All Forum Posts by: Thalia Mena

@Arn Cenedella

Thank you Arn!

Hi BP, I’m not new to the site but have posted on here a few times. I wasn’t sure if this was the best forum to post this question but here it goes:

I ran across an off market deal and the owner had proposed seller financing to me however, his dp amount was a bit too much for my budget. So I started calling in to different commercial lenders to go over my options. I came down to the conclusion that I would need some assistance with financing this deal.

This would be my first deal, although not my ideal way to start but the opportunity was given to me by a close family member. And I do believe it is a great investment!

This is a 7 rental unit 2 commercial space building in the appreciating neighborhood of Logan Square - Chicago. I currently live in one of the units and have been there for years.

How can I go about this type of deal (needing financing assistance-partnership)? What types of questions should I be asking this person? And how would the structure of a deal like this look like?

Thank you!

@Don Konipol Extremely negative!

@Ryan Johnston Great info here. Thanks Ryan!!!

@Lamont Glover II

Absolutely! No problem.

Getting funded for FHA 203k is the same as getting funded for an FHA loan. The qualifications are pretty much the same. The process may take longer if you aren't working with the right people. What I mean by that is, because many people are involved in this transaction in order for it to go smooth one must make sure everyone's on the same page at all times. (Lender, attorney, appraiser, contractor's).. Make sure that teams strong!

203k covers structural issues, but I believe for plumbing, etc... that’s covered under a streamline 203k loan.

Hope that helps!

@DuBois Othero Toy Absolutely!

@DuBois Othero Toy

Congratulations DuBois,

The investors that I work with either go trough me, or they use a program called “turbo tenant”

Definitely check it out, as I’ve heard great things about them. You can post your apartment on there and it’ll share your listing through several different platforms & provide a rental application and screening for you.

Now as far as full background checks... I use a very informative app called ForeWarn.

Hope that helps!

Best of luck.

Thalia : )

@Turner Chang Hi Turner! Welcome to the world of investing. There are many things to take into consideration when buying a rental property, of course. I am a broker from Rogers park / Evanston area, let me know if I can help.

@Cory Lucas

Hello Cory,

Although you stated you would take it AS-IS your attorney can always help negotiate when inspection issues come about.

I’ve had a client take as-is but we were able to negotiate sellers fixing a major plumbing issue the home appeared to have had before my clients proceeded forward. I wouldn’t give in just yet.

I would suggest advising your attorney to help with this matter.

Hope that helps.

Thalia

@Peter M. Hey Peter! I actually seen a case where a family was moving into a unit and on moving day, they noticed small black dots in the corners of their wall... but didn’t think anything of it because they were so small... so they kept moving in.... and 3 months later they noticed the dots were growing bigger and their baby was getting bit by what it appeared mosquito bites... long story short, she reached out to management who took care of pest control immediately. However, this family did not bring those little pest in, it turns out they were already there! Neighbors then confirmed to the new family that there had always been some issue with bedbugs previously in the building. Family broke lease and moved immediately with no problems at their new place. So really... unless you know for sure that that tenant in fact brought them... it would be difficult just pulling the fees from their deposit. Finding the source of bedbugs is difficult.