All Forum Posts by: Sean Morrisey

Wondering what LEGAL techniques have been used by those of you suffering from eviction moratorium and working on collecting rents from your tenants?

I would be interested in taking this course as well. Where might you sign up?

Would love to learn more about the best websites recommended for non-performing notes?

I'm a big fan of First Federal Bank in Ottawa, IL. 80% LTV on cashout refis and 30 year amortorization. Let me know if I can help!

I'm a big fan of the old river towns - Aurora, Elgin, Joliet. Good entry level housing and can get close to or exceed 1% rule.

I live and operate a real estate brokerage in Aurora, IL.  Let me know if you would like to grab a coffee!

I live close to downtown Aurora and would agree that it is ripe for redevelopment. However, many of the existing buildings available need extensive work. May be a good idea to contact "Invest Aurora" and they can point you in directions of opportunity based upon what they are looking for.

@Sebi Ardelean - I own/operate a real estate brokerage in Aurora, IL and can likely assist. I sent you Colleague Request to correspond.

I have two buildings under contract, that host 25% vacancy, and a traditional commercial bank will not finance them. Looking for a lender that can finance a loan of 80/20 with a rate under 7.5% for a 12 to 18 month period in the State of Illinois.

Recommendations?

So, my big goal for the first quarter of 2020 is to refinance my 16 unit apartment building. Initially, I was told this would appraise out for nearly double what I paid for it two years back.  Now...I'm told Freddie Mac Small Balance (FMSB) Loan guidelines have tightened.

FMSB is firm on the $1M+ loan amount (no problem there). However, if you fall into $1M-$1.2M loan amount (which I will) they can still deny based upon loan size or simply give you the underwrite from hell. Not to mention, the Chicagoland market went from an 80% LTV to 75% LTV with FMSB which makes no sense to me.

Has anyone else experienced this in the past 6-12 months? Any resources that you recommend I look into for alternative refinancing?