All Forum Posts by: Dan Kerch

hey @Faiz Kanash

We work with newer investors like yourself. Where in Illinois are you looking to invest? Full transparency we do not lend in Chicago but other areas of Illinois. PM me and we can discuss in more detail. 

Hey @Todd Chandler

I am not local but can help with your need of a DSCR lender. Are you looking to purchase or refi? Send me a PM and we can discuss.

@Jon Taylor

I appreciate the the response and I will do some additional due diligence. I will also check out the link you provided. 

Thank you!

Hey @Sean Robbins

Welcome to BP and best of luck on your RE investing journey! Sounds like you are jumping with both feet in. Good for you!

Let me know if I can help!

Good to know @Dave Foster. I appreciate the information!

@Brandon Bruckman It does. I was hoping to be able to transfer the profits into a DST for a shorter period of time (6-12 months) but it seems its a longer period than I would like. Good info! Thanks

Hey BP!

I will be conducting a 1031 exchange in the next 6 weeks or so but have been told about Delaware Statutory Trust. I have done some research but would like to hear personal experiences with them. Ideally I would like to have more than 45 days to make a decision on a property especially in today's market. From the sounds of it you have to have your investment in the DST for a particular amount of time. Any info would be helpful!! Thanks

Hey Andrew-

The best way to calculate rehab cost is to speak with a couple of GCs and/or subs. If you could walk properties with them that would be ideal but I understand it is hard to walk a property if not under contract as well as the GCs/subs may not have the time. You will start to get a general idea of how much things will cost (ie kitchen remodel, flooring, bath remodels, paint, etc) which will help you run numbers better. Also if you can reach out to your local network/RE investors that have experience and schedule a time to meet or set up a call. I hope this helps a little and best of luck with your next property! 

I would obtain as much information about the tenant as possible. Look at their payment history, speak with the PM if  there is one in place and you could even ask the other tenant about them. Is the lease a MTM or on long term? A lot of the times the tenant is MTM and as soon as you take ownership you can give them a 30 day notice. At the end of the day you have to weigh what is important to you and the risk you want to take. I will take a good deal with MTM bad tenants because I am comfortable taking the risk and understand how to navigate that process. 

I hope this helps and best of luck!

@Pete Harper Are looking to do any renovations or just finance?