All Forum Posts by: Christopher Malone

I want to share a few photos of a recently completed 2/1 SFR rehab in Chicago thanks to BP.

Hard Money Lender, General Contractor, Friend/Mentor were all thanks to BiggerPockets!

Before Photos

After Photos

@Vincent Incopero

Will do, thank you!

@Account Closed

Thanks Bradley! I'll be in touch.

@Vincent Incopero

Thank you for the list! I will look into these banks in addition to the ones I have already found. 

@Elbert D.

I sent you a PM with the list. 

@Alex Bok 

Great, thank you! I actually had them on my contact list. Do you have specific location or person that you recommend I speak with?

I am looking to refinance out of my current hard money loan while building a relationship with a local community bank that does portfolio loans. I have a list of about 8 community banks with less than a dozen locations, but before I start calling and setting up appointments I would like to know if anyone has any recommendations. 

I always chuckle when someone post to not just make repairs and fail an Inspection intentionally. The inspection requirements are very minimal. In fact, you can have cracked tiles and loose floors that do not pose a tripping hazard and do not even have to have closet doors! I would argue that anything under these minimal expectations probably isn't even habitable and wouldn't attract a non section 8 tenant. Just my 2 cents on the matter.

In Cook County, you cannot simply "stop offering" section 8. You will have to be certain that the reason you are choosing not to continue renting to a Section 8 Tenants is based on your minimum qualifications which must comply with the Fair Housing Laws in Cook County. Currently Section 8 is a protected class in Cook County, and you cannot legally refuse someone due to being a voucher holder. I attached a Section 8 Fact Sheet that applies for Cook County. I hope this helps.

https://www.dropbox.com/s/c161e9r0edzwx60/Sec-8%20...

I had the same issue when I first purchased my rental. I was doing a quick walk through when I notice an orange heavy duty power cord stretched through the fence and into the external outlet. I followed back to my neighbors back door and walked around to the front to confront them about it. I knocked on the door and no one answered, I walked back around back and magically the cord had vanished. The next day I made a surprise visit to the property and caught the neighbor outside. When I asked him about it, he claimed that he was embarrassed and he only did it because his power was cut off and he didn't want the food in his freezer to go bad. I have him the benefit of the doubt, but told him when I received the bill, if I saw something I didn't like he would be reimbursing me for the overages. The bill didn't change but a few pennies, and since then he has been my unofficial security guard, calling me if so much as a squirrel climbs on the porch. He also helped out my letting my contractors use water seeing as the water in my property was off at that time. A favor I probably wouldn't have received if I took a more aggressive approach. This was my experience, hope it helps.

@Rohan J.

I think you should remove the Section 8 aspect and focus on finding the best tenant. I think screening a Section 8 tenant should be no different from finding the best non-Section 8 tenant for that area. I personally use the tenant screening that was given here on BP plus and minus some things that matter to me.