All Forum Posts by: Martin Vehlow

Welcome to BP! Sounds like a great plan, getting started house-hacking is a great way to get your feet wet and see how you like RE investing and landlording. Lots of great, knowledgeable folks here on BP, so you're in the right place!

Welcome to BP! I'm not in those areas, but I'll let others chime in who are. Keep reading and searching the forums, tons of good info here.

Congrats! You're in the right place, there's so many great articles, podcasts, and knowledge here! You might want to work on a plan to pay down your loan debt first, depending on the interest rate, etc. Do you have a budget setup already? 

All of those are decent options, but first I would start with talking with the tenant yourself to see what her plans/intentions are way before February rolls around. I would definitely talk to your attorney for advice specific to your situation, but another thought was you could offer "cash for keys", essentially paying the tenant to move out, could be faster than an eviction process depending on many factors. Hope this helps! Welcome to BP~

Hey @Christopher Cadenhead, I would advise you to talk to an attorney for the best answer for your situation. This is not a substitute for legal advice. You may want to research doing a quit claim deed to your LLC which should accomplish what you're looking for, but beware that if you have a mortgage on the property it might trigger the due-on-sale clause.

Awesome, hope it goes well!

Friends or family? Credit card (if paid back before the due date)?

More than just credit cards affect your score, this article explains it pretty well: 
https://www.entrepreneur.com/article/168290

Perhaps a local bank or credit union would be a good option for you to establish a working relationship?

Hi Jonathan,

I recommend John Clery in Schaumberg, 
https://www.johnclerylaw.com/

Also, are you familiar with the new IL laws which affect wholesaling?

Where are you located?