All Forum Posts by: Ryan Boren

Thank you Jeff B.

Hey BP, I was wondering if you could recommend insurance companies you have used to insure your SFR and MFR's? Thank you, Ryan B.

Hey BP, I am in the process of purchasing a duplex. I am doing an owner occupied conventional loan. One side of the duplex is already rented out. How long do I legally have to live in the residence before I can move out of the second unit? I know with an FHA loan it is 12 months, but I am not sure about conventional. Any help would be much appreciated. Thank you, Ryan B.

Hey BP, I am in the process of offering on a duplex for 65k. The bank I am using right now will not go any lower than 25% down payment. I am looking to see if anyone is or can recommend a lender who will do 10-15 % down on a duplex for 65k. Any help would be much appreciated. Thank you, Ryan B.

Thank you everyone for the fast responses. I do now and will continue to run an honest business. I have just never come across this before, but I know it something I do not want to do. I will just have to cough up the money and rebuild with my 9 to 5. I do like the idea of renovating one unit as a possibility to do an owner occupied loan, but I am not sure how that would work because I do own my townhouse free and clear. Unfortunately, my HOA will not let me rent it out. If i could it would be a cash flow beast. How does everyone feel about putting tenants out that have been there for 6 years? I don't want the other tenant becoming fearful or possibly move out as well.

Hey BP, I have submitted an offer on a duplex in my area. All of the numbers add up as far as the property itself but I am torn on how to proceed with the mortgage on the house. Both units are currently occupied with one tenant having lived there for 6 years and the other for 14 years. I have a pre-approval letter in the amount of 55,000 and the bank is asking for 14,000 down not including an additional 4 - 5k in bank fees, inspection, and title fees. In total I would need close to 20,000 on the safe side to close on the property. This would drain my investment account completely which I do not want. On the other hand, I can claim i am going to live in the property (owner occupant) where the bank will then drop my interest rate to 3.6 from 4.5 and only require 4,000 as a down payment. I total I would need a little under 10k to close the deal. This would leave me a comfortable amount to seek other properties. I do not want to put a tenant out, but I have been thinking about saying I planned on moving in and am having the current tenants watch the property for me. I would just collect some money from them but not have a current lease or month to month contract for only one month. After the month I would have them sign a lease or rental agreement and say I am no longer interested in moving in. Okay it gets a little better I am not a Total outlaw. I really am looking for a new place and have my current townhouse on the market, but have not had any offers. I technically would move in if I could but don't want to pay on two different places and make a huge move. I am not sure if this is illegal as I would be acting in good faith. There is no time limit I would have to live in the property because it is not an FHA loan. I could stay for a month and then decide to move. The banker round about told me, without me asking, that they do not check and frankly he does not care because either way the bank gets their money. But my question is specifically, does my idea sound immoral and is there another option? Any help would be much appreciated. Thank you, Ryan B.

Hey BP, I was wondering to hear from someone who is familiar with the Chicago market. I live 30 minutes south of the city and have been hearing there are very good deals in Chicago, but you have to purchase in the right neighborhood. I am interested in multi family rental properties and fix and flip. Any help would be much appreciated. Thank you, Ryan B.

What is estimated rehab cost?

Hey BP!!

I joined BP just a few months ago and since then have purchased one SFR which I am holding as a rental and I am closing next week on a three unit. I am undecided whether to flip the 3 unit or use it as a rental property, either way I am okay with.

With that being said, I need to form an LLC in Illinois and was curious of the best way to do so? I know there are several different websites that will help with forming an LLC. Ex. IncFile, LegalZoom, BizFilings,etc.

Does anyone recommend one in particular from personal experience? 

Yes can you please send me the information.

Thank you!