All Forum Posts by: Rick H.

I have found rtacabinetstore.com to offer the best value. These are ready-to-assemble cabinets you have to put together yourself.  They are imported from China, but the quality is good.  Plywood boxes, with solid hardwood faces and doors.  They are also very cheap. You can check out the the pricing online.  Be sure to register as a contractor to a save an additional 10%.   

I think it mostly depends on where you're at.

If you are just starting out and trying to build a business, you have to take calculated risks in order to succeed. Not forming an LLC and utilizing conventional financing to maximize profitability may be a worthwhile risk for you (as long as you have good insurance).

Later, after you have firmly established yourself, and presumably have more assets to protect, it probably makes sense to be more conservative and invest more in asset protection.

@Brett Brown

You may want to consider some hand stretches beforehand because assuming you are using bank financing, you are going to have to sign a ridiculous amount of paperwork!

Seriously, though, congratulations on your first deal!

@Harreld Webster

Congratulations on your first deal!

I am in Joliet, but do some business in Peoria.

What type of property is it and where is it located?  

@K. Marie Poe

He was definitely talking about ownership transfer triggering the due-on-sale clause.  In some cases this could just be an individual transferring property into llc or something like that though.  Sorry, do not have more specific details, but if no no else is seeing this, it would hardly seem a cause for concern.

@Ned Carey

Did get a little more information.

He said it is a general trend, not pertaining to any certain type of deal, and that he is seeing it when banks sell off loans to other servicers.

We were discussing subject to deals, but he was not specific.  

Was just told today by a Chicago area attorney who works with a lot of investors that he has seen a sharp increase lately in banks calling notes due.

Very curious if anyone else is seeing this.

@Steve Thomas

Hi Steve and welcome to BiggerPockets!

You should consider attending the REIA meeting in Lisle next month (Aug. 11). It is a great way to connect with other investors.

Unlike most suburbs (which tend to be fairly uniform and homogeneous), Joliet is a real city.  Like Chicago, there are good and bad areas.   Thus it is very important to understand the different neighborhoods before you start investing.  Good luck!