All Forum Posts by: Mark F.

@Joe Mueller has a great meet up group in Algonquin along with his business partner @Dan Carlton.  Reach out to either one of them for more information or join/follow the groups on Meet UP website

https://www.meetup.com/investor-empowerment-chicago/



https://www.meetup.com/Real-Estate-Investing-Action-Accountability-Group/

@Jay Hinrichs I agree LendingHome was good, they did lend to me in my personal name and didn't require an LLC so that might have had something do to with it, they just told me they weren't lending in Illinois "at the moment" but that was as of Jan 2018 I believe and to my knowledge that hadn't changed. If the dynamic had been as simple as "you need an LLC" I would have gotten one for them, in fact Renovo pre-approved me but did require an LLC prior to closing, in Illinois can be done on line and I think it a 10min form to complete, $150 fee to expedite and I had my Articles of Incorporation the next day.

I'm my opinion they are both good HML providers, LendingHome was good to me and worked with me when I had no experience so that was a plus on the flip side (no pun intended), Renvo is top notch, I can reach out to Eric Workman, the VP of lending, anytime as I have his cell phone and he typically gets back to me right away whether its text, phone call or email. Likewise he's even taken time out of his day to see one project while it was in progress and met me to walk through a second property I was in the process of acquiring. For those looking you wont go wrong with either Hard Money Lender but personally, for me, I like Renovo Financial and have been very pleased with them. It was mentioned to me with my past experience and after 2 or 3 successful deals with them that they have another product that they will consider moving me to, from what I understand its basically a line of credit that should cover 2 or 3 projects at a time but we will see. I currently have my 3rd house with them under contract at the moment.

@Jay Hinrichs as always you are correct, I didn't pursue anything further other then asking on here if anyone had actually closed with them, I just took my lump and moved on. I had previously used LendingHome as my HML but they stopped lending in Illinois, I asked a local investor @Mark Ainley who referred me to the Eric Workman the VP of lending for Renovo Financial, they are local (Chicago area), met with him and felt we hit it off well. At the moment I am in the process of funding my 3rd project with them since April and have been very happy with their whole team. They are on the ball, respond quickly, can and will fund within 10 days if needed and I have had nothing but positive experiences with them and highly recommend them for anyone looking for a HML in areas that they lend in. 

BTW: I feel like I've met a movie star just to have you comment on one of my posts, LOL! In all seriousness sir, your decades of experience and daily helpful insights, direction and comments to thousands of investors and ten times as many want to be investors on here has not gone unnoticed. You are an inspiration to many that read these forums whether they jump into the pool or not, personally I'd like to thank you for taking time out of your busy day to educate us all.

My hats off sir.... 

@Kat Prater I'm glad it worked for you, perhaps they are better as a Hard Money Lender, I was going for a 30yr fixed rate mortgage and we see how that worked. As I mentioned my contact person was different but it is what it is, you are the first person to even respond that they successfully closed a deal with them, either way anyone the searches on here or Google will be able to see what I experienced and truth be told I've never made a negative online comment or review about any company before, I'm usually of the mindset "it is what it is" but my situation was a different experience where they were committing a certain rate/term and confirming all was good until after business hours on the day before closing - sorry but that is just SHADY!

@Stephanie P. can probably help you, they have some no/low doc loans that might work for your situation as long as the income from the property supports itself.

Mark 

@Mark Ainley excellent idea to get together for some coffee sometime, obviously you and I have interacted a few times over the years but still havent met in person, there are several in our little local area I have met but many that I have not. 

Let try and plan something, I know there are local REI group meeting but maybe something more informal 🤷🏻‍♂️

BTW: thank you for the reference for Eric Workman at Renovo, that has worked out great for me!

@Jalen Chanthaboury welcome to BP, there is a wealth of information here as well as some invaluable resources. I’m also in Elgin, I live work (FT W2 job) as well have have rentals in Elgin, South Elgin and Carpentersville.

If I can be of any help let me know and good luck on your new venture.

Mark

Hey @Nathan Wroten, I live and work in Elgin and have rentals in Elgin, South Elgin and Carpentersville and primarily focus on the local area and I'd be more then willing to meet up with you and talk if you'd like.

I'm not one of the "big dogs" in the area but I am friends with people who are such as @Joe Mueller and @Chris Davis, they became my mentors a couple of years ago when I first started and we are friends now. I have no problem meeting with you and sharing what I do know, we are just finishing a renovation in Carpentersville right now, in fact Joe stopped by this morning and met me there to take a look at it. I also have another property I picked up in West Chicago that will we will get started on once this one is done.

Either way the above people were/are a great resource and know the market well, there is also a wealth of information here on BP so you've definitely come to the right place.

Mark  

If you don't want to accept Section 8 you are not required to, you would not be denying anyone because they are on the program however both the property and the landlord have to be approved by the program. With that said if you, or the property, is not listed as an HUD Section 8 property you have no requirement to do so.

I have 2 SFR properties that I have put on the program and both tenants take excellent care of the house and are happy and feel blessed not to be in a dump. Likewise Section 8, starting in Jan 2019 now pays rent based on the fair market rent for the area by zip code, in th 2 that I have on the program they do pay more than I would have expected to get as market rent. There are other properties that I have that the particular zip code the houses are in pays lower then what I can and do get for a rental so I just don't put those properties on the program.

In our area, you can look up your property by zip code and bedroom and see what they will pay, I will also say that one of my houses they do pay even more then what is listed on the FMR, not sure why but I'll take it. I do see the website gives to option to select state and then county but I once posted the link on another thread here and it didn't work for whatever area that investor was in but here in Chicagoland area I know it works.

Mark

  https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2019_code/select_geography_sa.odnhttps://www.huduser.gov/portal/datasets/fmr/fmrs/FY2019_code/select_geography_sa.odn

Reach out to @Zack Karp, I've used him and his team numerous times, he is my go to conventional mortgage guy. He and his team are top notch and investor friendly!

Mark