All Forum Posts by: Christopher Jordan

@Harjeet Bhatti What is the stipulation for "landlord experience"?  Is that a certain number of units? Or a certain length of time? Or a combination of both? Or something else?

@Account Closed Its going slow.  The financing part isn't coming as easily as I expected.  I knew it was going to be a struggle because of the spontanianity(sp?) of the decision, but all traditional methods have no given me much success.  I am in the process of doing a cash out refi of my foreclosure flip to see if I can come up with close to the 20% that I need to trudge forward.  I am exhausting every option possible to take advantage of this opportunity.  It is located on West Clay just a few blocks down from the police department.

@Account Closed

So what do you consider a "newer" investor? Where is the line between being an experienced investor and still being wet behind the ears?  And what do you have to do to get into the "experienced" category?  I am guessing you are referring to me being a "newer" investor, and I wouldn't argue that.  I've owned a duplex for 5 years and just completed my first flip and hold.  So far, for me, I've been diligent enough to not have any major speed bumps. But from the bank side, or from a "experienced" investors eyes, what is the line to getting the label and the "street cred"(if you will) of being an experienced investor?

@Ryan Pubins

Even more invaluable information I was not privy to.  Are bridge loans kind of like hard money?  Higher interest, shorter terms- just kind of used to get you into/onto the property, then once you do the reno, then you refi into a longer, more stable loan?  Are these available at financial institutions, or are these special loans you have to seek out?

@Jill F. I did not even consider looking into commercial.  I have read previously that commercial loans are easier to obtain, but I haven't done my research.  But I am going to now.  Thank you for the insight.

@Steve Rubin I am looking for options to obtain.  Creative financing, or if there are investors interested, I'm all ears.  I think I have researched my available options and hoping to pull some experience from someone else, or get a different perspective on the scenario.  The property is located in Collinsville, Illinois.

BP Friends,

I was watching my local market, as I always do just to keep up, and I found a 6 unit complex that is 120k. I was intrigued. Three of the units are currently rented, 2 for 10+ years and one for 1 year and everyone is looking to stay. All three are renting for about 550 apiece. The set up of the property is a 4 unit-1bd 1ba structure in the front, and a duplex on top of a garage in the back. The owners have sunk about 8k into getting the other units tidied up and presentable. Then the property went off the market being unsold. I was somewhat flabbergasted. I did not pursuit heavily because this last November I bought a foreclosure and flipped it and am currently still dealing with some of those reno costs. I told myself I was going to wait until next year to get my next property, so I could pay down some of those debts. But this looks too enticing. I reached out to owner, however it is owned by an estate. I tracked down the executor of the estate. They are looking to unload it ASAP since none of the family members want the responsibility of taking care of it. I asked if they would be interested in entertaining creative financing options. The executor said yes. But since they are looking to unload ASAP, and it is in an estate, something like sellers financing wouldn't work. I did some quick work on my DTI, I sit right at 40% at the moment, with the possibility of the new mortgage after 20% down, I would be closer to 50%. I have about 5k in my savings and am trying to come up with the best way to approach this. The executor said he is in contact with some brokers, and is not interested in listing it again. I don't have the 20% to put down at the exact moment, I have about $4500 in a line of credit, and 10k on a credit card(absolutely do not want to go that route). I have not gone to see the property yet, but I have driven by multiple times. Of course, this purchase is contingent on the inspection, but I wont be getting an inspection until I can seriously get the funds available.

Thoughts? Ideas? How would you approach?  What am I missing?

Christopher J

Hey @Eric Castelli-I am in Collinsville.  And if they are worth the time and money, I don't mind traveling to either of those locations.

I am looking for a local CPA/Attorney to explain to me the tax implications and protections of an LLC(or series LLC) and what I can/should be doing to make sure I am covering all of my bases with my current portfolio. I would like to go over possibly setting up an LLC and to go over the current leases to make sure they are adequate. Also, looking for a new tax guy. I am not thrilled with the one I currently have as it seems he is not too knowledgeable about real estate tax and investing, etc.

Both of my properties are in Illinois, so I am not sure how much or if the laws between Missouri and Illinois are similar, so ideally someone located in Illinois would be super beneficial.

Thank you in advance for your assistance.

Charles-I have wondered and done a little research myself on those same questions, and companies to look into.  I am located in Collinsville and have had little success finding one locally.  I have seen a few national ones-however the reputation is what I question with those.  I will be keeping tabs on this thread as it is very pertinent to my current situation as well.