All Forum Posts by: Mark F.

@Tracie Staine anytime, if you need anything else let me know and good luck on your investing future.

@Tracie Staine - contact @Joe Mueller, he owns and started Investors Title Services  https://investorstitleservicesllc.com/, I have used them several times and they definitely save you money over a commercial title company.

Joe is an investor himself, plue he owns TANIS Group Realty, he is a stand up guy and always willing to help other investors however he can.

@Jessica Vanderveen as mentioned above, everything can be fixed just depends on your comfort level and what you're willing to spend/do to make it right but to me it's definitely not a "run from it" house. Just fix the source of the water, repair/replace what needs to be and keep moving forward. 

Feel free to PM me if you need more info

Personally they don't scare me at all, in fact we are 1/2 way thru the renovation on a house that had similar problems, had 6" of standing water in the crawl space that created the same havoc from moisture. We added a french drain at the perimeter, and a sump pit/pump and its been dry as can be since, we then ripped up all the subflooring ,replaced the floor joists and a few sections of rotted walls and continued on the with the rest of the renovation. 

Overall not a big deal, yes many investors steer clear of these type of properties, perhaps that's why I like them =) 

@Asante Allen I agree with @Jonathan Klemm about @Joe Mueller as well, I will also mention @Chris Davis as well as we all have property and invest in the Elgin area.  Joe and Chris are an invaluable resource and I also recommend the investment group meetings that was mentioned above by Jonathan, lots of good information with attendance by both new investors as well as seasoned investors.

I personally live, work and have investment property in Elgin and am very familiar with the City down to specific streets/areas. Elgin is very diverse, you can find properties from sub $100k all the way up past $500k and in some areas approaching $1m. If there is anything I can help with or answer for you let me know, I'm always willing to help a new investor when I can. 

Mark 

@Irina Belkofer I agree, by zip code is a better option in my opinion, HUD even admits that some areas might be above the market rent rate and some areas might be slightly below market rent but I do believe it's a more equitable policy.

I was told the change was so that clients on section 8 would be able to live in areas that the rent might be higher then a generalized voucher amount which would then presumably allow them to live in a better area with better schools, better transportation and better job opportunities

. 

Hi @Irina Belkofer, I just tried it for you area and got the same thing, not sure but when I look in my area its broken down by individual zip code. It is possible that HUD determined that your fair market value is a county wide figure, not sure.

This is what I got for you area.

this is a small portion of what I see when I look in my area, it probably lists 50+ individual zip codes

@Thomas Visaggio, as of this year (Jan 2019) HUD changed they way the are determine fair market rents, they are now done by zip code. Follow this link, pick your state, county and scroll to your zip code and you will know exactly what they allow for the property you are talking about.

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

Mark

This was my experience with Constructive loans and @David N........  

Bait and switch and cost me money, learned my lesson and moved on to a reputable lender, already have my 3rd property under contact since February, they lost my business and any recommendations if ever asked. 

https://www.biggerpockets.com/forums/49/topics/694049-anyone-every-use-constructive-loans

https://www.biggerpockets.com/forums/49/topics/695354-constructive-loans-anyone-closed-with-them

Let me know if you hear anything, maybe that is a sign of how they do business or the fact that they are not doing business and no one is responding. Not surprised after my experience with them. 

Funny thing is I met with another local lender and we talked about where I was at in my investing and what my future goals are, they VP of lending I met with did some quick math and projected that we would be doing $2.5-3m in business together over the next few years as I achieve my goal. I never looked at it that way but I guess that is what Constructive Loans and @David N. will be giving up as I won't give them another penny of my money or one positive word since they refuse to make it right. 

Word of mouth is the best recommendation and they certainly won't have mine.....