All Forum Posts by: Blake B.

I tell my clients that are wanting to buy in this market, if they aren't looking to stay in one place for more than five years, now is not the best time to buy something new. Better to pay down debt, and acquire other assets until they are ready to commit to a move. Interest rates are kind of irrelevant really. My clients, after partnering with me, have the knowledge of how to completely pay off their mortgage in 6 or so years and from there have all the equity to do something new. They avoid all of the built in interest expense from a typical 30 year am loan and can reinvest the difference after.

In the world of commerce, it pays to be savvy and not only know your rights but have the ability to enforce them without the representation and expense of someone inadequately being a mouthpiece for you.

That said, with great risk comes great reward. RE is an evergreen way of building wealth, be it in a class D neighborhood or otherwise.

I believe in this new age, it is incumbent for landlords to step their level of service up and be a positive force in the community. For example, I point my tenants in the right direction as it pertains to improving their credit profile/scores, and in the direction of personal financial knowledge...the idea is for them to advance into ownership if they want, and beyond - not sucking them dry year after year with crappy, run-of-the-mill landlord/tenant relationships.

Congrats! What area of Chicagoland are you focusing in on?

As Wayne stated above, it's always easiest to start with communication on the phone. If that's not possible, send a letter. And if nothing after that, one thing that could have worked and may in the future is if there is an unpaid tax bill, ifyou go to the county and pay it, fence up the property and put it under management, you could legally become the owner that way. Another idea is to cut the grass and do other maintenance on the property and then put a mechanic's lien on the property. That could get you a first-priority lien on the property, get the owner's attention and get the deal rolling. Granted, you'd want to be knowledgeable about remedies in equity before going and doing something like that...but it can be done. Seems like the owner is holding out for an eventual sale however, if they're paying taxes.

Depending on the terms of your lease, he may have already broken the lease agreement (i.e changing locks and parking additional cars not covered in the terms of the lease agreement). If so, you can file for eviction immediately...and if I were you, I would not wait as it takes quite some time for the Sheriff to come out and evict after you get the judgment. You may be almost better off offering to pay him to leave rather than taking him to court. My best guess is, if you were to file today, it'd be 6 weeks until your initial court day and if you've done a good job and gotten him served before then, then maybe only another 2 weeks until you get a hearing day and can move the court for and order of possession/eviction; however, after that, expect to wait at least 6 weeks for the Sheriff to evict. 

The Meetup App, Facebook groups.  

I like the idea of using the HELOC as a down payment and an emergency fund. The introductory rate that you are receiving can be had with a conventional loan, without the prospect of a 100bps rate increase after twelve months. If you are going to pay off all of the principal in 12 months or less, then I guess it wouldn't matter much. If you're not opposed to utilizing public funds such as FHA or VA, if you're a veteran, then those programs will most likely provide you with the best repayment terms, at least for your first deal.

Is there a specific area you are looking to invest in when the time comes?

What areas are of interest to you?

Save FHA for some other time. Use your veteran's benefits!

A client of mine just closed on a 100% financed deal on a two-flat dormered-out bungalow. He came out of pocket $1,200 total for a $295k purchase…you aren’t getting that type of deal anywhere!