All Forum Posts by: Jason Taken

What are your goals with the entity creation? Depending on that answer would drive whether you set up entities to hold your properties. 

This seems on the lower end for chicago. If you were paying for full blown policies, you could probably stack on another 2k. We fund stuff nationwide and chicago/illinois is on the higher end for fees. 

** NOT LEGAL ADVICE ** They're certainly enforceable, but the question of legality would ultimately fall on their motivation to take you to court over it if it ended up being a breach of contract. You could start my emailing them and saying you want out...and if that doesn't work...email their managing broker and say you want out...they barely did anything for you so not much invested...

One would hope it would work right there, but if it doesn't, then its up to you whether to roll the dice and wonder if this other agent will decide to take you to court over it. 

Most breach of contract cases are ultimately a risk-benefit analysis anyhow.

*STILL NOT LEGAL ADVICE*

I’ve been slowly writing content articles for all the hot markets covering these items. Really good for investors to know!

Most lenders will require you to have equity in the deal and reserves in the bank. The reserves can sometimes be in the form of securities but it’s not often a 1:1 exchange for reserve dollars. 

The number you need will Be based on the loan amount 

100% financing is a myth in most cases. There are some NON-QM lenders that do 100% financing on investment type properties (not long term, but rather bridge loans). These usually come with lots of experience though. A newbie will not likely qualify for 100% financing under any scenario for investment purposes. There could be exceptions, but it's largely not available. You'd spend more time trying to land 100% financing than you would putting 10-15% down and knocking the deal out with some skin in the game, and walking away 60-90 days later with some profit.

@Shamar Gregg hey man, welcome. I'm an attorney in Chicago and HML. If you'd like to meet for coffee and talk shop let me know!

If you're willing to chance it...get a bridge product going at the outset (will also beat out your 30-year competitors) and then roll the dice with what happens to rates over the next 12-18 months. If they go down you got lucky...if not...well...

But no one really KNOWS what's going to happen long term.

I'm an attorney in Chicago. You can try to settle with them amicably, but if you lose your patience, you can serve a 5-day notice. That would begin the eviction process.

If you're confident they'll pay keep them around as long as you can without putting yourself under. New tenants are a bigger risk when a tenant just has a bad month but is otherwise great.

It could technically happen I suppose. But, when the house were up for sale, or you were to mortgage it...you would quiet title it and be done.