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All Forum Posts by: Jaclyn McClellan

Jaclyn McClellan has started 14 posts and replied 164 times.

Post: Recommed insurance aget for Multi Unit bldg

Jaclyn McClellanPosted
  • Real Estate Agent
  • Chicago, IL
  • Posts 176
  • Votes 73

@Edouard Pierre would you message me his info as well - always good to have an agent in mind. We have worked with State Farm and Allstate before, but I like to get a couple quotes.

Post: Brand new member from Chicago!

Jaclyn McClellanPosted
  • Real Estate Agent
  • Chicago, IL
  • Posts 176
  • Votes 73
Hey Lauren Perry !! I'm also in Chicago. I definitely recommend listening to the BiggerPockets podcast from the beginning. Also grab a couple books and just read as much as possible. I work with a great team if you need any references - it's good to get set up on an MLS search so you can start looking at the inventory, prices and areas.

Post: Need info on Chicago or Chicago suburbs RE Lawyer, Title Co.

Jaclyn McClellanPosted
  • Real Estate Agent
  • Chicago, IL
  • Posts 176
  • Votes 73

hahah apparently a couple of our posts were removed @Dorothy Wulf! ooops.

Post: Having issues with the BP app?

Jaclyn McClellanPosted
  • Real Estate Agent
  • Chicago, IL
  • Posts 176
  • Votes 73

Yea it's been the norm! Definitely needs to be updated. Can't edit profile, and can't connect with others.

Post: Should I list my Flipper now (Winter) or wait until early Spring?

Jaclyn McClellanPosted
  • Real Estate Agent
  • Chicago, IL
  • Posts 176
  • Votes 73
Dorothy Wulf what do you think?

Post: Investing with Low Capital and Little Experience

Jaclyn McClellanPosted
  • Real Estate Agent
  • Chicago, IL
  • Posts 176
  • Votes 73
welcome Michael Pelant !! $25k is great, don't think it's not. There's a lot of people that start with much less. Do you know if you're trying to do fix and flip or buy and hold? Or both?

Post: Using FHA loan to do a fix and flip

Jaclyn McClellanPosted
  • Real Estate Agent
  • Chicago, IL
  • Posts 176
  • Votes 73
You have to have the intention to live in it and the lenders have to think you're moving in.. or just move in for 6 months and then move when you're done fixing (unless it's not livable) . Pretty much FHA requires you to live in the property to qualify for the loan.

Post: Setting up an entity before getting started?

Jaclyn McClellanPosted
  • Real Estate Agent
  • Chicago, IL
  • Posts 176
  • Votes 73
You can't transfer properties into an LLC easily without possibly triggering a due on sale clause. If you have the money just set up the LLC, if you don't do that just do what you can to get insurance on the projects you're working on.

Post: Nightmare tenant, help!

Jaclyn McClellanPosted
  • Real Estate Agent
  • Chicago, IL
  • Posts 176
  • Votes 73
How much is the amount in dispute?? If it's just the grass sod amount, just give it back to her and move on. Not worth the headache.

Post: How do I get my 2 property HELP! Thanks

Jaclyn McClellanPosted
  • Real Estate Agent
  • Chicago, IL
  • Posts 176
  • Votes 73

@Kevin Johnson Not exactly that this answers your question but if you just bought the place you live in now you should look into getting a "home warranty." It will help if stuff breaks.