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All Forum Posts by: Jennie Berger

Jennie Berger has started 15 posts and replied 238 times.

Post: Chicago Buyer Unresponsive after Inspection Reply from Seller

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

@Noah Lomax Any updates on how this progressed? Just read the thread and hoping it all worked out for you. Keep us posted!

Post: Wholesaling - IL Rules & Illinois Department of Financial Regu

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171
Originally posted by @Jonathan Klemm:

@Jennie Berger - I'd recommend taking the test and getting your license. Tests are always nerve-wracking, but if you don't pass who cares, you can just take it again! YES YES, you are right and I know it! :D

Post: Suggested Title companies for seller-financed deals?

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

Would also love some recs on this! :)

Post: Title Company Requirments in Chicago for a Selling a Flip

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171
Originally posted by @Noah Lomax:

@Jennie Berger Thanks, Jennie!

I will keep Greater IL Title in mind. I'm the seller, so I didn't get to chose the title company that asked for it. 

As the seller, you can still request the title company.  Attorneys get paid from the title companies on each deal, so they usually want to work with one company vs the other. They have contacts at the title companies that they are used to and comfortable working with, and they are happy with their fee structure as 'repeat clients'. If the title company you request can match or beat the other title company's offerings, the attorney may be willing to oblige. Case in point- we are about to close on the sale of one of our rehabs and we requested to work with GIT. Buyer's attorney said (paraphrasing here): 'As long as GIT will match the rates of my other company, that's fine.'  I'm not saying it's always the attorney's choice.  But I'd be willing to bet it more often than not is up to the attorney, because why would the buyer (who may have never bought a house before, or rarely works with any title company) really have a preference? Title companies all do the same thing, for the most part. :)

Post: Wholesaling - IL Rules & Illinois Department of Financial Regu

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

We both took the course and passed the school exam. The only remaining item is to take the state exam in order to obtain our broker's license. I've been procrastinating because: 1. I'm scared to fail the test LOL and 2. I have mixed feelings about dealing with sellers as a licensed broker, even though I'd be acting in the capacity of an investor/wholesaler. 

I've spoken with numerous sources who advocate for getting the broker's license. And then a couple of people who say it can actually turn a seller off when you disclose that you are a licensed broker. Because if you're doing things on the up and up, you're disclosing this info, per the law. 

One of the reasons homeowners like working with us (ie 'cash' buyers) is because we are not brokers/agents, and we do not charge and fees or commissions. Even though we wouldn't be charging fees or commissions to the seller in a wholesale deal. Sometimes, I think it may just get overly complicated to explain this on top of all the other items we explain when we meet and then present our offer.

The only alternative is to double close, which is something I'd like to avoid wherever possible since the selling & buying costs in Chicago are outrageous. Also, I wanted to clarify for anyone reading this post who may be new to wholesaling--the law states that you can wholesale 1 deal every 12 months in IL without a broker's license.

Leave it to Chicago to make things even more difficult! Man, I don't see how the city should have ANY right to decide whom I rent MY unit out to in MY own home. We're not talking about a condo unit. Nope, a single family home that I own and decide to build a coach house on the lot. Yet I cannot rent it out on Airbnb or other rental sites? WHYYYYYY CHICAGO?! How is this even OK? https://www.illinoispolicy.org... 

Post: New Member Looking to Connect and Learn

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

Hey Peter! Welcome to the club. :)

I'm no expert but...If you're thinking about getting a condo in the city, DO IT FAST. There is still a plethora of inventory and the city hasn't quite recovered from the shutdowns. Everyone and their mother was looking for a SFH over the last 8-10 months. But with things opening up I think it's going to be much more competitive and difficult to find good condos at good prices. We currently rent in South Loop and are looking for a condo to buy and live in ourselves as well. HOAs are sometimes frustratingly high--and unjustifiable (which is even more angering)--and many buildings have rental restrictions. So make sure you choose a condo that you truly want to live in yourself, at least for a while. IMHO, this is the ONLY way WE would buy a condo in Chicago. If you're talking about areas outside the immediate 'Loop/South Loop/River North/etc.' areas, I believe you have more opportunity to eventually rent out your unit and make some money (since HOAs will be lower). Also keep in mind most condos in the city don't come with parking, which is a HUGE plus to not only you (to have a parking spot with your unit) but also your future tenant(s).

Not to discount anything anyone has said here about multi-plexes.... I would advise not to get involved in something bigger than what you are absolutely comfortable with. This is only the beginning of your journey. There will always be another multi-plex in Chicago to buy if you don't buy one right now. 

Good luck!

Post: Title Company Requirments in Chicago for a Selling a Flip

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

We have worked with Chicago Title on multiple transactions and decided it was finally time to switch companies (LOL). I literally cringe every time I send our sworn statements over because I know--no matter how pristine my paperwork is--it's never good enough. We have been able to avoid giving them every single receipt  from the GC as long as all the lienwaiver paperwork 'added up' and made complete sense to them. I, of course, had to submit our receipts for large items we purchased, like tile & flooring, vanities, appliances, etc. However the GC never had to do that as long as he provided a lienwaiver for materials as well as labor. 

Am I correct to assume that you have been collecting partial LWs along the way, with each payment to your GC? As wonderful as your GC may be, most are NOT organized and do NOT have time for paperwork. (We are GCs as well, so no offense to those who ARE well put-together and have assistants to help with the office stuff ;) That's why we pay in milestones, little by little along the way, and with each payment we obtain the necessary LWs so we aren't scrambling for anything at the end.

We are giving Greater IL Title a chance this time around. I've been told (by one of our lenders for an upcoming construction loan) that they are much more 'construction & contractor' friendly. Time will tell. :D

Sorry to report this--it's a hassle no matter which way you slice it. And of course, it goes without saying, keep every single receipt you get along the way (next time) so you don't have to chase anything down. 

Good luck!

Thanks @Tom Shallcross. You rock. :D

@Tom Shallcross & @Jonathan Klemm Can y'all just use that cert on specific projects? Or do you just keep it and use it since you have done work in those areas and plan to do more...?

Post: Chicago ADU Ordinance

Jennie BergerPosted
  • Developer
  • Chicago IL
  • Posts 247
  • Votes 171

EDIT: Here is a map LOL. Just found it. https://www.chicago.gov/conten...

Does anyone have a link to a map that shows specifically which parts of certain wards are included in the pilot program? I see from a non-clear map online that part of Ward 1 is included, but I have no idea which 'part.' I tried calling the Alderman's office and they didn't answer. Any help here would be appreciated. Thanks!