All Forum Posts by: Thomas Peddle

I have a couple of properties financed through acquisition loans (LLC held) that I need to refinance. I hope to obtain cash-out refi mortgages and am looking for possible leads from the community for investor-friendly commercial lenders to speak with.

Any suggestions most welcome!

I invest in the Orland Park, Tinley Park areas and am exploring Country Club Hills. I see a lot of SFH property available in CCH, both for sale and for for rent. I'd appreciate feedback from other local investors as to the state of the rental market in 60478.

Invest, watch or avoid?

US Bank had no issues with my series LLC in opening my business checking account. Not so gung-ho on acquisition plus rehab loans but willing to talk once seasoned.

Caleb, thanks for posting this. I am putting together a short list of GCS and other team resources and this will be useful. Any idea how large is his service area? I’m looking at properties in both the Aurora and Tinley Park areas.

Another Illinois investor who’s interested in knowing more about this bank.

Made my first offer as a real estate investor yesterday and am optimistic about the outcome. I wanted to say thanks to the BP community for all the valuable information offered up in the various forums that went into my education. I hope to pay it forward very soon! Cheers, Tom

I'm a new RE investor and am putting my team together. I'd welcome any recommendations/suggestions on any General Contractors in the Chicagoland area (Aurora-Naperville IL) for rehab work.

To Steve's point about 401K loans.... I looked into this with Fidelity. I can get a loan of up to $50K over 60 months at a rate of 4.25%. Just make sure that your balance is high enough to preserve equity should the market drop.

I am grappling with this question myself. To help, I used Excel to forecast the future value (FV) of both options: 1) leave existing traditional rollover IRA in-place or 2) liquidate the IRA, paying the 10% penalty and 33% marginal Federal tax hit.

I'm 15-16 years away from retirement and computed the FV of both options over that timeframe. I used the long-term historical stock market ROI of 8% for option 1 and 11% for option 2 (rental CF). The numbers showed that option 2 closes the performance gap as I approached my target retirement age (65+) and exceeded it in retirement.

My calculation does not factor in equity appreciation - just compounding of present value.

I like the fact that option 2 gives me income while waiting for retirement. 

I would appreciate any validation or (constructive) criticism of my thought process!

Cheers,

Tom

Hi Nishant,

I also am a newbie in the Chicagoland area. Some books that I've found useful include:

• "What Every Real Estate Investor Needs to Know About Cash Flow" by Frank Gallinelli. I used this to develop my property screening spreadsheet.
• "Loopholes of Real Estate" by Garrett Sutton (Rich Dad's Advisors series). Great multi-perspective view of property ownership.
• "HOLD: How to Find, Buy, and Rent Houses for Wealth" by Steve Chader et al. Similar to "Loopholes" but with a more property acquisition lifecycle perspective.
• "The Book on Tax Strategies for the Savvy Real Estate Investor" by Amanda Han. 

I generally buy the Kindle versions as I also commute and can sync to the Audible.com versions.