All Forum Posts by: Eric Johnson

I understand that frustration for sure. It sounds like you already executed the refi with the current lender. If you want an equity line, call around other local vendors using google maps. Try credit unions too, you may have to open an account with them, but some do provide some interesting commercial options. 

Good luck

I would definitely hunt for a local CPA that you can meet in person (masked of course). Taking collateral against a stock portfolio is a move you need to really think about. Do you have good experience in real estate? If not, then you're collateralizing something with no real promise of any upside. 

Not sure if that's how you'd want to start (Assuming you're new). If you have experience and know exactly how to deploy that capital. Then good luck!

I've flipped in Algonquin and know your areas very well and they are not desirable for investing, I saw some trends and wanted to give it a shot, my deal turned out alright, but I would not do it again. There's a reason why there's no action in NW suburbs. I would look at other markets closer to the city of Chicago.

Edgar, congrats on making some moves. I'll shoot ya a DM

12k in closing costs for what though? You need to look at the breakdown because tax and insurance escrows are a part of that, as well as discount points. 

Don't overpay for a good interest rate. Also, why a 27 year loan? If it's conventional you should have no problem getting a 30 fixed deal around 3% or lower with costs definitely under 12k.

Abraham, good start. However, at this point, you will need to be extremely familiar on how to acquire capital for multifamily deals, whether they be debt or equity. Because there are a lot of variables in multifamily deals to make sure you have your bases covered. 

You'll also want to start assessing markets as a first step and notate any indications you think a location may be ideal to purchase a multifamily property. 

Sub 50k you pretty much only have credit unions at that point...

To Suzanne's point, they should pull a 'trimerge' report. This contains the information of all 3 agencies. Ask them about those. 

This snapshot of your LE doesn't tell us much about the scenario. If it's investor occupancy, then yes that's good pricing. Nothing wrong with this deal from what I can tell.

I hope you got an absolutely amazing interest rate for that leverage and amortization..