All Forum Posts by: Jason Taken
Jason Taken has started 56 posts and replied 356 times.
Post: Idea on Funding
- Lender
- Chicago, IL
- Posts 388
- Votes 129
Quote from @Amarri Persley:
Does anyone know who does gap funding?
Plenty of gap funds out there. What will drive an investor's interest in that deal with the experience of the sponsor and the leverage. Make sure you know your numbers up and down.
Post: Cook County land bank
- Lender
- Chicago, IL
- Posts 388
- Votes 129
Quote from @Toni Husbands:
Hey All,
Has anyone purchased real estate through the Cook County land bank? Can you share the experience? Would you recommend it for an individual investor?
Post: New Member - Exploring Out-of-State Rental Opportunities (CA investor)
- Lender
- Chicago, IL
- Posts 388
- Votes 129
The remote investor has way more challenges than someone local. Suggest you get connected with a realtor first, actually step foot in that market and network with the local trades/contractors and build a relationship. Avoid trying to do everything purely remotely. Build the relationships in person so you can trust it'll get done when you're not a few miles away.
Post: Landlord Insurance for multi familu
- Lender
- Chicago, IL
- Posts 388
- Votes 129
Quote from @James Doren:
That's absolutely insane... we have a 2 unit, albeit in a very different area (Central PA), but ours is just over 1k. I can't imagine 10x being normal no matter the area or building age/type.
Better believe it. Cook county has a bunch of confounding factors that make premiums horrendous here. But - we all agree its insane.
Post: Landlord Insurance for multi familu
- Lender
- Chicago, IL
- Posts 388
- Votes 129
Quote from @Eva Bici:
We just got a quote for insurance for a 2 apartment multi unit and it was 10.5 K.
the building is old from 1890s and has a flat roof so we were expecting the premium to be high but not 10K . What's everyone getting for insurance quotes these days? Any brokers out here that can get a better price?
Chicago is very tough right now. I've seen some pretty high policies. What insurance company was that through?
Post: Teaming Up vs. Going Solo for First Fix & Flip in Chicagoland?
- Lender
- Chicago, IL
- Posts 388
- Votes 129
Quote from @Angel Arroyo:
Hello Fix & Flip community,
My friends and I are interested in getting into fix and flips in the Chicagoland area. We're considering pooling our capital to take on a project together, but I'm also wondering if it might be smarter for me to partner with an experienced investor first. That way, I can learn the ropes and then guide my friends through the process later.
What do you think makes more sense for a first-time investor — team up with friends from the start, or gain experience solo with a mentor or investor before bringing others in?
Would appreciate any advice or personal experiences!
Chicago is tough on a beginner. Stick to the suburbs. And if you're looking for a really beginner friendly area, head over to northwest Indiana. A lot of us invest over there as its pretty close to Chicago with less cost, headache, and struggle with local municipalities.
Post: Cash Out Refi or DSCR Loan?
- Lender
- Chicago, IL
- Posts 388
- Votes 129
Depends on your strategy. If you're looking solely at CoC return - it probably makes sense to use debt for that. Would be a hard answer without seeing the details/financials of each deal to help you ascertain what makes the most sense. 2.5k cash flow is also pretty nice lol
Post: Wake Forest, NC - Raleigh
- Lender
- Chicago, IL
- Posts 388
- Votes 129
Quote from @Lisa Chubb:
Hello, all!
We own several STR properties in the Smoky Mountains. We are looking to diversify and potentially relocate to the Raleigh area. We are specifically looking into the Wake Forest area for a STR property. We have software and predictive analytics for vetting properties, but we wanted to hear from investors and owners in the area. Thank you all for your time!
Following.
Post: Should I put rental in LLC in California?
- Lender
- Chicago, IL
- Posts 388
- Votes 129
Quote from @Gin Zhuang:
Hi everyone,
Should I put my rental into LLC in California? I heard that California LLC is very easy to pierce through and it might not provide any benefits. Is this true? What is your recommendation? Thank you!
Best,
Gin
Not true if you do it right but also not dispositive to the question. Get a GOOD insurance policy.
Post: How to use my 401K as a down payment?
- Lender
- Chicago, IL
- Posts 388
- Votes 129
Quote from @Lane McDonald:
I have 30k in my 401k from before I knew that real estate would retire me. I want to use it for a down payment. I know I can loan against it but I'd rather not as to not hurt my cashflow. I can take it out directly but will lose a lot of it to taxes. What would you recommend I do? Am I missing something? anything helps thanks!
Talk with your custodian about taking a loan against your 401(k).