All Forum Posts by: Derek Martin

If the dispute is over the Indiana house, you likely need to file in Indiana, and therefore need an Indiana-licensed attorney. 

Keep in mind I don't know your situation at all. Just suggesting you don't spend time searching for a Chicago attorney who is only licensed in Illinois. Good luck!

When I purchase a new property, I put 3 months of expenses (PITI) into reserves. I then build it up to 6 months worth over the next year (assuming I have paying tenants). Of course, the more the merrier in reserves, but anything over 6 months is excessive IMO and reduces your ability to take on new projects.

A common mistake I see is buyers not putting the tax credit they received at closing into reserves. In our area (Chicagoland), property taxes are paid in arrears. So the buyer will receive a credit for taxes that were accrued before purchase but not yet due. The buyer will be responsible for paying the next installment tax bill. If your lender opens escrow for taxes, that's fine. But if not, that can be a big expense and wipe out your reserves if you didn't budget/save for it. 

@Jimmy Chou is correct. The Attorney Review period does allow your attorney to exit the deal for any reason other than purchase price. Which is why it's important to get your contract to your attorney right away. You'd be amazed how many times the attorney receives it after it has expired. Not much we can do for you then.

Good luck!

You shouldn't need a title company to assign a contract. The title companies are concerned with minimizing risk and making a fee. So, if your documentation is in order, you are transparent and are playing within the rules, they should all be "investor friendly."

My license has been with ARNI for a little over a year now. I like them a lot. If you're a self-starter and don't need the hand holding, they're great because they leave you alone and let you do your thing. But when I have needed help, Bill has been very responsive. Two thumbs up for ARNI.

@Efren Corona I like this meetup on the NW side of the city. There are lots of BP folks who attend. Details at the link below.

https://www.biggerpockets.com/forums/521/topics/20...

Date/Time: 3rd Tuesday of every month at 06:30PM
Location: Dino's Pizza in Norwood Park, 7004 West Higgins Ave

I see them as low as $300 for a condo and as high as $900 for a 4,500 square foot house. $675 isn't crazy high but you could probably get one for about $500. Good luck!

@Tierney Delude I am an IL attorney and investor. I use @Steven Hamilton II for all my taxes. You can review his posts on BP to see how knowledgable he is. 

The Chicago Association of Realtors (CAR) has one. I don't have it to send to you, but maybe that can put you down the right path. Good luck.

@Chris Shuptar get a real estate attorney. They can help you close the deal from start to finish. 

Unfortunately, there are many attorneys who only know how to do a traditional closing at a title company. So get an attorney that has worked with investors, as they're more likely to have experience doing things the "untraditional" way.