All Forum Posts by: Dennis O'Loughlin

 Hi John,

Thank you very much.  I appreciate the help and will connect with him.  

 Purchase of long term rentals.  

We are actually looking all over. We currently have a rental in Decatur and like the area so we are looking at Springfield, Champaign/Urbana, Peoria, and that general area but we are also looking at the Rockford area as well. We currently have a SFR but are looking to get into duplex, tri, and quads.

We are needing advice or recommendations on reliable lenders for small multi plex units (duplex, triplex, quads) in Illinois.  Thank you.  

 Hi Jonathan.  Yes...there is that smell of something weird baking lol.  We did get it figured out.  Because it was a necessity of something fast we went with Obie Insurance and had not problems getting hooked up with them.  

We are going to file complaints with the state insurance boards against Steadily because when I called on Monday to cancel our insurance with them they said that they could see that our insurance was scheduled to cancel in October even though their email correspondence said cancel on September 11th.  There's something fishy going on with that company.  

 Hi Jonathan,

We got it figured out and had to pay a little more but when you're stuck between and rock and a hard place you do what you gotta do.  We are located in Decatur.  

 HI Sean,

Our property is in Illinois. Even though they had people there answering questions when I called they were basically just as oblivious as I was.  They couldn't explain why they had only supplied us with 2 days to get the work done, much less over a weekend, and the only thing they could do was apologize and say "we HOPE they will provide an extension.  

I like your idea of contacting the state board of insurers since others need to be aware of how this company will totally try to screw you.  I forgot to mention that when they stated they found issues with the roof they didn't even say what they found and what they expected to be repaired. 

Five hours ago our company received an email saying that after insurance underwriting did an inspection on our rental property that we needed to have a roof inspection done and a couple things done to the roof.  They also said that due to previous claims our deductible would have to be increased to $5,000.  

Two things:  1). We received this email on Friday, September 8th and they said we had to have photo evidence of the repairs done by Monday September 11th or our policy would be cancelled.  2). We have never filed ANY claims on homeowners insurance EVER for personal insurance and we are a brand new investment company so we could never have had any claims previously.  

I spoke with the company "steadily insurance" and they said they "asked for a date extension past the 11th" but that everyone has gone home for the weekend and so they wouldn't hear about anything until Monday which is when the policy is set to expire.  

We need coverage immediately apparently with a good reliable company that will not try to screw us.  We have been doing everything right and were very excited to have our first rental property which is doing great but now...we are a little panicked because we can't lose our insurance.

Please help.  Thanks a lot.  

Can someone please help explain to me how you keep building equity when using equity to fund the down on your next investment? I understand the idea but I can't get my head wrapped around it because when you borrow against the equity you're going to have to get a loan from the bank to do that so you're going to have a payment. If you're not making much beyond 6% ROI on that property you may not be able to cover that payment with all the other expenses. With the mortgage from the new property, if you add the loan for the equity borrow, it may be hard to find a deal good enough to cover both loans. Can someone clear this up for me? Maybe I'm just way overthinking it.

Hi everyone!  We are wanting to help one of our kids get into their first house but they have a couple of road blocks, no credit to speak of so far and all of their savings for a down payment was taken up by some hefty medical bills.

We are thinking of finding a house, buying it, and then renting it out to them for a year or 2 and then applying what they've paid in rent as their down payment so we can offer them seller financing.  Obviously we have to make sure their rent would cover our mortgage on the property but if we provide seller financing does that then count as a sale?  If it did then the bank could see that as a sale and require the loan to be paid off immediately.  

Has anyone else dealt with this?  Does anyone have any suggestions for how to work with this type of situation?  

Thanks for the help.