All Forum Posts by: Chris T.

The Du Page County Real Estate Investors group was started to provide a platform for Du Page County (and surrounding areas) real estate investors to share knowledge, resources, and deals.The members of this group are involved in primarily single family, multifamily and commercial investments, and represent all levels of experience. The focus of the group is professional networking.

Our meetup is at Emmett's Ale House, 5200 Main Street, Downers Grove, IL 60515 from 6:30 pm - 9:30 pm. There is a parking lot across the street and in the back of the restaurant that we are allowed to use.

These events are 100% networking. If you have a deal where you need a partner you will have the opportunity to present it to the group.

6:30 - 7:30 - Networking

7:30 - 7:45 - Introductions

7:45 - 9:30 - Networking

@Ibn Abney 

nice job! Win win win

You've locked down a nice investment, with an infinite return on investment.

Your tenants have a nice place to live in.

The neighbors and HOA should appreciate the work you've done.

 Real Estate Investment Association or clubs. 

Good turnout!  

Will create a new event date on BP for May's meetup once dates are confirmed.

All are welcome.  Hope to see some new faces this evening 

Yes, you can refinance as long as you meet the lender's underwriting requirements, and assuming the property is in a decent shape to be financed

No, you will not save the seller any closing costs. Both parties are still responsible for their own costs.

It sounds like the seller is in a hurry to close. Personally, I would show the seller the proof of funds, offer to close faster for a lower price. If the seller doesn't seem interested, then revert back to your original offer, but with financing. 

 DG !  Downers Grove ranked #46 on the 2018 Top 100 Best Places to Live published by Livability.com.

You're welcome. Easiest way is to use a realtor to give you comps. 

if not, pull data on CLOSED SALES, last 6 months. Same style / bedrooms / bathroom / year build / square footage within a few miles from your target property.  Use 3 or more comps.

To refinance, you could use any lender (whether it is traditional banks, mortgage brokers or maybe your HML has another program that can refinance you from the fix/flip loan to a 30 yr mortgage)

ONCE your property is fixed up, and stabilized with a tenant, you've a lot more options. This is assuming your ARV is correct.

If your appraisal is lower than you expected; and/or your costs are higher; and depending on how much the lender will lend you (whether it is 70-85% LTV), you may need to bring money to the table.

The key is the appraised value when your property is fixed up. 

If you get a good deal, there'll always be plenty of interest and money. 

On the other hand, you don't want to make promises to home owners you cannot keep. Perhaps you should start networking in your area first and get some ideas from other investors. And that should help you build more confidence as well. 

congratulations @Charlie Moore

Your time is money. If you've a good number of applications, putting in an application fee weeds out the not-so-serious applicants. 

You should always state the requirements needed to rent e,g, 3X income, non smoker, credit scores need at least XXX etc. 

When I meet multiple interested applicants, personality and first impression counts. BUT look for inconsistencies and red flags with what they say, and what's on the applications. The best scammers always sell themselves well.

Good luck!