All Forum Posts by: John C.

@ParShaun Taplin

Hopefully after you've bought a couple of properties through them they'll realize they can trust you and you can move past this. If anyone brings us a deal we make sure they are well compensated so they will bring us more deals. You scratch my back I'll scratch yours. This is just good business. Either way an exclusive agreement is no big deal as long as the contract is property-specific.

I see you are in the metro Atlanta area. Where is you wholesale deal?

We are cash buyers who can close pretty much immediately as long as the deal makes sense. Once you've locked this deal down (or any other deals you are working on) PM me and we'll connect offline.

Definitely $6500 is not an investor friendly price. Should be more around $2800 to $3500 depending on length of line set. 

This is why "Cap Rates" do not work for SFRs/single units. IMHO any seller that quotes a cap rate for a SFR (Single Family Residence) or just one unit (condo/townhome/etc) doesn't really understand what they are selling.

@Federico Gutierrez :-) I guess the leaseholders are not biggerpockets members :-)

@Frank S. How difficult is it to evict someone in Chicago in the winter? I'd heard it was next to impossible due to the weather?

@Kate J. Definitely move fast. Particularly if it is a difficult as I thought to evict in winter in Chicago. I do agree you should try to get as much information on the current occupants/subleters as you can. Maybe have them fill out an application or at least get a copy of their ID? Make sure the lease signer knows that they are on the hook for everything and advise them to help return the unit as hopefully specified in the lease and Chicago's landlord-tenant laws "clean with no damages beyond normal wear and tear" or expect to have to foot the bill.

Good luck!

@Gregory Walter is spot on: "I've found that many bank "professionals" are glorified retail employees with little or no business background. Find a new MLO that can read a simple form and has more knowledge of calculations for underwriting guidelines."

-Verify your loan officer's credentials before entrusting him with your social security number and of course your time. Make sure they know what they are doing. I had one loan officer at Wells Fargo tell me he did not even know how to read his tax returns let alone mine.... :-( 

If they do not know what they are doing ask them to refer you to someone (maybe higher up in their organization) who does. Real estate investors with rental income and associated depreciation schedules etc etc do not fit into your typical local branch manager/loan officer's realm of understanding. 

@Simon Macharia

Hi Simon I just found the e-mail. Will report back offline. Thank You.

@Barry Smith Yes I believe you may have made the right choice. I've yet to hear anything from Simon even though I've attempted to reach him both off and online. Some of our marketing includes our e-mail address. Missing those e-mails means missing potential deals. Not something I am very fond of.

@Simon Macharia if you are out there please get back to me and let me know what we need to do to fix this.

@Simon Macharia

Just sent a message through your portal.

Hello Simon I paid you for a website a while back as well as for some additional marketing. Website has issues and I cannot receive e-mails. I've tried reaching out to you multiple times with no success. Are you still in business? 

@David Lehane:

Many lenders are offering lines of credit secured by free and clear investment properties.

The LOC will have a 30 day clean up requirement which means during the 12 month period the balance needs to be paid off for 30 consecutive days.

From what I've seen local portfolio lenders have the best rates (around 4% or so).

The neat thing is that if you don't use the money you don't pay interest on it.

Hi Ben been dealing with the same thing. FYI they are now asking for now is a 30 day "clean up period" per year where you have to keep the balance at zero for 30 days out of 365 days. Not sure why that is but two different local banks have the same terms. Might be par for the course here in Georgia.

Several brokers/lenders are marketing longer term blanket loans. Problem with those is you pay interest on the money even when you are not using it.