All Forum Posts by: Jeffrey Leon

Hello all!

I am a new investor in Chicago. I haven't bought any property yet. My plan is to purchase a multi-family home using the BRRR strategy in the Pilsen market with short-term cash (perhaps a hard money lender?) I met a broker who connected me with a lender from a networking event. What are good questions to ask that will let me know that this lender is a problem solver and can close transactions promptly? Here is my list so far (feel free any feedback):

1. Are you a commercial lender?

2. How long have you been in business?

3.WHat kind of relationships do you have with your underwriting team? Are they in-house? What is the turnaround time for responses?

4. How flexible can you be with lending?

5. what is an example of you getting creative to finance a property that didn't appear to be something you could lend at first?

6. Do you keep any financing in the house?

7. What is a typical LTV percent to lend? What are your typical interest rates?

8. What are your fees for closing?

9. What title companies do you close, can you share a list of those companies?

Thank you in advance!

I love this question because I am reconnected to my Why. 

Real Estate investing will give me choices in life. Choices to go back to school to earn my Ph.D. or travel or spend more time with my family. Growing up, I didn't have choices. My family came to the USA with no educational background; they had to relied on the community to navigate the lifestyle in this country. They didn't come here with a choice. They came here to survive. I am privileged to have a Bachelor's degree. Using the tools and knowledge, I am building wealth for my future family, so they have choices to find their own potential and passion. At the same time, real estate investing is challenging my money mindset. I was raised to fear money. I see people either spending it all or saving it forever as I see the value of it decrease. As David Greene once said that money should be viewed as a seed to plant. I need to plant to produce more seeds. The same way we invest our money to produce more money. This money concept is powerful and fascinating for me. It makes sense. I wish I knew this when I was in high school, but I am grateful to start now than never. I am excited to tackle challenges to increase my learning curve.

Hello, any chance this event was recorded and posted on youtube or somewhere on the internet?