All Forum Posts by: Zack Carlson

I didn't end up going, schedule got busy. 

Let me know if you attend.

Good point,

The brokerage is Citibrokers. 

I don't really want become a wholesaler per se. I just want to get at least a house a year for my rental portfolio. With being an agent I may be exposed to enough deals to get them through normal course of business.

Hi Ryland, 

I'm exploring becoming an agent myself. My broker I used to purchase my primary residence has told me I could hang my license there. Does that make my situation easier or harder?

@Jim Viens That's EXACTLY what I was thinking beforehand but my biggest fear was throwing all the leads away that don't work for me. I guess I could work with another wholesaler to feed my leads that don't work for me. I'd hate to just see them go to waste. 

I had figured it'd be easier to just work with a wholesaler since they already had the leads but your plan may be my best bet. Thanks!

Thank you! So in that case is my only real option to use hard money or private money in the short term and hope to refinance to conventional after seasoning? 

Hello, 

I'm in the market for some rental properties and I'm hoping that a wholesaler will have a property that will be suitable so I can get a better price. 

I'll be using traditional financing for my first few, will a wholesaler still sell to me in general or are they cash only buyers? I'll be prequalified, but they'll have to wait the underwriting time.

I used to live in N. IL and always thought Rockford was similar to Detroit. I even saw some duplexes for sale under under 20k on Rockford Craigslist last week. 

One thing to take account of is taxes.. I didn't realize how terrible taxes were in N. Illinois. I was looking at a pair of duplexes about 30 min south of Rockford for $148k and the taxes were $7500 a year! 

Thanks for all the advice. The property is in Lee County and i shudder to even think about Cook County taxes. 

The town is tiny for sure, and there is a 5 unit apartment complex, a couple SFR rentals, and these two duplexes. Most of the homes are owned but it seems they stay rented. I don't see many vacancies in the properties over the years.

I'm going to try harder to buy local here in Spokane I guess for now and when a good deal presents itself in IL I'll go that way too. I may just try do flip in IL instead. 

Hi Trevor,

I grew up in the town and lived there for almost a decade. My parents and two adult brothers both live in the town. There's not much for work in the actual town but that's ok, everyone commutes anyways. People generally will be working around 15 minutes away in a larger city called Dekalb IL or if you were like my parents you'd commute to downtown Chicago or St. Charles which were 45 min at a min. 

Not huge growth prospects for the town to be honest. These duplexes look nice and don't seem to need any major maintenance at this time. 

The property taxes scare my quite honestly. My house here in eastern Washington is valued at over 240k and I only pay $2,200 in taxes while a $50k house in this same town is paying $1,800. These duplexes are getting $7,500 in taxes alone. 

The real reason I want to buy there is I'll get basically free management from my folks and I've been having a heck of a time finding a profitable rental here in Spokane, WA. 

Hello, 

Trying to judge if this is a good deal or not. There's a pair of 2bd/1ba duplexes with attached 1 car garages for each unit (so 9bd 4ba, 4 1car garages for the whole purchase) 

It's in a pretty rural town in N. Illinois (pop. 350) My parents would manage it for me as it's 2 min down the street from them. 

Purchase price is $148k. Property taxes are $7500 (worst part if you ask me). Gross rents per month are $2.250. 

It's at the 1.5% rule, but not quote to 2%. Tenants pay electric, gas, heat. Water is via community well and sewage is private septic field. The buildings look in great shape and they were built in 1989. 

On paper this whole thing makes sense, but it seems they've been on the market for some time and haven't sold. So maybe I'm missing something. 

Thanks!