All Forum Posts by: Ryan Rippinger

 Awesome, that’d be great. It’d definitely be over 100k including repairs

 When you say minimum loan amount 75K does that mean property value only or with repair costs included. I would like to wrap the rehab costs into the loan since I have enough money down to use for that. 

Looking for a hard money lender for a property in IL, Ive got not so great credit (about 600) and have a house Id like to rehab for myself. I do have the income to afford the property, Id just like to avoid doing a 203K because Im an experienced contractor and not allowed to work on it myself with one of those. The property isnt very expensive (currently listed at 75K) and rehab costs shouldn't be much more than 30K since Im planning on doing the majority of the labor myself. I would also accept just purchase price and funding rehab out of pocket, I do have 25k in cash available currently. 

Thank you for any recommendations 

I have a garage I currently rent out and received a lease from the new owners with some lines I think are questionable. I'm located in IL. Rent is $200/ month + $20/ month in utilities.

Each and every month during the tenure of thue lease that the lessee shall be late after the fifth (5th of each month, a further sum of $50 shall be owed to the lessor. If lesser payment is not received by the 5th of the month than an additional $50 is owed for each additional five (5) day period.

Said premises shall not be occupied in part or whole by any other person without written consent of lessor. If lessee allows someone without written consent to occupy said premises, lessee shall be liable for double the rent as long as the unauthorized person or persons occupy the premises. For the purpose of this paragraph a person shall be considered occupying the premises for any term longer than 2 weeks. 14 days.

If lessee fails to vacate by 9-31-21 or on a date mutually agreed upon in writing a $200 per day charge applies.

Lessor reserves the right of entry to premises to allow lessor or his agents at any reasonable time to inspect, repair or show the premises.

Lessee hereby waives all notice of lessors election to terminate this lease or any election by lessor hereunder, demand for rent, notice to quit, demand for possession, notice of breach of any provision herein and any and all notices and demands which may be required by any stature of any state relating to forcible entry and detainer or lessor and Tennant or common law. If lessee shall not perform and fulfill each and every covenant and said agreement herein contained requiring performance by lessee, then, at lessors option, this lease shall expire and terminate. Lessor may at any time thereafter, without notice, reenter said premises and lessee agrees that lessor, his agents or assigns, may commence for suit or possession and for any and all rent or damages accruing to lessor without prior notice or demand to lessee.

Waiver of any covenant or agreement contained in thus lease at any one time shall not be agreement at any other time.

Illinois offers a property tax exemption on primary residence to disabled veterans over 70%. Has anyone here ever used this. I recently found out about it and would be interested in using it with a creative financing option like sub to or owner financing if possible.

@Ryan S.

There is a fairly new episode on real estate guys podcast about this. Give it a listen. You might be able to combine that with an opportunity zone

@Jonathan Greer

There is a product called Gardz, wallpaper installers use it to prime before wallpaper. That will seal the wallpaper so you can paint and doesn't have the smell of an oil primer like bin(shellac). I have used it with investors who want to go over wallpaper. The product is available at JC litch or home depot

@Natalie Kolodij

Could this be done with another family member or is it only applicable to kids. I have a brother in law (14) who helps me out from time to time but I just give him cash

I dont live in Europe anymore but I would be interested in knowing if this is legal or possible there. 

@Crystal Smith I am a contractor in the Chicagoland area, I would be glad to help out you or anyone else that is interested in getting better at estimating rehab costs.