All Forum Posts by: Patrice Boenzi

@Jaki Gandara let me know if you are still looking; I may have a contact for you.

@Cara Jensen I am a Realtor/Investor in the western burbs and from what I have seen is exactly what @John Warren said. At times, I come across short sales in the MLS, but those take some time too depending on who is working them. I was curious about "how much savings" a foreclosed property actually is and was surprised to find that most buyers get better deals working with regular sellers. The banks are doing some minor repairs/painting/carpeting and wanting fair market value. If a buyer is not careful they can actually spend more money on a foreclosed property due to the 100% tax prorations, no survey, no repairs and some banks require the buyer to pay transfer tax fees.

@Emily M. I got my license at the Real Estate Institute in Niles - all online. I would love to tell you about Fathom Realty! We truly have the lowest cap in the marketplace and they offer so much stuff free to their agent including an option for healthcare. We also get stock on our production which has been so profitable for me so far. We have an office in Chicago too.

@Nick Altgilbers your attorney should have a contract you can use. 

@Alexander Trotter I got your request and accepted. I did do a thread about the new wholesaling law in Illinois. I would love to connect. 

@Nicholas Diazdeleon Welcome to BP! The one thing I did was read, read, read, and then learn to run numbers! It is so important to learn to run the numbers correctly. Start getting your business plan together and start creating the team you will need for your desired goals. Good luck!

@Zack Karp that is interesting. I haven't had any of my listings come back low, but have heard from several other agents that has been their experience. My refi was in Michigan. They are definitely taking longer. Are you seeing surveys behind? An attorney was telling me those are also taking longer than normal. Are you seeing the 203k loan being offered again? What are you hearing about FHA loans and looming foreclosures?

@Wsam Taiym There are some lenders that are doing it, but the banks are tightening up criteria. I am in the process of doing a cash out refi on one of my duplexes and when I started they told me I can pull out up 25%. Now we are in week two of the process or maybe week three and now they're telling me I can only pull out 15%. The other thing we are seeing Is that the appraisal amounts are coming back very low. My appraisal on my duplex came back significantly lower than market value to the point where I probably will not go through with the refi. In the regular selling market we are seeing that prices are being pushed by sellers and buyers are purchasing, but appraisals are coming back low. I have heard of some banks stopping equity lines on investment properties. When Covid started they suspended the rehab loans and IDHA (the loan assistant program) but I am seeing that some of my lenders have brought back those programs. We are also seeing FHA loans starting to default which is an indicator that in the next few months we will see foreclosures and short sales again.

@Kendrique Coats a good deal is a good deal! I would do extra due diligence on screening applicants with the eviction moratorium in place. We purchased a duplex and turned it over to a property management company that filled the unit fast back in July. Then our tenant lost their job and applied for unemployment. We were just contacted by our property manager that our tenant cannot pay rent and wants to be released from her lease and move out. He already has another applicant being screened, BUT it does not always work out like that. We are hearing that FHA loans are in default and expecting to see foreclosures and short sales increase in a few months.

@Matt B. let's connect!