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All Forum Posts by: Arthur Banks

Arthur Banks has started 65 posts and replied 352 times.

Post: How many of you are charging application fees?

Arthur BanksPosted
  • Real Estate Investor
  • Waukegan, IL
  • Posts 367
  • Votes 78

@Ronald Perich That's exactly why I use them. I wanted the customization of my questions. I try to ask open ended questions. For instance "What type of pets do you have? Then the text field sub questions Name, Type, Breed, Weight and Color (One pet per line). There's a check box titled None. People love their pets and I think this lets their guard down.  I'll ask "How often do you smoke?" And I really like "How many times have you been evicted from a tenancy or left owing money?" Never, 1, 2 or more. Please explain."

@John Casmon I just listened to your podcast (I believe on The Best Ever).  Good stuff.

Post: Any banks that don't require 12 months seasoning?

Arthur BanksPosted
  • Real Estate Investor
  • Waukegan, IL
  • Posts 367
  • Votes 78

Before I break out the old phone book and start calling around, I'm wondering if anyone is familiar with any banks that would service me in Lake County, IL or Kenosha/Racine/Milwaukee, WI. I have a potential flip on the table, the hard money lined up, but I can't pull the trigger.  Triple checking my exit, I just found the bank that holds my accounts require I hold any property for 12 months before they will refi. (I was initially misinformed) Not going to work as an exit.

Thanks in advance.  Now to start dialing...

Post: How many of you are charging application fees?

Arthur BanksPosted
  • Real Estate Investor
  • Waukegan, IL
  • Posts 367
  • Votes 78

I use rentapplication.net.  They charge the applicant $39.95. I charge nothing. 

Post: New Member from Kenosha Wisconsin

Arthur BanksPosted
  • Real Estate Investor
  • Waukegan, IL
  • Posts 367
  • Votes 78

Welcome to BP

Post: Thankful Roll Call

Arthur BanksPosted
  • Real Estate Investor
  • Waukegan, IL
  • Posts 367
  • Votes 78

I hate doing these because you never want to leave anyone out... but I'm thankful for @Brandon Turner @Joshua Dorkin for I would not have met and learned from many including the following who are killin' it!... @Brie Schmidt @Nicole Pettis @Alex Anderson for the meetups they run. @Dawn Anastasi @Ramon Jenkins and all those (too many to name) who've answered the many  questions I've asked. 

Post: Its the Holidays, so lets do Happy Hour and Network!

Arthur BanksPosted
  • Real Estate Investor
  • Waukegan, IL
  • Posts 367
  • Votes 78

Looks like I'll miss out on another one...  Scheduling conflict  <insert sad face>

Post: Buy Polish Rent Refi Repeat

Arthur BanksPosted
  • Real Estate Investor
  • Waukegan, IL
  • Posts 367
  • Votes 78

That's what's up!  I guess I should rethink this whole "duplex or better with 3 bedrooms only" thing.

Post: Chicago Meetup: Understanding Number On Cash Flow Deals

Arthur BanksPosted
  • Real Estate Investor
  • Waukegan, IL
  • Posts 367
  • Votes 78

When is the next?  I can't make this one.

Post: How do you handle damage found during tenancy?

Arthur BanksPosted
  • Real Estate Investor
  • Waukegan, IL
  • Posts 367
  • Votes 78

Well the inspection went well. No damage. Just a loose toilet seat. She did advise me a screen is missing that I wasn't aware of.  @Mindy Jensen  That was my opportunity to remind her she never turned in her Move-in checklist.  She bashfully apologized and said she has been so busy with work and school she completely forgot and didn't know where it was. I gave her another form, smiled and told her "this is her last chance. I need it tomorrow, but I guess I can give you until end of week." It was a good exchange and no hard feelings or issue. She smiled and laughed. As I said she's very sweet and seeing she still hasn't unpacked after almost 2 mos I believe her.

Thanks again all.

Post: Should I communicate with or ignore this wholesaler?

Arthur BanksPosted
  • Real Estate Investor
  • Waukegan, IL
  • Posts 367
  • Votes 78

Sooo, I looked at a property the day before I went on vacation but didn't make an offer as I wasn't sure I could make it happen being out of the country.  When I returned I found it went under contract. I was contacted shortly thereafter by an investor that is looking to turn-key the property. Not sure how they got my info, but anyways...  Hey maybe that means I'm out there as a big time investor. *sarcasm*  =)  We discussed an "as-is" purchase price, as well as after repair numbers, minus in place management and tenant. Shortly after that I was contacted by a wholesaler offering the unit for $5K over the after repair numbers I discussed with the investor. Just out of curiosity would you even address the the wholesaler and let her/him know you've been in contact with the investor/seller? Or just ignore them?