All Forum Posts by: Jason Hsun

@David DachteraThanks for feedback. I know you don't have to use one from Illinois, but do you have any prospective HELOC lenders that you have used and are happy within the state? Any good out-of-state lenders?

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Thanks and looking forward to hearing back from the BP Community!

@Jack T.  I have to agree with @Lumi Ispas, there are suburbs out of the 606 with 2x the property taxes as within...take La Grange as an example, but their school system is also much better than inside the city.  Since you're an out-of-state investor, it shouldn't really matter to you that much.

I also agree with her on tenants and return.  Some of you may not agree with this, but you might have to put a little more of the equation onto the appreciation side when it comes to Chicago city limits.  Yes, you can still cash flow (although not by a lot) with Type A and B properties/locations, but that's where you're going to see the most resale value in the city.   If you can afford and make the numbers work with new and unique construction properties (despite it being at retail), there will always be a healthy demand.

Even if the effect is negligible and marginal, I am curious if obtaining a HELOC does, in fact, have a negative effect on someone's credit and score. If there is an effect, does the amount of the credit line also determine the severity in which is affected?

Perhaps it's only marginal and I know credit score is only part of the picture when investing (esp when getting traditional financing), but does obtaining a HELOC negatively affect your credit score? And does the amount of the credit line matter? I read somewhere that the amount you get approved for also influences the impact to your credit score.

@Nick Arthor  Hi Nick, I am in the process of looking for PM's in Vegas as well, would be interested in hearing your experience since posting and if you made any progress on potential teams you've been interviewing.  Feel free to connect and share.

@Joe Abughazaleh  Hi Joe, would be interested to get your recommendation as well!

@Chris L.

Hi Chris, just curious if you had any success with your PM search in...I am also looking around for a PM there.  Would be interested to see who you finally went with.  Please feel free to connect and share.  Thanks!

@Shannon Bae Hi Shannon, Bit of newbie here myself and was doing an archive search on previous forums on Round Rock.  It seems like the posts were from earlier this year, but curious to know if you managed to move forward with the property.  I am also looking into Round Rock and am weighing purchasing a new construction home versus a slightly older property.  Obviously the numbers have to work, but would be great to know what transpired from your efforts in the area.  Specifically I've been looking at the area due east of the IKEA, which I suppose is a little north of the center of RR.  Looking forward to hearing back!

Thanks to all of you for your replies.  Definitely all issues to consider on my next property or on the lease renewal.  On this one, did a full background check of the tenant beforehand with the property manager, as well as called on previous landlord references.  Came out all clean.  As a relatively new & unique higher end property, I assumed the tenant wanted to make sure their offer would be better than other competing bids in order to secure the property.  Nevertheless, will consider the overwhelming response against doing it again...

Hi BP Community,

I'd like to survey the forums on the best use of a year's worth of rent paid by a great tenant upfront on a personal residence that is just in the 1st year of a 30 year conventional.  Leave it in the bank account to auto-pay the mortgage each month, or put it towards the principal but still pay the monthly out-of-pocket as if nothing changed?  Plan to keep the house for at least 5-10 years.