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All Forum Posts by: Lee Schram

Lee Schram has started 24 posts and replied 58 times.

Post: equity

Lee SchramPosted
  • Real Estate Investor
  • Northbrook, IL
  • Posts 63
  • Votes 8

Looking for some help.

I would like to pull some equity out of a property (non owner occupied, no mortgage) and use that equity for additional real estate purposes. One purpose is to use some of the money as a down payment on another property. I am having trouble because every bank I speak with says the property must be owner occupied to use a HELOC.

@Brandon Turner book The Book On Investing in Real Estate with No and Low Money Down talks about how some portfolio lenders and hard money lenders may still allow you to obtain a second mortgage on a rental property.

I know there has to be a way that others do this.

What am I missing?  Please help

Thanks

Post: Flipping Success Two

Lee SchramPosted
  • Real Estate Investor
  • Northbrook, IL
  • Posts 63
  • Votes 8

Project start to finish took about 6 and a half months

Post: Looking for a Good Contractor in Chicago

Lee SchramPosted
  • Real Estate Investor
  • Northbrook, IL
  • Posts 63
  • Votes 8

hey Marc

I flip and build in the areas you mentioned. 

Pm me and I can give you the contact info of my contractor 

Post: 1031 liquidation

Lee SchramPosted
  • Real Estate Investor
  • Northbrook, IL
  • Posts 63
  • Votes 8

@Dean De Pew

thank you for the detailed response.  

I will reach back out to the attorney 

Post: 1031 liquidation

Lee SchramPosted
  • Real Estate Investor
  • Northbrook, IL
  • Posts 63
  • Votes 8

the attorney just said to us no exceptions.  No explanation further, just said there are no exceptions. 

I figured i would pose the question to the BP community and see what they have to say.

Post: 1031 liquidation

Lee SchramPosted
  • Real Estate Investor
  • Northbrook, IL
  • Posts 63
  • Votes 8

To clarify the question, 

we are in the 89th day of the 180 period and need to liquidate completely the proceeds with the escrow company. 

Our attorney is informing us that we can not liquidate and request the respective funds.  

is our attorney correct that we can not liquidate the funds?

Post: 1031 liquidation

Lee SchramPosted
  • Real Estate Investor
  • Northbrook, IL
  • Posts 63
  • Votes 8

Hi BP,

Need help with a 1031 question.

On a 1031 election, can you liquidate the proceeds prior to the ending of the 180 day period requirement without penalty?

If so, are there specific situations that allow you to?                                                               

Post: bank financing

Lee SchramPosted
  • Real Estate Investor
  • Northbrook, IL
  • Posts 63
  • Votes 8

Is anyone having any luck securing bank financing for fix and flips in Illinois?

Post: Chicago First Time Landlord - Lease

Lee SchramPosted
  • Real Estate Investor
  • Northbrook, IL
  • Posts 63
  • Votes 8

@Marvin Anaya

thank you. linked worked

Post: Chicago First Time Landlord - Lease

Lee SchramPosted
  • Real Estate Investor
  • Northbrook, IL
  • Posts 63
  • Votes 8

Is anyone else having trouble opening the links in this thread for the apartment lease pdf?

I can not open it, it says file not found.

thanks

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