All Forum Posts by: Eric B.

I am interested in being a private lender for investors who need to get their deals funded. But in my 401k, I only have $3000. Now I realize that's a small amount, but aren't investors looking for their deals to get funded trying to create a pool of many lenders? Doesn't seem to be that way with the people I've talked to. Nobody seems to want to talk to you until you have at least $20,000 to lend. Why can we who have less be private lenders?

I'm contemplating taking a huge leap and trying to buy a house that is already rehabbed and occupied with a Section 8 tenant.

Now, obviously I'll need to acquire funding should I decide to go through with such a leap. I've never bought a house before, and the house I'm thinking about buying is price at approximately 50% of the Fair Market Value.

I'm just a guy who's frustrated with the wholesaling business and decided it would be better to go into the buy and hold business, which is where I wanted to end up anyway.

What do I need to know about trying to acquire funding to buy this kind of house? Can anyone suggest a lender/several lenders? Does my income and credit report matter? Is there a lender who would lend for a long-term loan like this one? Is there anything I should know about the application process? What kind of money should I need to expect to put down up front? Does it have to be my money or could it be OPM?

This is a SFH located in the Hyde Park/Avalon Park area (south side of Chicago).

If there is anything else you need to know about the house to get a clear picture of how I can get the funding I need, please let me know!

Thank you guys!

@Jerry W. I see what you mean, and I agree with you. I was just thinking that with Monica's course being $97, it was a considerably small risk to take. But BP is indeed a great spot of valuable resources!

@Douglas Dowell Okay, I'll check that out!

Hello folks! For the past week, I've spent quite a bit of time on Monica Main's apartment building course page. I have heard that Monica is not like other gurus, and her courses are certainly cheaper. I actually hope to make a final decision by Wednesday of Thursday whether or not to get her downloadable apartment building course. Anyone who knows anything about Monica Main or her courses, and willing to share, would be most appreciated!

By the way, keep in mind that I've never done commercial property before, or even tried to, but being a commercial real estate investor is part of my long-term (5+ year) plan.

Does anyone know the best place in Chicago to look for contractors who are good at estimating repairs on water damaged or fire damaged houses? Actually it just so happens there is a house on my block that has suffered fire damage. We all remember that day this summer when it went up in flames! Also it would be a plus if you know contractors who are not afraid to deal with these kinds of houses, as well as ones that have foundation problems.

Also, I need to know what kinds of rehab rates I should expect to pay for houses like this.

@Patricia Franciulli Thanks very much for that info....I honestly did not know that!

@Phillip Dwyer I really like the lunch or coffee idea. I think I'm going to start with that.

@Arron Sweeney I totally agree with the give-and-take principle you stated. About that, what do you think of me paying the agent $500 or $1000 per closed deal resulting from his/her expired listing list?

My mentor for the lease optioning business suggests I become friends with Realtors so I can gain access to the MLS expired listings so I can market to them. But how outside of buying a listed house can I convince a Chicago real estate agent to provide me with expired listings? Especially when I have yet to close my first real estate deal?

@John Hauser

Oh yes, your info helps out a whole lot......thank you very much!

Now that I'm soon going to have two houses under contract ready to wholesale, my mentor -- who's NOT from Illinois -- was told that in Illinois you don't need an attorney if you assign a contract, but you do need an attorney if you double close. Has anybody here recently done a wholesale deal in Illinois who can qualify or disqualify this claim? (Oh, by the way, anybody who knows cash buyers interested in single or multifamily houses on the south side of Chicago will be very much appreciated!)

@Braden C.

That sounds excellent! I went on your site and signed up for your newsletter!