All Forum Posts by: Account Closed

@Jason Henry

You can ask a family member or a friend for a POF. However, they won't be under your name and the seller will most likely ask why that's the case. I also know there are websites that can provide proof of funds for less than 10 bucks but I've never used them.

If you make offers on REOs, be ready to provide POF or your offers won't even be considered. 

Hello everyone, 

I'm doing a bit of research on the requirements for becoming a realtor in Illinois. I read that you need 90+ hours of classroom/home study education. I have a full-time job and it would be ideal for me to take all the coursework online. 

Is this possible? What are the best resources/materials to become a realtor? 

@Ricardo Acevedo Contractors normally provide free estimates. Some contractors who charge, but you want to stay away from those since they normally charge a lot of money for their rehabs. 

They probably won't provide you an exact figure just a ballpark range. 

Hi Everyone, 

I was wondering if any of you are familiar with the Austin neighborhood in Chicago? About 4 months ago, I sent a yellow letter to a property owner. We didn't agree on the price, but she called me last week and she's very motivated since her tenant made a mess with the place. She's at 60K right now but I believe she would take 55K. I went to see the place and it needs somewhere between 30-35k. 

I estimated the ARV to be 125K being conservative but I think it can sell between 130-135K. However, I'm not entirely confident on this estimate since there are not too many comps. The property is between monitor and division. It's 3BD/2BA and around 1,500 SQ FT.

Using the 70 % rule, the price I should be paying is between 52,500-57,500, assuming we use a sale price of 125K and repairs of 30-35k. 

Any thoughts? 

@Crystal Smith Thank you! 

@Ashley Pimsner Thanks Ashley! I'll be talking to Mike today as well. 

I just e-mailed him, thanks Jim!

Hi everyone,

I'm wondering if anyone knows any good lenders in the Chicagoland area? I'm currently working with USbank. Based on a 718 Fico score, 95 % and 45 day pricing, They are giving me a 4.125 % with a $ 500 credit (I work for USBank). 

Would I be able to get a better rate somewhere else? I don't have any debt, students loans etc. Any referrals would be greatly appreciated! 

@Elizabeth Colegrove The house would cost 50K and need plenty of repairs so I wouldn't be able to finance it through the bank. I want the HELOC to pay the credit cards that I would use to finance the rehab for the house.

I want to buy a condo for myself in another neighborhood that is closer to my job while I keep renting the house with the HELOC,  and keep using funds for future rehabs. After 1-2 yrs I would sell the house to pay the outstanding debt. 

My main concern is that banks only extend helocs on personal properties, not investment properties. If I buy a condo, wouldn't the house be considered an investment property? I just want to make sure I'm not doing anything illegal.and how soon can I use a HELOC after I buy and fix a home? 

And my next question is, if I buy the condo with 5 % down, how hard is it to obtain financing with a HELOC on my credit report?

The proceeds from the rent will easily cover for the HELOC monthly payments

I would probably buy the condo after 6 months. And declare the other property as my second home.