All Forum Posts by: Jacqueline Pelzer

@Ryan Dossey how is investing to Indy? I’ve been on the buyers list for Develop Indy but I’m not sure I want to venture into that particular market. What has been your experience? Rents seem a little low to me. However, so are the home prices. I am much like you in the mindset of being able to scale things well enough to be able to manage it from anywhere in the world. I’m 37. Starting a little later than some but that’s after a disaster deal in my mid 20’s that scared the crap outta me. So took me 10 years to be confident enough to try it again. I’m trying to reach my first goal over the next 5 years and my second goal within the following 5 years.

@Moises B. hey there. No I ended up not doing the HELOC. I'm actually in the process of closing on another unit in the same building. Turns out I needed to find a lender that deals with unwarrantable coops. It took about 4 months to get where I am now. I'm sure obtaining a HELOC would have been an even bigger pain. I need to stick with the creative financing I've been using so far (i.e owner financing and lease options thus far). Thanks for the info though. I'll keep TD in mind.

Liberal cities like NYC and Chicago suffer this nonsense. You shouldn’t be forced to accept vouchers or other government programs. Just my opinion. Luckily being a landlord in NYC and in the suburbs I haven’t had to deal with working around that. Just lucked out that way. Looking to invest in Chicago soon so fingers crossed. 

@Nicole A. Thank you for the tips. I’ll do some more homework. 

@Nicole A. did you own any of the properties prior to setting up your LLC?

I own a unit free and clear under my name. I did it using some creative financing. I used 75% cash from a retirement account and the seller financed the remaining 25%. I was wondering how to move it into an LLC.

Currently I am in a lease option unit. I negotiated to purchase it after renting it for 3 years with an additional amount paid to put toward the purchase price. At the end of the 3 years I will obtain a traditional mortgage with the needed down payment. So it's kinda a spin on the BRRR I think.

After that who knows. 

I had my identity stolen, plus a short sale (which had read as foreclosure proceedings on my credit report) plus some other bad marks on my credit. I ended up retaining Lexington Law. I used them for about a year and a half. My credit went from somewhere in the mid 300’s (didn’t know it could even get that low) to almost a 700 when I stopped using them. I made sure in the meantime to always pay on time, I got 2 secured credit cards, and I kept my debt to income below 20%. Now my credit is around 760. Pay off the debt, settle with the collection agencies (but don’t pay them a cent til you get the agreement in writing that they will take it off your report) and make sure they send you a discharge/debt paid in full letter.

I use erentpayments as well. Customer service is very good. I needed help setting it up and they were great. I was also looking at tenant turbo for tenant screening, rental agreements, etc.

Can you send the info for this class? I’m in Chicago once or twice a month.

@Bing Lin I ended up getting deployed with the military so I didn't apply for the HELOC yet. Just got back about 2 weeks ago to NYC so trying to get readjusted.

Hi. I'm in Mount Vernon. My niche is coops. Down for some networking.