All Forum Posts by: Arthur Banks

My question is why didn't the realtor lower it to $200K as you TOLD him/her? The realtor works for you, no?  I'm not a realtor but isn't it your house? Aren't you the one absorbing the holding costs? Realtors please correct me if I'm wrong.

Hi Victoria, 

Disclosure: I'm one of the board members of LCPIA. 

I believe LCPIA is the closest to Mundelein. The ones I know of are also found here on biggerpockets page and as you've found are a good distance from you. Not aware of any closer that aren't listed.

Have you been to a meeting? (LCPIA is geared towards education more than networking) 

I would also love to hear any suggestions on how LCPIA could improve.

That being said keep me posted on your meetup.  I'm always open for networking. Can't have too much! :) 

Welcome! Here you will find a wealth of information, knowledge and people willing to help.

@Stacy Hubert I've used Barrister Title on W Taylor.

@Joel Perez I used Diamond on Green Bay Rd. I don't know that I would recommend them as I had a few issues. The person that worked the deal wasn't too knowledgeable. I believe it was her first time. Maybe she's done more since then and has the process down now. I don't know. Other than that. I can't say that I know of any others. I would suggest just calling around and asking very specifically do they do 203k and how many have they done. I would also suggest paying for the consultant (I think that's the title) who will manage the job. Even if your job doesn't require it. I think it's a good investment. Unless you feel you're capable of handling the process and contractors. Hit me up if you have questions. 2245729595. Not sure if putting my phone # is permitted. If it's blocked my contact should be found on my profile.

@Rosa Alpuche Hi Rosa. I'm in Waukegan and working on a couple right now. I'd be glad to help where I can. I'm out in the field right otherwise I'd post a full reply. Give me a shout! Take care. 

@Cenddie Alaban If you're 'hoping for' but not banking on appreciation, then I personally wouldn't look at Zion. I can't speak to Milwaukee.

@George Skidis I absolutely agree.  If I implied any discrimination that was not my intent.  You absolutely can't shouldn't discriminate against any protected class. I was simply saying unruly kids who are left to be unruly will damage property.

@Cenddie Alaban Completely understand your reasoning. There are good and bad parts of any town/city. I don't know about those stats. I've been in Waukegan all my life. (except for time away at school) and aside for the winter, I enjoy it here. I'm not trying to sway you to this town. Just saying good areas can be found in any town you pick, just visit and ask around. 

As it has been said above, side by side with garage in between can be found but tend to run a bit higher.  

I would skip what @George Skidis says about hiring a PM. I house hack and it hasn't been a problem.  I tell prospective tenants "This is not only my business but it's my home. I keep it up as such and expect my tenants to treat it the same." Those who don't want the owner that close are those I don't want anyway. I was definitely one who initially thought "Man, I don't want them to know I'm the owner." But then thought why pay for a PM for such a small job? That's money out my pocket. Most PM's won't take on a single unit anyway. Learn how to screen and manage and be firm. I've had NO issues with any of my tenants. All but the current couple have had kids and they left the home in broom swept condition just as they got it. I don't know if it's been said above but I would encourage you to meet possible tenants along with their children. If the kids are unruly and the parents just let them run around, yeah, good indication of how they will treat your house.  Well wishes.

I'm looking at acquiring a free & clear property via seller financing.  What are the costs associated with this type of transaction?

If I need to include more detail, please tell me.

Thanks in advance.