All Forum Posts by: Nick Talarico

Hello, 

I have a question about zoning. We are offering on a property and it came back that the owner marked it as Residential Owner Occupied instead of tenant occupied. As the potential new buyer why does this matter? I don't live in the area and haven't come across this. Does it need to be rezoned as we wont be living in the property? IF so how does that work and what is the cost typically?

Would it be better to find a lender in the area I am looking to buy in or the area I live in or does it matter?

Hello, 

I have listened to some podcasts that feature investors that have worked with banks that have funded there loans for a multi family property for less then 25 percent down. I am calling around and talking to lenders but I am still getting the standard answer of having to put 25 percent down. I know Seller Financing would be an alternative but that is difficult to come by, should  I be calling Hard Money lenders, I still want a good interest rate as I am a buy and hold investor so I need a longer term and no balloon payments. Has anyone had luck finding backs that are flexible on the down payment? They would need to fund the loan themselves and not sell of to Fannie or Freddie.

Curious to hear others experiences.

Thank you

Hello,

Looking for a Property Manager for a small town called Flanagan,IL? Anyone know of any. I have looked online and called a few based out of Bloomington with no luck so far.

Thank you,

Nick  

My wife and I are buying a duplex directly from a seller without an agent. This our first time buying a house this way and we are curious how you go about writing an addendum. We had the home inspection and negotiated the repairs that needed to be made by the seller verbally. In order to protect ourselves and ensure the repairs are done correctly and professionally we feel like we should put it in writing. 

Looking for advice in how to write this properly, is their a legal template available? 

What have other investors done to ensure the seller follows through with repairs and closing goes smoothly?

Thank you for your help!

Have either of you worked with any local contractor's that you would recommend?

Looking to get started but unsure of what kind of property to start with.

I'm curious other investors would do with my situation. Goal is to cash flow but may sacrifice some of that to be able to grow. 

Have about 45k cash, 750 credit and our home is paid off which is valued at about 280. 

What is the best approach? Single Family? Multi unit? Here? Flip? How would you finance? 

So many options, I am having some paralysis by analysis.

Thank you!

I am a new investor and am wondering what is the best way to keep track of all income and expenses and how do you go about keeping yourself organized? Also what do you need when it comes time to file your taxes? Do you need proof of your rental income for the last year, receipts for write offs? How do you prepare throughout the year so when it is time to do your taxes, it is not a scramble to get everything together. Interested to see how everyone does this.

Thank you