All Forum Posts by: Patrice Boenzi

Is all my Illinois, Cook County, landlords/sellers of real estate aware of the new Amendment? Just Housing Amendment went into effect on January 1, 2020 with a delayed enforcement until February 1, 2020. 

Taken from the cookcountyil.gov/just-housing-amendment-human-rights-ordiance website:

In most cities, people with any kind of criminal record, even just an arrest, can be unfairly denied housing. The JHA was passed to help these individuals access safe, stable and affordable housing.

The JHA:

1. 1. Prohibits housing providers and landlords from denying a housing application based on juvenile and arrest records; and
2. 2. Requires landlords to perform an individualized assessment prior to denying any housing.

According to their website, this applies to all real estate transactions including sale, rental, lease, and sublease renewal of residential properties.

Is this a game changer?

@Timothy B. Dunn I am not a mortgage person, but an investor and Realtor. From my experience, and understanding, a mortgage has to be tied to a social security number...and LLC cannot purchase properties. We purchase properties and then quit claim them into the LLC name. There are several programs for investors. For example, I have a lender who lends of bank statements for my self-employed clients. If this is not your primary residence then for a duplex, at least in my neck of the woods and in Michigan where we buy too, it is 25% down. Good Luck with your purchase.

@Nicole Heasley Beitenman no problem. Let me know if you need anything else.

@Ahmer Zaidi a pre-foreclosure would be a short sale and a foreclosed property is bank owned, as you know. I am Realtor and you buy foreclosed properties like you would any other property except for the banks will not pay for the survey, tax are prorated at 100% instead of 105% or 110% (depending on where the property is located), sale is As-Is. Short sales are purchased the same way, but you would want to make sure the side representing the short sale property has an experienced team and you use an attorney (Illinois is an attorney-driven state) that know what they are doing regarding short sales so you do not spend money you do not need to and you can get out of the contract if the process drags too long.  Good Luck!

@Jeff Christian they way I understand it is not about the money (even though they talk about that) it is about practicing real estate without a license as a business model. 

@Marc Roberson All Thing Real Estate sells signs, stickers, skins for what you are trying to do! Always come from the place of value!

@Seth Mceleney what are the rest of the terms for seller financing? In the areas I invest a duplex usually requires 25% down and the rate is competitive to a SFH. What's the monthly cash flow? Are the rents normal for the area? Is there something else that can bring in cash flow on the property?

@Steve J.  that’s a very good question!  Here’s my two cents… I would only work with a Realtor who is an actual investor. I know several realtors who say they’re investor friendly, but they have no idea how to run numbers, leverage property issues for our benefit, usually don’t have the creative negotiation ability, have no experience with tenants, tenant issues, etc. you also want someone who can help you run numbers the way you need them! Good luck!

In my market place we have what is called the private listing network. It's a place in the MLS where you can post the property for other real estate agents to see, but it doesn't get sent out to the third-party sites for Marketing. The rule is once you start marketing the property it has to be in th PLN within 24 hours.

@Eric Harnden I totally agree and understand! We have two attorneys helping us as we have properties in several states.