All Forum Posts by: Jason D.

We'd love to hear your thoughts on our situation:

Offer accepted for Single Family Home (foreclosed bank owned) - Chosen through bids - communication with seller was very slow and drawn out. Contract stated that seller was to de-winterize the property and turn on utilities for inspection. During inspection period of 7 days the bank did not turn on gas due to missing gas pipe (we were unaware of) and the water was not turned on due to failed pressure test. We found out they were to get bids to repair the damages of the unseen leaks (did not tell us when it would be repaired by or what the damages were). Submitted extension on the inspection period and we did not hear back so we had to void the contract due to inability to do a proper inspection. Our agent let us know that the sellers agent is working on getting the deal back together to make things work.

1) Should we reconcider and reactivate the contract in the circumstances of having the property dewinterized, water on and electricity?

2) Should we reduce the price we're willing to pay due to the missing gas pipe and the circumstances? If so, how much of a reduction so it won't get declined as well?  (This is the second time a deal with the seller fell through for this property)   

Thanks @Gautam S.! I'll give them a shout!

Hey @Brandon Turner, beat you to it! My wife and I read it out loud to one another the day we joined the site!  Keep being awesome man! You totally rock!

Glad to connect @Gino Forte and @Stephen Durante!!

@Timothy Riley - thank you! 

@Marcin Talaga - Definitely let's keep in touch. Feel free to shoot me a connect request!

@Gino Forte The podcast are seriously an excellent tool in the BP arsenal. I'm on about the 30th one right now since I started old to new.  Send me a connect request and stay in touch!  You should reach out to my friend @Justin D Schwartz who is out in Florida. Not sure how far you are apart geographically but hey networking is one of the main functionalities of BP!

Thank you @Rob Beland. I will definitely check it out!

Thank you @Stephen Chittenden!  We will be taking that approach to see what we can do!

Thanks @Rob Beland!  I am going to repost this now. 

Do you know if the keyword alerts only scan the subject lines of a thread or does it search the content conversations as well?

Also I will utilize the search function and see what I can dig up.

LLC Bank Loan - Chicago Naperville DuPage County Illinois

Hey Bigger Pockets!

My wife and I are purchasing our first rental property - creating an LLC. However, all the banks we've spoken to (national and community banks) do not allow us to get a loan under an LLC even if we put a personal guarantee assigned to it.

We do not want to get a loan under our own name and then transfer it to an LLC because the bank can then call the loan due immediately. Does this happen often and is there a way around this if we are not currently a cash buyer but are seeking a loan?

Hey Bigger Pockets!

My wife and I are purchasing our first rental property - creating an LLC. However, all the banks we've spoken to (national and community banks) do not allow us to get a loan under an LLC even if we put a personal guarantee assigned to it.

We do not want to get a loan under our own name and then transfer it to an LLC because the bank can then call the loan due immediately. Does this happen often and is there a way around this if we are not currently a cash buyer but are seeking a loan?

Thank you @Aleksandar Popivoda!  We are definitely excited to learn!

That sounds great @William Powers! What time would the meetings be on Tuesday? Also I'll shoot you a PM on the details for the bus tour. We may be out of town that weekend in Peoria for a conference. I've got to double check with my other half as she calendars most things for us.

I feel very welcomed @Favia Vitan!  Glad you reached out!

Hello BP members!!  My wife and I are excited to be a part of your community!  It is a beautiful spring day in Chicago, the birds are chirping and we are currently listening to all the webinars on Pro Replay (which if you haven't signed up for pro yet, definitely recommend it!).   

Never been a blogger or involved with online forums prior to this but we see this as an awesome opportunity to expand our learning, network with like-minded people and be able to give back from our experiences.

If you are reading this, absolutely press connect on our profile and shoot me a message!

We look forward to meeting you!

- Jason