All Forum Posts by: Josh Mitchell

@Wilmer Sanchez no you do not need an LLC. Just get an umbrella insurance policy until you grow your portfolio large enough.

@Tom Shallcross thanks for the mention Tom! @Saurabh Patel happy to chat about things if you have any specific things you are wanting to know!

Hey @Danny Ohalloran awesome to see another local on the BP forums! I am an investor in Naperville, so let me know if you want to chat about the market or have questions on the area!

@Michael Cote you will have to do both of you on the new loan as you are both currently on mortgage/title to home. You can refinance in just your name, but you would have to qualify by your self for all payments, and your uncle would have to sign a homestead waiver which would take him off any mortgage, thus not having any financial responsibility on the home.

@Jennifer Walsh I think it really comes down to what you are comfortable with. The HELOC provides a great opportunity to give you that revolving working capital, but will come at a higher interest rate than say a 30 year mortgage would. I would tend to lean toward cash out refinancing to take advantage of these historically low interest rates we currently have. Also, the cash you pull out is tax free!! Just make sure you are still cash flowing after taking out the amount you want, and you should be ready to purchase the next property!! Good luck!

@Robert Williams lets grab lunch sometime my man! Would love to help put your mind at ease and answer any questions you have. I invest as well, so can help give some ideas on how to start if you'd like. I'm in Naperville, so would be easy to meet up with ya.

@Ryan DiCanio awesome to hear you are ready to start your journey! Tough market right now, but dont let that get in your way! Continue to analyze and prepare so you can execute when the time comes. I’m happy to help any way I can. I am an agent who also invests in Naperville! 

@Chris Heyman first of all, congrats on getting started! Depending on the area you go, it will determine alot of what type of property you get. For example, a multi family in Naperville is very hard to come by. From a numbers aspect, again it depends on your goals and what area you are in. If you are going to buy a property for investment, there is no reason to run 3.5% down payment unless you plan on living in it (FHA guideline). Banks will require 20% down when purchasing a rental. I am happy to discuss further as my wife and I invest in Naperville and self manage all of our rentals as you plan to do! Reach out anytime!

@Shirley Wen for my style I love it. Higher entry prices but higher rents with GREAT tenant pool. You will be hard pressed to find properties to meet the 1% rule but appreciation and low turnover helps with that. Again, doesn’t work for everyone’s style but for mine, it does.

Calling all my Naperville, IL investors. Anyone looking for a new buy and hold currently? Message me asap!