All Forum Posts by: Steve B.

@Bob E., the contractor should have informed you as soon as he found it. That way you would’ve been able to start the remediation process sooner rather than get a letter later.  I am in southern Illinois, not sure if I am near your investments, but please feel free to message me if there is anything I can help with.  Also, wouldn’t mind knowing who not to hire. Lol. 

@Shawn Q. thanks so much for the information, I will check out the link.  

Awesome cash flow

@Jeremy Lamb thanks for your insight that helps. I’ve read Urbana was a little tougher.

Hello BP nation, happy new year. I am curious if anyone can give me some idea on the rental market in Champaign, IL area.  We are considering buy and hold investments in that area, but honestly don't have a lot to go on at this point just starting to look there.  We live a couple hours south of there.  Curious if there are any city or municipal restrictions, permits or inspections required due to being a college town?  It seems that the city has been expanding some but wasn't sure how the ratio of renters to available units looked?  What kind of rents people are getting there? If it is even possible to find good deals on single family or small multifamily units? We have a lot of research to do yet, but I figured this would be the place to start.  Any info at all would be appreciated.  Thanks

Very interesting, I wasn't aware that a bank would do it that way.  I could see how that would be easier.  However, does the bank then have a lien on both your personal residence and the investment property? I usually use Heloc to buy then refinance later with similar terms as you.  We are not far from you, we are in Centralia.

I don't think it hurt that I had my first rental for a while and the second one for a few months before I did a cash out refinance. I also have my rentals in an LLC, so I'm not sure if that matters or not. I did ask my lender if there was a seasoning period and was told no.

Brian, 

if you have a lot of equity in your home get a HELOC on it. Then you can purchase properties at cash prices with good variable rate. Once you own the property go to local bank to refinance at a locked in rate. Then repeat. I waited until we had 2 Properties then did 1 loan refinance on both so I only have to endure 1 closing. Also, I believe if your putting in business name and not personal, some banks will require commercial terms. So you have to weigh the pros and cons there as well. George is probably right on when talking to bank if your buying in personal name, I have not yet made it to one of his meetings here in southern Illinois, but have seen a lot of him on BP and he seems pretty knowledgeable. I am in Centralia, best of luck to you.

Steve

Welcome to BP.  Good to see someone else from southern Illinois on here.  We are from Centralia.  Interestingly enough my wife is actually under Krissy at Rodan and Fields, small world.