All Forum Posts by: Nayeem Khan

I'm an out of state investor who had a few properties in the West Pullman area.  I use Allied / Nationwide. I don't have a local agent because I have properties spread out across the U.S. I'm happy with them. Good Luck!

@Sherwin Bahai the policy cost will be higher when it is a vacant policy with a builders risk policy as compared to a traditional homeowners policy. The primary reason is because the property is vacant and a number of independent contractors are in and out of the property thus increasing the chance of a claim or loss. @Sherwin Bahai

Welcome Rachel! I’m somewhat familiar with your neck of the woods. I currently reside in the So. Cal market. Some great ideas on lead generation, prospecting and education would be to join forums much like this one, and get involved with local networking clubs using www.meetups.com. 

Good luck!

I’m not an attorney nor an accountant, so I’d recommended speaking to both of them about your specific situation. They should be able to guide you on the best plan suited for your financial and legal situation.

My recommendation would be to NOT put each property in a separate LLC. It is very difficult to finance properties under an LLC.

@Linda, do you have Greg Getz’s contact info? Thanks!

@Rob Krach thanks for the follow up. I was able to contact Bob however he can’t help. Please forward any other contact info you think that can help. 

Thanks @Rob Krach!

I’m looking for a commercial lender in the Chicago or Los Angeles area that can fund multiple properties into one package deal in Illinois.

I would consider leveraging a free and clear duplex property which currently generates a gross monthly income of $1,800 as collateral.

Any recommendations or ideas?

@Wells Lange most lenders require your to season the property. This basically means that you must own the title free and clear for a minimum of 6 months to 12 months. If your plan is to use the cash to purchase the foreclosure and then do a cash out refi for rehab it probably won’t work. I would keep the cash for the rehab and finance the purchase. Then after 6 months you could refi it again if needed.

@Lon Bussell It’s kind of funny thing, I live in LA and have property in Ohio and Illinois and manage it from here, while you live in Ohio and are considering managing the property in LA.

From my experience, the only way you can truly manage the property (eliminating the management company) is to PERSONALLY (or have one of your family members) hire a reliable and reasonable handyman for any repairs.

I found one in Illinois and he is fantastic. He is awesome and if I need, he will even show the property to prospective tenants! You need to establish a relationship similar to this otherwise it won’t work. You’ll just end up spending way too much money in repair costs either independently or through the management company.

What city in LA is the property in?