All Forum Posts by: Patrick Williams

I have a rental unit in Berwyn in need of a deep cleaning before painting and flooring. Any good recommendations?

I've got a lender that asks for 15% down on bank statement, DSCR, or asset based loans. If you're interested, DM me.

DSCR is a good option here. I've had interesting experiences with multiple companies offering DSCR's. Some good, some...oy. I'm keeping a running tally of the good, bad, & ugly of the ones I've seen. DM me if you want to hear more.

I have a 2 unit property in the western suburbs that could be well suited to be an elder care home for 3-4 residents. It is currently rented out to standard tenants but I am interested in potentially converting to a care home model. I am assuming making it ADA compliant (wheelchair ramps, etc.) would be a prerequisite. Anyone have any insight on companies/individuals who rent properties for this purpose? Not finding much online but it seems this is a growing niche market nationwide. I've listened to Isabelle Guarino's stuff but am interested in any Chicago area information. Thanks!

I have a two unit investment property that I paid too much for in 2015. Small unit is an Airbnb, large unit is rented full time(pre-pandemic both units were Airbnb but renters are decent now and are low maintenance). Currently, the property pays for itself but there isn't much cashflow (maybe $50-100 extra on a busy Airbnb month). Starting next month, the full time rent is increasing by $150 so then it will be $200-250 per month cashflow. There is about $150K in equity in the property. Interest rate is 4.75% (I know, right?). 

Should I tap into the equity to buy another property even if the cashflow on this one is not that great? 

Hi, John.

Solid advice all around! Lots of lenders (not all) are not very amenable to 1099 income. My first 3 properties were based on my 1099 income so it is possible. I was an appraiser, now I'm a loan officer (both sides of the coin, LOL) and have learned a ton about navigating the lender terrain. Best advice: keep your DTI (debt to income ratio) low. Save as much as you can but put the MINIMUM amount down that you can to make it work. There are fantastic loan products out there for first time buyers. If your credit is good, conventional loans are getting really competitive with FHA (3% down, in some cases versus 3.5% FHA). Check in with me or another loan officer on here soon so that you can get your plan dialed in for the purchase. Good luck!

I'm curious about the process of becoming a private/hard money lender. I have a fair amount of equity in a investment property that I could use to invest but don't have the time currently to handle another property of my own. What is the process of researching becoming a lender? Thanks!

Hi! I have a two flat I purchased 3 years ago for too much money but, as luck would have it, managed to rent it out via Airbnb and have been profitable every year. I'd like to continue investing in more properties (flips, brrrr, Airbnbs, etc) and would like to know more about using the value in my two flat to help finance more deals. Market value of the two flat is around $300,000, I owe $210,000. Thoughts? 

I'm doing some research.  Tried the local police and the sheriff to no avail.  Hoping to find out exactly what he did.  

Help!  Just bought a two unit building and after closing found out there is a guy under house arrest next door.  Seems nice enough but has exhibited a nasty temper towards his dogs and his 4 year old son.  Planning on moving my family out and moving tenants in but am really concerned about being able to rent the units given the bad news next door.  Advice?