All Forum Posts by: Jack Edgar jr

Looking to do this or even insurance temp housing in the Chicago suburbs with a single family house. Any advice here in the Chicagoland market? 

@J Scott thanks looking forward to getting one ordered up and posting it on the fence once we’ll close in the coming week(s).

@J Scott what is ur take on putting signage on a property you purchased and are rehabbing. I’m doing my first renovation project under our company name and thinking of advertising that we are rehabbing and looking for more. Appreciate your insight... jack

Nice feedback everyone...thinking of going in the fall. Any tips on books or other learning materials to jumpstart the process. Not a beginner but will be in raising outside money. Thx. 

If your keeping it in whatever entity it’s in make sure to create an operating agreement that spells out yours and everyone else’s roles/responsibilities. Ie if u plan on renting it out and managing it. How does that all play out...

@Quwan Booker

Ok it’s been some time now. What happened?what route did you take? Share with us your experience and how it turned out for you and the rest of your partners.

start here: http://www.cicchicago.com/

@Maurice Evans

Talk with the local lenders bc they will let you know what the lending criteria looks like and you can even give the details of what your looking at to see what they would be able to do for you. I’m Chicago there’s a lender called CIC that helps landlords in rougher area to get loans including fix and hold loans, offering great handholding. Several good conversations had with the lending officer about potential deals. He gave me insight into how to model and their expectations to get me in and up and running. Check local, look for lenders that help these communities. They may have a program that not only gets you the loan but can even help you get some grant money too.

@Frank Wong

Stress tests are real. I was an RE analyst in 2007-2008 and a d saw first hand how quickly banks can turn on their borrowers. The developer I worked for had several properties fall into default based on the annual compliance reviews which could include maintaining DCR, rental occupancy levels, reserves, including auditing your own balance sheets, as these are just a few areas they hit on (obviously depending on loan) assuming apts. Anyway, not having these in check can lead to the lender calling the loan due. So read the fine print if things start going sideways. Cause you don't want have to come up with a ton of money at the wrong time.

@Quwan Booker recommend paying them back at the discounted rate and find another opportunity. Once you do, ask them if they want in again with a new agreement in place. They stay in control of their loans and you win loyal investors/private lenders.