All Forum Posts by: Ken Jones

Congratulations Justin Frye ! I have a question: I thought if the property is a HUD listing and you qualified for an FHA mortgage, you can purchase with as low as $100 down payment plus closing costs. Was this not available to you Justin Frye ? Is anyone else familiar with this?

Congratulations Daniel Beaulieu . Good Job.

Thanks for the replies.. 

@Keith Ellis I applied with US Bank for a 20K HELOC. They sent me a letter with a offer of 15K instead. Letter stated for me to go to my local branch to accept the offer. Went into the branch, they look up my loan number, and it had been "overturned", so they won't honor what they approved me for after a 30 day process of submitting every doc they requested. I'm perplexed by this whole ordeal. was hoping a smaller local back would be bit more personable through the process.

Afternoon BP!

I'm looking to take out a HELOC on my primary residence. I've been reaching out to smaller local banks, but thus far, the few I've contacted only offer 80% LTV. If anyone has any leads on local banks or credit unions in Chicago or surrounding suburbs that offer 90%LTV for a HELOC, I'd greatly appreciate any leads.

Eldon Mitchell check out Zeus Mortgage and crowdfunding. I haven't invested with them, but I have researched and spoken with them about funding my deals.

Kyle Gadberr do you lend in IL? I'd be interested in learning more about your funding criteria.

Thanks for all of your insight here. Much appreciated. If the numbers don't work for me, I back off, but sometimes I question whether I should throw the lowball offer out there to a wholesaler if that's what works with my numbers. I guess there's no harm in that.

Greeting BP, 

As a fairly new fix & flip investor, I am putting in offers on mls properties (with asstance from my agent) as well as receiving proposed deals from wholesalers. I have never offered on a wholesale property. I'm currently taking a look at a wholesale property in Chatham with an asking price of $52K and an ARV of about $180-190K. My contractor budget is $100-105K to rehab the property to the level of the area comps. Based in this, I would not pay more than $33K for this property.

Which leads me to my question of: Would a wholesaler see this as an insult to offer almost $20K lower than asking price? 

Sean Richway I'm in IL and would like to learn more about your lending products.

Thanks @Rachel Imhof. I just sent you a PM.