All Forum Posts by: Dave Kush

So far, yes. All I am using it for is rent collection though. I use a local company for background checks and all that kind of stuff. Takes about 5 to 6 days from rent payment until it hits my account. You can get a discount with your bigger pockets membership, which helps a little.

Definitely haven't heard over had any issues with bounce payments. Although I don't see it right away, my tenants say that the money comes out of their bank account right away. Rentredi is maybe holding it for a while to be sure it's not getting returned, we're there between collection and disbursement.

I agree, you can't usually get a permit for anything until you own. Is it a really extensive change that they want to verify is possible? 

For example:

to replace a roof you usually need permit. Hml should not require that in advance. 

instead, if building new, reconfiguring, etc, something a municipality might not go far, they are perhaps looking for now security before purchasing. 

which of these sounds like what you've encountered? 

I use RentRedi without issues. That said, there's definitely a delay. I was using PayPal, cause instant and no bounce but really high fees

Double closing is legal in Illinois. Find lawyer that will work with you on them.

Hi David! 

What you wrote makes perfect sense to me. What do you do in place of direct mail?  

Thank you!

Dave

Awesome, thank you!  I've been getting started with DealMachine as well and will check out the interview.  I like it so far.

Good afternoon! 

there are a couple of different things going on here. First, I would recommend talking to a lawyer about the contracts if you are still unfamiliar. In short though you're going to need a purchase agreement and could even use the standard real estate contract, and some people use a warranty deed.

seller financing is when you don't have to give the seller some or all of the cash at closing, and then you don't have to get a mortgage (or as large of a mortgage) and you're able to make payments to the seller. That's awesome if you can get it. In that case, you will need the lawyer to draw up the note and associated paperwork.

I'm not exactly sure what is meant by subject to financing, but that sounds a lot like a finance contingency, where in the buyer is allowed to bail out of the contract if they can't get a loan. Some sellers will accept that in a contract and others won't. Obviously if you get seller financing that won't be an issue. 

Hi Curtis!

The answer probably depends on your long-term goal and how long the long-term means for you.

You are correct that if you put 30% down on three properties, you will then have to wait until you accumulate enough cash via appreciation, cash flow, and savings in order to buy the next property. 

if you execute a brrrr, you would be able to keep going. 

I think you're going to get different answers on the whether or not it's worth it question depending on your time horizon. In 10 years, you could brrrr a lot of properties and have way more than three. In your first year, that's possible but much less likely. 

Consider your long-term goals, and that will probably tell you which way you want to go.

Let us know what you decide!

Thank you. That's very helpful. 

Yes, definitely planning to Cherry pick a few, so definitely a good call about appreciation.

Thanks again!

Hi Everybody, 

I've been driving for leads. I live in the Chicago suburbs, so just about every type of neighborhood is available... cheap, expensive, old, recent construction, well kept, run down, etc.  

I know deals can be found anywhere, but that said, have you found more success in certain types of neighborhood vs others?

Thank you for your help! 

Dave