All Forum Posts by: James Ihssen

Marvin, 

I suggest we get in touch via email or you can call my cell phone anytime, 630-870-9479. 

I am a broker and investor, primarily an investor. I would be buying these properties for myself, if they are in my target area.  

There ARE many areas that I am not interested in.  With that being said, at $500 a door for you I would easily cover that, assuming these are true steep discount deals.

Get in touch I can furnish proof of funds if need be.  Or you can send me a NDA and I can take a look at your list.  Or you can just send me the city names and we can gauge my level of interest from there.  Whatever you want.  I am an honest and ethical individual (long term success depends on this) and would not sidestep you.

Best of luck!

James

Kevin, 

You sound just like me, good credit with cash reserves.  I am exploring a number of options, many of which I just detailed in another post.  

Unsecured Lines of credit are options, but typically require multiple smaller loans from different banks (think 4 loans at 25k each), which is cumbersome but a potential way to build capital for acquisitions.  

I am considering a rehab loan from a local hard money lender, but they points are high in addition to a high interest rate, typically hard money terms.

I am now checking out colony for an entrepreneurial line of credit.  They are 70% LTC though, which means you will need good cash but their points are extremely reasonable.

I would love to get a LOC or access to private funds to acquire multiple properties at once to flip, and then some to buy and hold as rentals, using a local lender to do a cash out refi with 30 year money.

It would allow me to scale my business drastically, instead of a deal here and a deal there.  I am thinking that I just need to bite the bullet and spend the money (pay the points) to get access to more funds to get more deals going. 

There are tons of great opportunities out there right now and I hate seeing them slip away because I do not have enough money.  My intention is to purchase 2-3 properties during the 'fall lull' when the markets are slower, and flip them into the spring buyers market, when activity picks up.

I am already seeing the lull now as activity has decreased tremendously in the last few months.

Let me know if I can answer any more questions.

Good luck!!!

@Robert Guithues

Instead of using the contact me button on loopnet, I would pick up the phone and give them a call.  A voice conversation will allow you to build rapport and also determine if that specific agent is someone that you may be willing to work with.  

I know when I post listings for sale on zillow, trulia, hotpads, etc.  I get tons of 'leads' from people who just click send me more information and I get a vanilla email, meaning it is a stock message from zillow or whoever indicating interest in the property.

Often I get inundated with leads and initially focus on leads that are personalized, even if its only a few lines written in the message area. 

A phone call goes a very long way!!

Best of luck!!

@Rich Groves  I would love to share!

I am currently vetting Renovo Financial and I looked also at Lima One Capital.

I am going to use Renovo if I have to as I would like to build a relationship with them to scale up on my acquisitions.  They advertising as not being the cheapest, but they are always quick to respond and seem worthwhile to work with, if you are in the market for hard money.

Disclosure: I am not affiliated with them just a private investor attempting to pass on useful information.

Lee, 

Not especially.  I have been exploring varying options lately.  Here is what I am working on:

HELOC on my personal residence - may or may not go through, typical bank underwriting which is strict for self employed (even though i showed over six figure income last year) and solid equity (it is a flip that we moved into).

Unsecured Lines of Credit - I have good credit so I am going to consider this route.  Many companies offer this service and take a cut off the top (or back end) but really you just need to research local banks and apply with them.  It looks like you will need to get multiple loans at once from different banks, but this could be viable means to acquire real estate.

Hard Money Lenders - The two that I am talking to have high points, which is making me explore alternative means.  I do not mind paying a higher interest rate but the points really make it a hard pill for me to swallow.

Good Luck!!

If you have a copy available, I will read it and post a review.  Thanks.

Congratulations on finding BiggerPockets!  This place is a valuable resource for anyone who has the motivation to learn and succeed.  I have spoken with people in the past who have paid thousands (even tens of thousands) for 'guru' courses and 'mastermind' courses when all they really had to do was find this place and read read read.  

I with I could shout to the rooftops and tell everyone to come here to learn! Especially at the seminars that I constantly see advertisements for in the media!

Welcome!  There is literally no limit to the things you can learn here if you spend the time and possess the initiative!

Don, I have a multifamily property in Hinckley, IL that may fit your needs; if it is not outside geographic area.  Here is a link for more information.  I also just posted a marketplace ad for the property.

Get in touch if you are interested.

http://goo.gl/nAN0iX

James Ihssen

630-870-9479

Hello! I own a small multifamily property in Hinckley, IL, which is about 25 minutes west of Aurora, IL.  I guess you can call it a FAR FAR WEST suburb of Chicago!

The property is currently vacant although there are a few units ready to rent.  The property is a motel building with single room type units. There is also a detached cottage on the property that needs total rehab.  Individual Units will rent for $650 gross.

The property needs some work but would be a super opportunity for the right investor. This is a tremendous cash flow opportunity. The County of DeKalb is okay with future development on the remainder of the parcel via a PUD, or Planned Unit Development, which opens up the property to all sorts of opportunities, from self storage, to (future) retail, to mixed use.

I do not have the time to work on this property and have my hands full with other projects. The property is currently listed on the MLS for $139,000 and I would be willing to take less for a quick close cash offer.

Please message me, call me on my cell (630-870-9479) or email me ([email protected]) if you would like to view the property or if you have any questions.

Here is a link for more information:

http://goo.gl/nAN0iX

James Ihssen

I purchase properties in Northern Illinois.  I pay cash and can close quickly.  Please send me what you have.  If the numbers are as good as mentioned, I can easily take everything in this region off your hands.

Also, interested in North Western Indiana and Southwest Michigan.

James Ihssen

[email protected]