All Forum Posts by: Account Closed

Financing won't be a problem assuming decent income. TKs are fine compared to traditional investments but if your goal is cash flow you better be able to buy about 20. And with each one your tying up capital that you can't touch. Hence the BRRRR.

If I own properties in my LLC, should these properties show my LLC as the primary insured? Is there any reason these should be insured by my personal name?

My lender is requiring that my evidence of insurance show my name prior to closing. I'm trying to determine if I need to get my LLC name transferred over as soon as we close.

Any feedback is appreciated.

I'm reaching out to determine if there are any active investors in Key Largo, or if there are any BP members in the area who would be interested in pursuing projects.  Specifically, we would be looking for people who have the ability or time to source deals and provide leads.  The discussions in the forums have been minimal regarding the Upper Keys, but there is a great opportunity there if anyone is interested in discussing.  Thanks!

I'm curious to hear from those who moved from investing to what they would now view a business. What were the steps you took, hurdles to overcome, new mindset/strategies, etc? For example, mixing in flips, focus on the BRRRR method, targeting larger buildings, etc.

Similarly, what would you deem the next step forward for someone who has focused solely on buy and hold single families?  What types of projects did you begin to focus on after getting your feet wet with some of the more simple deals?

Thanks in advance.

Hello all, I am a Chicago area investor with a contract on my first property and am trying to decide on a lender.  Specifically, I'm hoping to determine what criteria you look for in a lender.  Here is some further background on my goals:

- focused on single family only with values between 50-110k

- maximum 80% LTV on all deals

- targeting 5 homes by end of 2017 and 10 by end of 2018

- all deals will likely be out of state

Thanks for the help, please let me know if you need further info.

Matt

Hello all, I'm looking for a recommendation on a regional bank in the Chicago area that also ideally operates throughout the Midwest.  I am pursuing a couple of buy and hold deals in a couple of different Midwest states and the consensus seems to avoid the large bank players.  I will likely need lending services and very likely will need refinancing guidance and services down the line.  Any help is appreciated.
Matt

@Lucas Hammer and @Dexter Crawford thanks to you both.  I suppose you're right.  Feedback from agents I know has been similar as well - those cash flowing own the building.  We're considering a long term play on the unit also.  My fear is getting away from the initial goal and jumping in to something that doesn't fit my criteria.  Thanks again.

I have been searching for a 2 bedroom property on the northside of Chicago (Lincoln Park, Roscoe Village, Wicker Park, Bucktown, Lakeview, etc.) for a family member to occupy 1-2 months out of the year so that they can spend an extended period of time each year with my children. My hope is to rent out the property the remaining part of the year and turn this into my first REI property. The challenge has been with high HOA fees and taxes, as well as association bylaws related to short term rentals, even at best the cash flow each year would be minimal. With minimal cashflow I'm leaning towards just finding a short term rental for this person each year.

Is there anything I might be overlooking in a unique situation like this or suggestions anyone might be able to offer?  Thank you in advance.

Matt