 45 prior to auction pre foreclosure specially that have more than 40% equity. Shadow inventory list of small bank. They will make some mind blowing deals still in this market. MLS is crowded but still some deal you just have to be on top of them like white on rice.

4. Do not wait for the right market. Wait for the right deal in any market because they are there. 

5. Interview other landlords who use propety managers. 

Letts Property Mangers (Downers Grove)

Secure Pay One (Linda L.) 

I would recommend them both highly. If you are just starting out Secure Pay One would be better in my opinion.