All Forum Posts by: Chris Carollo

@Matt Barker

Homepath Investor financing for 10% down went away last October. It was a good program but you ended up paying a little higher interest rate than market. We did two Homepath deals over the last couple years, rehabbed them and refinanced them to get a lower interest rate. It was a good way to BRRR a couple properties. I wish it was still available!!

http://www.spokesman.com/stories/2014/oct/05/tom-k...

@Amber Stevens

 You are definitely going to be looking at commercial loans with a higher rate than you are seeing for single family rentals.  I would try local community banks either in your hometown or nearby the property.

@Michael Anthony

 If you can find 12k cash to buy it, what if you used that as a down payment and got a mortgage on a property that was in a nicer area?  Its probably a much better long term play. Not to mention factors like rent collection(assuming lower quality tenant if its a 12k house which might cause rent collection challenges) and overall maintenance which is blind to purchase price of the house be it 12k or 100k, water heaters, roofs, plumbing, etc still pretty much cost the same.

@Chad Hurin

I would add a lockbox with Keys at each property location. You can leave keys in so that if you or service contractor needs to get in you can get in without running home to grab keys or get in while tenant isn't home. Of course get permission before going in... 

@Anthony Simboli I would immediately find an building inspector that you can work with who can help you identify the life expectancy of all the major systems. I'd also work to find a GC who can help you as well. My GC tends to walk through properties that I'm looking at before I submit an offer.  Finding a great inspector and GC are worth their weight in gold. Good luck!

@Neil R.

 I may be about a month late but welcome to BP! I'm an investor/rehabber/landlord based in Western Springs.  I'm also a huge Porsche guy too, spent Sunday at the PCA Autocross Event. 

What are you looking for these days? We are actively looking for opportunities in the west and south suburbs of Chicago.

We had been using WilliamPaid.com with good success but they stopped servicing rent payments as of March 5th. We've now switched over all our business banking to Chase so that all our tenants can use Quickpay independent of what bank they use.