All Forum Posts by: David Green

@Stephen Richey it is not my meetup, but I think it is open to new members.  Unfortunately I do not think I will make it this month.  

Congrats on making the jump and taking action.  Please add me to your buyers list.

@Jamila WilliamsThe next meeting is Monday 3/14/16 at BWW in Hammond.  I will post here if I am able to make it.

@Alan G.Thanks for the reply!  This is what I was looking for.  I will do some prep (reading up on blanket loans) then start making calls.   

@Shanequa J. Thanks for the reply and the info about all loans counting towards your limit.  I need to call around and find some banks that have this type of product.  Do you happen to know what banks call this type of product?  Would it be a commercial loan product?

Thanks for the responses.  @Crystal SmithI had the same thought.  I made a list of all the rentals on Craigslist to see if there was company who was handling a lot of the rentals in the area.  

I was hoping a couple Chicago Investors share would please share their experiences with investing in Sauk Village, Chicago Heights, and Dolton?  I am pretty close to pulling the trigger on a couple deals and it would be great to hear from more people who has done business in these areas.  

One reason I ask is I got a weird vibe while screening a PM last week when I asked him about the area.  Long story short, he got very defensive, was short with me, and said he can say anything due to fair housing laws.  I googled fair housing, and I guess that is fair, but it didn't explain his attitude.  He basically told me I had to purchase a place, then have him come out and meet him at the property before he would "consider" managing it.  I can understand not wanting to take any place, but when I mentioned I had specific addresses and was willing to chat about his minimum criteria he said I was putting him on the spot and he pretty much ended the conversation.  That attitude makes me wonder if I am missing something about the area (Sauk Village).  

Is it going to be a big problem finding someone to manage places in these areas (if my initial PM does not work out)?

Thanks for the help and advice! 

I am wondering what options investors are using to fund cheaper deals (<40K).  

I can make cash offers, but I need a way to pull my money back out so I can repeat the process. I know I can get a LOC on them which I like due to the low fees. The problem is, I am limited on how many LOC I can get so this strategy will not work very long.

Some of the properties are already tenanted if that makes any difference (season requirements). 

I think I read somewhere that some folks are bundling several of these smaller deals together to get a business LOC. Then they just add new properties to the LOC as they acquire them to increase the limit.

Long story short, I am trying to keep access to my capital while not using up my LOC and conventional loans (limited to 4) on cheap properties. Also wondering, if a bank keeps a loan in-house, does it count towards my 10 loan limit?

Any advice would be greatly appreciated?

Cool, thanks for the help!

@Wayne Brooksthat's good news.  So refinishing floors, adding HVAC, remodeling a kitchen would all count as capital improvement?   Tuckpointing and chimney liners would probably fall under routine repairs?