All Forum Posts by: Mark F.

@Alex Folchi sounds like you've gotten some good advise, especially if its a property in CA as @Joe Splitrock mentioned. The time I did it was when the seller needed a little extra time to find a new place to move and needed a short lease back until they had that worked out. 

Bottom line I guess is go with you instinct, more often then not that will help steer you in the right direction when have have all your information to make an informed decision. 

@Alex Folchi if you do go that route just protect yourself, have the lawyers draw up a post possession agreement with a heft escrow hold back, perhaps $10k that stays there until she moves out and the house is delivered to you in the same position at it was on closing date. Document the condition with photos and video during the typical pre closing walk thru and you should be good to go. If she complies with the terms of the agreement the funds are released from escrow, if not you have that money there to protect yourself..... just a thought. 

@Tanner Forster I'll absolutely take you up on the coffee/beer! I love to meet with like minded people about REI. I do have a local accountant who is an investor himself that I have been using the last couple of years, I will DM you his info.

I live, work ft and invest in Elgin, mostly because I self manage and like to keep my rentals close =)

Mark 

Hi @Tanner Forster I am from Elgin as well, you are most likely better off doing a cash out refi especially since the rates are so low right now. I believe HLOC's were difficult to get before the pandemic and many lending requirements have tightened up a bit since then. If you are looking for a great conventional investor friendly mortgage guy for you refi reach out to @Zack Karp, I have used him and his team several times and they are top notch.

I know it didn't really answer you specific question as to where, but thought I'd chime in, say hello and will be following the tread to see what might come up. 

Mark 

Hello @Daniel Winsauer, welcome to BP and you are definitely in the right place to succeed in REI. BP is a great place to read, learn and connect with others to accomplish your goals. I will also agree with @Jonathan Klemm and @Mark Ainley about @Joe Mueller as he was an invaluable resource when I first got started in REI. He went from a mentor to a friend and was at my wedding a year and a half ago.

I am also in Elgin, I live, work (W2 job) and invest here as well, if you have any questions feel free to reach out to me as well and either way good luck on your journey sir.  

@Damian Gallardo welcome to Bigger-pockets, I am also from Elgin also. As far as you question if you are hiring someone to do the work for you get a bid and contract and that is how they get paid. If you are partnering up with someone how the profits are divided and be anything that everyone is in agreement with, typically a percentage split or fixed/guaranteed amount. 

Many factors go into deciding what is a fair division of the proceeds, typically dependent on the money contributed and the amount of work involved if each party that are in the partnership. 

Feel free to reach out to me if you have any other questions. Also reach out to @Joe Mueller as he owns TANIS Group Realty and has monthly local investor meetings, when there isn't a pandemic, that I highly suggest attending and leaning more about REI

@Brian Morris this was October or so on a flip I did and sold so I can't say how well it holds up but the reviews are pretty good and it has great reviews as well as listed as being in the top 3

https://www.mymove.com/painting/guides/best-deck-paint/

This stuff is amazing, used it on an old deck and front porch and it looked amazing afterwards, I highly recommend it, you can even add texture to it (ie sand like material) to make it slip resistant.

https://www.homedepot.com/p/BEHR-Premium-Advanced-DeckOver-5-gal-SC-533-Cedar-Naturaltone-Smooth-Solid-Color-Exterior-Wood-and-Concrete-Coating-500005/308486749

This site was recommended to me by 2 investor heavy realtors that I know who both have their own brokerages. I recently asked them were was the best place to get my license as well. 

Note: I have no affiliation with this entity 

https://www.yourhouseacademy.com/

Mark 

@Jordan Callaway is spot on if its a regular illinois 7.0 real estate contract, if so check item #7 (line 55) for mortgage contingency which is 45 days after contract is signed or 5 days before closing date.... they will probably get you on that one and the buyer will get their EMD back.