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All Forum Posts by: Rich Wilken

Rich Wilken has started 7 posts and replied 38 times.

Post: Looking for a simple Promissary Note example

Rich Wilken
Pro Member
Posted
  • Investor
  • Antioch, IL
  • Posts 41
  • Votes 12
Quote from @Mike Grudzien:

Rich,
I know that you're looking for a generic form, slam dunk.  But, especially working with family, I would have an attorney draw one up.  An attorney will still start with a boilerplate ( saving you time/fee) but can include all the "what if's" pertinent to your situation, family, etc.
My 2 cents,
Mike


 Thanks Mike

Post: Looking for a simple Promissary Note example

Rich Wilken
Pro Member
Posted
  • Investor
  • Antioch, IL
  • Posts 41
  • Votes 12

Looking to make an Intra-Family loan for a project and I am looking for a simple Interest Only Promissory note where the investment plus the interest is paid at closing. 

Anyone have one they can share?

Thanks,

Rich

Post: First time with new construction: Cape Coral, FL

Rich Wilken
Pro Member
Posted
  • Investor
  • Antioch, IL
  • Posts 41
  • Votes 12
Quote from @Don M.:
Quote from @Rich Wilken:
Quote from @Don M.:

The following is not to express any level of happiness or unhappiness with the build:

Received change orders totaling $14,970 for 18 additional loads of fill dirt over allotted amount in contract (fill dirt arrived in December 2022), 7 loads of septic sand over allotted amount, and rock excavation at the septic site.

I deal with all of those issues on new builds. Nothing uncommon there. Can you give a cost breakdown?

 For the recent change order-
18 loads of dirt: $5310

7 loads of sand for septic $4550
rock excavation $3500 
(+20% processing fee).

For overall build
- $39,000 for freshwater canal lot.
- $246,700 for build contract price.
- $14,970 in change orders, thus far.

At two years since lot purchase, loan costs have added up between closing costs, interest payments, and extension fees, as well.


 What is the 20% processing fee?

Post: First time with new construction: Cape Coral, FL

Rich Wilken
Pro Member
Posted
  • Investor
  • Antioch, IL
  • Posts 41
  • Votes 12
Quote from @Don M.:

The following is not to express any level of happiness or unhappiness with the build:

Received change orders totaling $14,970 for 18 additional loads of fill dirt over allotted amount in contract (fill dirt arrived in December 2022), 7 loads of septic sand over allotted amount, and rock excavation at the septic site.

I deal with all of those issues on new builds. Nothing uncommon there. Can you give a cost breakdown?

Post: Building in Florida

Rich Wilken
Pro Member
Posted
  • Investor
  • Antioch, IL
  • Posts 41
  • Votes 12

We are building in Brevard and indian River County, FL. You have to be licensed for everything. Not an easy task in Florida. It requires experience. 

Post: Flipping new spec homes in florida

Rich Wilken
Pro Member
Posted
  • Investor
  • Antioch, IL
  • Posts 41
  • Votes 12

@Kim Leech where are you building? 

Is the home being built for you as an owner - occupant and you are worried about a prior ownership issue? 

Post: what age did you start your real estate investment career

Rich Wilken
Pro Member
Posted
  • Investor
  • Antioch, IL
  • Posts 41
  • Votes 12

@Sharlene Burch look up WiscoREIA on Facebook

Post: Any Chicagoland realtors that are also investors?

Rich Wilken
Pro Member
Posted
  • Investor
  • Antioch, IL
  • Posts 41
  • Votes 12

@Xavier Alicea I am an investor and a Realtor. Feel free to reach out

Post: Prefab house experiences

Rich Wilken
Pro Member
Posted
  • Investor
  • Antioch, IL
  • Posts 41
  • Votes 12

@Michael Frank Thanks!

Post: Prefab house experiences

Rich Wilken
Pro Member
Posted
  • Investor
  • Antioch, IL
  • Posts 41
  • Votes 12

@Michael Frank what are the specific HUD programs? I have a large MF lot I am looking to put a modular pre-fab or panelized 5-10 unit building on due to lack of available labor...builders are all busy.