All Forum Posts by: Felix Sot

@Nathan & @George, thank you so very much for the information! This is my first deal and the first time being a landlord. I did more search and I think I have a couple of leads on getting the info I need!

Also, thank you so much for answering my specific questions directly! Truly appreciated!

Hello All,

I have a property inside McHenry County in Illinois. Ive been trying to find my Landlord-Tenant agreement/laws. Ive done some googling and the document(s) Ive found have been skim and no help at all. Ive also called my town's and county's office and asked around several times but nobody knows what Im talking about.

Links Ive found:

Fair housing: (even called the phone number on the site)

https://www.co.mchenry.il.us/county-government/dep...

Landlord-tenant act (this has barely any info)

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?Act...

Anybody out there able to tell me where to find this mythical document everyone seems to be talking about? Id prefer not to go ask a lawyer and just find the document myself.

Im hoping the document will answer things like:

At what temperature do I need to keep the house at during winter?

Do I have to provide tenants their own garbage cans?

How much can I charge for a deposit/application fee?

How fast do I need to have issues fixed? (obviously asap, but I want to know the legal definition)

etc etc etc...

Any help will be appreciated, thank you!

My apologies I just noticed the spelling error in the title. Of course, the forum doesnt allow me to edit. My apologies!

@Josh Mitchell, Thank you very much for the advice. Deal went through and Im now rehabing my first multi-family home.

Hello,

Ive been doing a lot of research (and searching the forums) but I havent been able to find a clear answer. This is in regards to the "6 C's Loan Proposal" video found here:

https://www.youtube.com/watch?v=vM0S5OG8bYg&t=1383...

The video talks about how the underwriter is the one that actually approves the loan and how important it is to convince them. Im just starting out and as I understand, the underwriter wont speak to me directly. I have some questions as I just dont get some of the details and I dont want to look stupid to the bank.

My situation: 

$50,000 /year salary (gross)

$17,000 auto loan ($350/month)

$50-$75 credit card minimum payment

$0 rent (I live at home with my dad)

$12,000 in savings

I want to buy a multi family house around $120K - $150K with an 3.5% down FHA loan. First time Landlord.

Here are my questions:

1. Should I even make a loan proposal? Should I include the exact property I want?

2. Who do I hand the loan proposal to? The loan officer at the bank branch? Will they even send it to the underwriter?

3. How much detail do I give them? Will it be looked upon badly if I say I want to rent for x amount and what I have to pay will be about $300 towards the PITI? I mean will I look like I want to dodge my bills?

4. I plan to save money and get %20 (plus repair money) for future single-family homes. Should I even mention this?

5. How do I convince them that I am willing to take on the challenges of being a first time Landlord? (Im doing Home Depot demos and Habitat for Humanity to get hands on experience in fixes to homes)

Any help will be greatly appreciated thank you so much!

Hello Everyone,

I come from pretty humble beginnings, but my parents always told me that my education was my way out. I followed their advice, worked my way through college, and am now a software developer. I do pretty ok and am fairly happy.

A few years ago as I drove around in my car, I found myself asking the same question over and over, "Who owns all these big houses and how can they afford it?" They all can't be doctors, or high execs I thought to myself. Then I stumbled onto Rich Dad Poor Dad and learned that financial independence and how I viewed money was the other side of the coin my parents didn't tell me (or really know about).

So I started to think how I could solve the "riddle" of financial independence. Real estate investment makes a lot of sense to me as a financial investment. I am here to learn all I can, contribute where I can, and take the plunge (and make some friends too!).

Thank you All and I hope to contribute to this community!