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All Forum Posts by: Valerie Young

Valerie Young has started 5 posts and replied 18 times.

Post: Financing Multiple Properties and Reserve Funds

Valerie YoungPosted
  • Real Estate Investor
  • Rockford, IL
  • Posts 18
  • Votes 3

I've been running across these problems lately too... So frustrating!! My bank told me if I take out a commercial loan I would only need 3 months reserve. Are there any banks that provide commercial loans with no reserve??

Post: Cash out options

Valerie YoungPosted
  • Real Estate Investor
  • Rockford, IL
  • Posts 18
  • Votes 3

Great post with lots of great information!!

Post: Real Estate Taxes lowered?

Valerie YoungPosted
  • Real Estate Investor
  • Rockford, IL
  • Posts 18
  • Votes 3

If it's a new purchase you can call the tax assessor and provide them with your closing papers. 

Post: Buying a 4 plex

Valerie YoungPosted
  • Real Estate Investor
  • Rockford, IL
  • Posts 18
  • Votes 3

Thanks for all of the responses! The realtor I met with kept saying we could only see the rest of the units after an accepted offer (I will never call him again he was terrible!). I called an agent that I'm familiar with and explained the situation. She is looking into it, and hopefully we'll be able to see the other three units. I am prepared to make an offer if we are not able to view the entire property, but it will be contingent upon a thorough inspection. If I'm not able to see the entire property before I put an offer in, it should be a low ball offer correct?? What would you do??

Post: Buying a 4 plex

Valerie YoungPosted
  • Real Estate Investor
  • Rockford, IL
  • Posts 18
  • Votes 3

Yesterday I looked at a 4 plex (first time looking at a 4 plex ever!), which currently has all units rented out.  The property is in overall good shape.  It has a new roof which was put on a few months ago, a brick exterior.  And the windows seem to be in decent shape.  Because of occupancy I was only able to see one of the units.  I liked the unit we did see, but I'm worried about putting in an offer before I can see the rest of the units.  Is this common practice??  Should I insist on seeing all of the units before I put in an offer? 

I'm used to buying SFRs which need some fixing up, so I'm just thinking that they allowed us to see the best unit.  I would hate to buy it and have to immediately stick money in, without my knowledge of anything being wrong.  Any advice?? 

Post: Rockford, IL Realtors

Valerie YoungPosted
  • Real Estate Investor
  • Rockford, IL
  • Posts 18
  • Votes 3

I've recently started looking for our next real estate purchase. This will be my first purchase in the Rockford area. I was unhappy with our last realtor, and just looking for good recommendations.

I'm looking at purchasing a four plex (if I can find the right deal), and I would appreciate a realtor with investing knowledge. Also curious if any one has any property management recommendations? 

Thanks so much for taking the time to read this!!

MODERATOR:  RECOMMENDATIONS ONLY, PLEASE.  DO NOT USE THIS THREAD TO ADVERTISE YOUR SERVICES.

Post: Newbie from Rockford, IL

Valerie YoungPosted
  • Real Estate Investor
  • Rockford, IL
  • Posts 18
  • Votes 3

Thanks for the response and welcome, Scott!!

Post: Newbie from Rockford, IL

Valerie YoungPosted
  • Real Estate Investor
  • Rockford, IL
  • Posts 18
  • Votes 3

Hi Everyone!

I'm Val, and my husband is Tanner. We currently live outside of Rockford, IL. I'm originally from central WI, and Tanner was raised around here. Tanner has allowed me to be a stay at home mommy for our little girl, and he works in construction.

In 2007 we bought our first house together and lived there for four years. We now rent it out. We bought the house that we live in, in October 2011. The property was heavily discounted and we now have about $90K (minimum) equity in it. We established a he-loc for $30K in the beginning of July, and we plan on purchasing houses with cash. Around here our markets are quite low, so that should be more than enough for a SFR. Our plan is to pay cash, get the property fixed up and rented out, refi and take 80% out. We will use the 80% cash out to pay off the he-loc and purchase one or two other rentals. Then repeat that process over and over.

We are currently in the process of buying a rental house for less than $20, and should be closing sometime in August. The house should appraise out for around $70K, after minimal work (less than $5K) that we are going to do ourselves. Until we get big enough we plan on doing all of the maintenance and upkeep on the properties ourselves.

Any tips or advice for using this strategy?

Any advice for being successful in this business with a baby on my hip? (We don't have a lot of family close, so she comes with us everywhere)

Both Tanner and myself are excited about this new journey that we're taking. And we are so glad that we found such an awesome resource in BiggerPockets!!