All Forum Posts by: Jaclyn McClellan

RealtyShares. They were much better to deal with, the appraisal came in where we needed it to (we sold above the original flip-appraised value) but much better. 

Hello!

Looking to connect with some local buyers in Chicago that purchase multiunits in or near Lincoln Park. Current subject property is a pocket listing - $1.92 million. Currently retail on bottom, then two units on top. Can add third unit on top if needed. Please message me if you'd be interested in learning more about the property :)

If you buy a multi unit as your new purchase and live in it you should be able to count 75% of rental income from other units toward your income (I believe) so. Also then if it’s a conventional loan you are fine with 75k. If the income on both units outweighs the debt PMI or not it may be worth exploring!

I would avoid DoHardMoney. I don't recall the $3000 being optional, and their "tools" are nothing great, definitely not worth $3000. I submitted a deal through them and their appraiser came back with a value of $265k... if you saw the comps your jaw would drop just like mine did. He selected comps that literally hadn't been rehabbed...as if he just randomly picked properties in the area with the same bed/bath count. Also didn't listen to me when I said we were going to do high-end finishes. I ended up going with a different HML and the same property appraised for $375k (sold last month after the rehab for $382,100).

Lastly, their customer service responses are slow and so is their process. If you need funding quickly, definitely avoid this place. They require to talk to the contractor and make them do a lot of up front work (which is good in the long run but some contractors may not be willing to do this much work for free).

100% financing sounds great and is hard to say no to, especially when you're starting out and don't have the funds and just want to get started. But from actually making this mistake, if you don't have the money to put down (or the ability to get it from someone else) then you shouldn't do the project. Rehab costs almost always end up more than you originally expected.

Hello!

I work with a wonderful animal rescue called ALIVE Rescue based here in Chicago. Last year a couple donated a 4,800 square foot plot in Salem Wisconsin to ALIVE Rescue after adopting a dog from us and wanting to help us further our mission. They have also donated some money for us to build a barn that will house 18 dog suites, an indoor play area, etc.

We received final approval from the village on December 11, 2017 to move forward with the project. We already have architectural designs draw up.

SO! We are looking for contractors that would either do some volunteer work to help us build (I know... a big ask!) or simply give us a discount on their bid to help us build out this huge barn. 

If you or anyone you know may be interested in helping with this or potentially giving us a quote, please let me know. 

Hey Dan, I will message you my contractor’s info. Do you have certain areas of Chicago in mind? 

Welcome @Justin Johnson! BiggerPockets is great :) Good luck with everything!! Also in terms of multi-unit brokerage companies I recommend Essex... @Account Closed works there he is great. 

we had to do this on the property we are about to sell. If adding additional bathrooms/water pressure etc. is needed for you to sell you kinda have to do it. I will message you my contractor’s info - it depends on where the water is and on which side of the street

Hello!

I am asking for a friend because I'm not entirely sure -

Can a landlord require a tenant to pay rent in cash? This is a 4-unit building and the landlord does not live in the building.

She has told my friend "a check is not convenient" and requires cash.

Thank you!

Are you trying to have them manage single family homes or a building with more than one unit?