All Forum Posts by: Marie S.

Generally, how long does it take for a Quit Claim Deed to be filed in Cook County? I've been working with a company for over six weeks now and I'm still waiting for a deed.

@ Steven Hamilton II I'm closing on the property now. I paid cash for the property.
I'm able to get a Certificate of Error for 2010 and 2011. Unfortunately, I purchased the house from a company that bought it as a forclosure. So, I have no record confiming that the property was unoccupied for those years. Is there any exemption for this?

I purchased a few properties that are bringing in a decent amount of money. I'm not a RE guru. I'm just trying to get myself up for success after the military. I'm in the last 18 months of my military contract and found a 4 unit property in Chicago that would financially set me up just fine. (Chicago is where I will be living.) Unfortunately, I'm stationed overseas.

The bottom line is that I would be able to match my current income if I can close on this property. This is even while being a non-rent paying owner occupant, even factoring in the high taxes. I don't have enough funds free to purchase the property as an investment property. However, I have not used my VA loan.

What is considered a "reasonable" amount of time to use my VA loan? I absolutely plan to live in Chicago. I know that I would be able to move in permenantly as early as September 2013. I can have my stuff moved in and go "home" regularly until then. However, I'm not sure if this counts. Any thoughs?

The consensus says speak to the broker. I set up a meeting on Monday. I really don't plan to buy anything he has showed me.

Thanks guys for yet more sound advise.

I hired a real estate agent who will be looking to get a percentage on my purchase if I jump ship. After I found better properties on my own, he decided to "hop to work." He's really pushy and is trying to get me interested in using a builder to build what I want since he can't find anything that will suit what I'm looking for. I would have considered it it had I not overheard his conversation over the phone where the builder made blatantly racist remarks. I just want to get rid of this guy. Is there a way to do this?

Thank you all for shedding some light on the topic. There is obviously a lot I'm still learning. I'm noticing a few things I haven't even considered.

I'm buying my 4th property (a duplex). I was told that once you purchase more than three properties, you need to form an LLC to protect yourself. I'm an accidental RE investor. It wasn't my intention to hop head first into this. It just kinda fell from the heavens. Do I need to form a company to buy more property?

Thanks for the help guys. It's a conventional loan. I have a very good relationship with my lender. Unfortunately, I stretched my favor list too long. I've bargained a crazy low down-payment already so I won't push my luck.

How Do I Get Rehab Money Included In My Loan?
For example, I am purchasing a 4 unit in TN. two of the units are not move in ready. I was wondering, is there a way to get the loan amount that would include rehab without upping the purchase price or taking out a separate loan?

Not at all a silly question.

TN is where I was last stationed. I am in Germany right now. I will be back in the states around January. The property around Clarksville is extremely high because it's right by the post. (Fort Campbell, KY) They never felt the decline in RE. Finding a "DEAL" is really hard. I'm looking in Chicago and the surrounding areas because that is where I plan to live and go to school when I leave Germany.
I own a house in Clarksville. I got a deal on my house, but I would like to get a higher ROI. You can't charge the same rent in Clarksville that you charge in Chicago and the suburbs.
Depending on the military programs you participate in (you will be renting to soldiers 95% of the time) you are capped on what you can charge based on the pay grade of the tennant. I know the next question is why participate in the programs. Well, the post :D housing office inspects the home before they move in, and when they move out. This is in addition to my inspection. If in an emergency, my contractor can't fix something, they send someone to fix it. My rent is taken directly from their paycheck. So I get paid before the tennant gets paid. If they cause damage to my home, again, it is taken directly from their check. It's a good trade off for being half a world away. :D