All Forum Posts by: Ashley Pimsner

@Edit Beluli. To hone in one expense when evaluating an investment property in a parricular region is very short sighted and counterproductive...analysis by paraysis.

Case study- purchase price 164k for a 3 flat built in 2008 in Little Village, Chicago 60623, real estate taxes $3723 or 2.27% of PP closed 3/17.

Rental income $3264-fully occupied when purchased,  or 2.13% which exceeds 2% rule? 

$2326 out of $3264 is section 8 directly deposited into my account.

Appraised for 212k-48k over PP of 164k.

Are real estate taxes still important?

@Shawn Ackerman and @Nolan Gray. 

Let me get this straight. Shawn is doing it on his own and has 50k and I paid a tax deductible fee to fundandgrow which does everything Shawn suggests and I have over 250k in biz credit...who do you want to be?

Nolan stop the paralysis through analysis and pull the trigger on an investment property. Doesn't matter how you gain access to credit, what matters is getting into the game.

@Ravi P. I too am in need of drywaller to repair damage to 3rd floor of 3 flat which has a cathedral ceiling in 60623 area.

I just sent you a PM. Hope you can assist.

@Nolan Gray remember you make $ when you buy and if you don't purchase at a significant discount to fair value or 70% ARV you are going to have a big problem.

If you are having trouble getting financing because you don't work full time then how are you going to refi out of the biz lines of credit especially once they adjust from 0%?

Imagine have 100k on credit cards with rates at 13-18% and tenants start missing payments or units have some vacancy.

If you plan on flipping then this might not be as applicable unless you misjudge repairs or ARV and are forced to sell for less then what you owe.

My point is that in the next year while you are getting your biz lines of credit you should be shoring up your finances and possibly getting a full time W2 job so that you are capable of exiting thru a refi.

Finally before using biz lines of credit you should at a bare minimum find a portfolio or commercial lender near you, develop a relationship, and run your potential scenario/s past them to see if they would be able to refi you given your current financial situation and real estate strategy. If not learn their guidelines and work toward meeting them.

Best of luck and use responsibly.

@Nolan Gray I am in process of completing 3rd batch from fundamdgrow in about 12 months and have received $266,500 so far which may become a little higher once Richard negotiates higher limits from this 3rd batch.

Hope that helps.

@Nelson Leaf I too can provide a referral. PM me.

I recently closed on a non-owner occupied 3 flat and used Wintrust.

My Wintrust mortgage broker was @John Paunan and this was my 2nd loan with him and have referred him to family and friends.

He is extremely knowledgable and service friendly and I would highly recommend him.

They are the real deal. I got around 194k after only 2 batches but bear in mind I already had a mid fico of over 800.

I was also able to write off the cost since I am a real estate investor.

The trick is how to unlock the funds that they get you without fees and to use the funds with proper restraint.

0% is typically between 6 and 12 months and then you have to play the transfer game.

I have been fortunate enough to receive checks from almost all the biz credit cards in mail that extend the 0% for 18-24 months...altho typical 3-5% transfer fees still apply. 

I am uncertain how things work after your year is up and how you maintain the access to credit at 0% other than checks sent in mail by credit card companies.

Finally think about this-with my total credit gained rounded up to 200k the fee amounts to approximately 1.5%...not bad.

Welcome @Keith Rogers to BP.

You are in the right place, where are you stuck and how can we help?

Listen to every podcast, get familiar with the calculators found here, goto meet ups, and ask plenty of questions.

@Kurt Krier I have worked with @Daniel Kielbowicz and found him to be very responsive and knowledgeable about different areas to invest in Chicago.