All Forum Posts by: Mark F.

@Anyssa Volarath hello and welcome to BP, I am a local investor and not far away. I see you are in Algonquin and I highly recommend you connect with @Joe Mueller, he owns TANIS Group Reality and they have monthy REI meetings in his Algonquin office, well when COVID-19 isn't an issue. Joe is also an investor himself and has an investor freindly title company. He has been an invaluabel rescourse to my REI when I was starting out.

Unfortunatley there are a lot of unknowns going on with the job, financial markets and lending that will all have some impact on Real Estate so I recommend being cautions. I am not that far from you, let me know if there is anything I can help with or answer for you.

Mark

@Drew Bittle I'm glad everything worked out, I've been very happy with @Zack Karp and his team the many times I've used them. Hell if it wasn't for the 10 conventional mortgage limit and the increasingly strict lending criteria the more you have I would be using them even more!

@Kristi Wolfe I second the recommendation of @Kenneth Garrett to and @Jonathan Klemm to reach out to @Joe Mueller. I have know Joe for a few years, worked with him on several deals and he runs TANIS Group Realty and they have monthly investor meetings in their Algonquin office. 

@Drew Bittle for conventional lending reach out to @Zack Karp, his office is in the next town over and he is an investor friendly mortgage broker. He and his team are Top Notch, I have personally used them several times and he will get you in the right direction. 

Mark  

I would overlook it if its only credit cards etc and she is getting a good reference from her previous landlords. As I like to say "life happens", such as the divorce. Tell her you like her but the low credit score is a concern and ask for a double security deposit to protect yourself, she will most likely understand. I've done this myself and even with the caveat that after 1 year of on time payments if she renews the lease I will refund/credit the extra month security deposit.  

Just a thought..... 

I factor $300 per window as an average, I can pick up an off the shelf double hung window from Menards, Lowes, Home Depot for about $150 and my contractor can usually get them installed with trim etc for in about 3 hours ($150). Some are a little more some are a little less but its a solid average price. 

Reach out to @Joe Mueller he is an investor and started Investors Title Services LLC and they specialize in investor closings at reduced fees, although I used them for all my closings and save money on every one of them.

I know they are located in the NW suburbs of Chicago but perhaps they can assist in some way. 

https://investorstitleservicesllc.com/

 

I have a girl that is on weekly payments, whatever makes it easier for them to pay and keep current. 

Thanks for the update, I've had to do 2 of them in Illinois and it can be a long drawn out and slow process. Took me almost 6 months to get a tenant out that didn't pay a penny once they moved in...... then complained to the Judge that I still had their security deposit and owed them money - true story.

@Ryan Canfield - I can't say for sure as I'm not familiar with mobility zones, odd thing is that the local HUD office (Elgin Housing Authority) gave me a sheet recently for the are areas that they cover and the rates were different then what was posted on the HUD website. I never got a good answer from them about the discrepancy other then "thats the rates we pay for this area", which is even more perplexing because I have 2 properties under the program at that HUD office and they pay more then what was on the sheet they gave me and more in line with what is on the HUD website. I didn't want to ask about those properties specifically as to not trigger any calculations even though I just got letters from them on both properties confirming the rates for 2019...... 🙄

As far as the overall rates, yes some areas they will pay more then the market rate, like the 2 houses I have on the program, and in some areas they will payless than market rate, likewise my houses in those areas I don't put on the program . There is no perfect solution as we all know neighbors an change in value block by block but the zip code is a much better system then they were previously using in my opinion.