All Forum Posts by: Jaclyn McClellan

It would also be nice to be able to request colleagues from the app.

Welcome Timothy Swindle ! I love the podcasts as well. I would recommend brainstorming on areas that you would want to buy in and find a good agent. I was going to recommend Dorothy Wulf but I see she already commented :) I live in Chicago too. A lot of the stuff closer to downtown might be best for airbnb, a lot of people come in for work and just need a place to stay. So loop, south loop, west loop, river north and Gold Coast. Those areas can get expensive so don't be afraid to branch out of the center of the city. Let me know if you need help with someone with "boots on the ground." I live a little bit north (Lincoln Square) but work downtown.

Hey Jason Treadwell !! Welcome to the forums :)

what we are currently doing is not getting a loan through the LLC in particular, but getting a personal loan, then deed the property to trusts.. then the trusts have a % ownership of the LLC (I work with a partner). All the income from the property goes into the income for the LLC. Of course consult a lawyer before doing any of this.

It's another way to move around getting the loan through the LLC and also a bit more complicated.

I do believe commercial lenders will loan for more than 5 years. Google "portfolio lenders" in your area and ask them about it.

@Jon Klaus great feedback! I think it's important for people to know (including myself) what was going on during that time and some specific examples of what went wrong. A lot of times I hear investors talk about the "hard times" and losing properties, but they lack substance as to why and what specifically happened. 

@Demetrius Davis Diamond Mortgage will be able to do this for you. You should look up Kevin Bander - he's the lender I work with and he's great.

If you want his direct email or phone number just inbox me and I'll send it your way.

welcome @Ronell Harris ! What areas are you looking at in particular? 

Also I would recommend uploading a picture, most people usually "trust" a member more if they have a profile.

Do you currently have an agent? I work with a great one that just helped me find a 3 unit, we might be able to help you out

I just wanted to start a discussion surrounding the market during 2007-2009. To those investors who were around during that time period... How were you affected and what were some specific lessons you learned? What were some specific things that went wrong? (Ex. Lenders calling the loan).

Rule of thumb for me is at least $300 cash flow minimum. $100 cash flow is cutting it close.