All Forum Posts by: Valerie Young

Welcome!  We do not live too far apart (We're about 15 minutes south of Rockford!).  Glad you found this site, and good luck to you!!  

Did you run a title search before bidding on the properties??

I just came across them as well. Curious if anyone has had any experience with them?

I am always excited to see another Illinois investor! Welcome!

Congratulations! And good luck to you!!

I should add that both of these properties are up for auction. So prices may be a little more (or less) depending on how the auction goes. The first 4 plex I mentioned is attached to a parking lot where 2 of the identical 4plexes sold in January for 180K each. (There are four identical 4plexes in this parking lot) The second 4 plex is surrounded by four and eight plexes, some of which have sold recently for 200K+. But I'm unsure of the interior condition to make any accurate valuations. 

I will have to further look into refinancing details! Thanks

I am currently very interested in a 4 plex in my area.  I do have a private money lender (my mother in law) willing to lend us $60,000, which would cover the purchase price of the building.  Fortunately the building doesn't need a lot of rehabbing, just needs a new coat of paint and we would replace the water heaters, along with a few other low cost expenses.  My initial plan was to loan the money from her, make monthly payments, and then refinance next summer and pay her back completely.  But then I found another 4 plex...  I haven't seen the inside of the property yet, but seems (from the outside) to be in good shape and is also going for $60,000. 

We are having a little difficulty with financing through a bank because of the big down payment along with having 6 months reserves. We currently have 5 SFR (and our personal mortgage). So my question is should we purchase the first 4 plex with private money or should we use that money to fund two down payments (potentially) and then have the finances to prove our 6 months of reserve? Both properties have a lot of equity in them at this price, so would you refinance them after 6 months of possession to pay off my private money lender?

Thanks for any advice or insight!!

I'm currently in the same situation you. I don't have the answer, but I'm looking forward to seeing what others have to say. Good luck to you!!

Personally I wouldn't accept their security deposit as rent. I would make them pay rent from August and if you want to keep them in there make sure they pay September rent as well. Otherwise hold them to their 30 day notice. Curious to see what others have say!

I have tenants that are coming up on the end of their year lease (9/20). I've been having some difficulties with these tenants (ie. Late payments, neighbor complaints, most recently found out they are not currently living there because the electricity got shut off...) So I would like them out. I'm debating whether I should do a 5 day notice and basically get the eviction process started and hopefully get them out sooner. Or give them their 30 day notice that the lease will be terminated and they need to vacate the property. Any advice?