All Forum Posts by: Marco Anemone

@Troy Sheets, I could be wrong but my gut tells me the "tenants" who moved into your friends house are actually the only ones who broke and changed the locks, wrote their own lease and signed the for the fictitious "landlord". It happened to me. It was an all-around scam by the same individuals (fictitious landlord, fictitious lease, fictitious deposit amount, fictitious Etc.). I was lucky however because I was able to get them thrown out and arrested for breaking and entering. Thank you

@Joe Rizzatto, for sure! My schedule is pretty flexible this time of year. Reach out to me when you have time to meet up over a cup of coffee! Believe it or not if been pretty active. Sold one flip in May, and I've purchased 3 rentals and put another one under contract just 2 days ago. Flip candidates have been hard to come by though

@Sean Gimpert definitely nice to have the security and extra $ of insurance paid rent. Wondering how long the lease is for. You will definitely need a landlord license in Romeoville. Look into it if you have not done so already.

Congratulations on your purchase! Also an investor in Bolingbrook, Romeoville, Plainfield and Naperville (rentals and flips).

Also, good to see you are on bigger pockets too Joe!

@Jason P., did you close at a title company? Did you hire an attorney? Do due diligence? Something sounds completely off. I live in Bolingbrook and I invest heavily in Bolingbrook, both flips and buy-and-hold to rent. Ifyou purchase a duplex for 16k and it's free and clear of any underlying lien's then it is a remarkable deal to say the least. I just find it difficult to believe. That said, I hope that my gut feeling is wrong.

@Dale E., Cash-flowing single family houses in Naperville are few and far between. Of course, cash-flow is in part directly impacted by how much of a loan you'll be carrying (ie., 80% down and 20% mortgage loan, verse 25% down and 75% mortgage loan. Or perhaps no loan at all). So the "Cash-flow" benchmark can be achieved, but in and of itself its a worthless matrix if not considering what is behind the cash-flow number.

All that said, I would agree with @John Warren in that Bolingbrook is worth while looking into. I am an investor as well and I have several single family rentals in Bolingrook, 2 of which I acquired within the last 2 months, and all cash-flow nicely with 25% LTV plus about 5% to 12% more in rehab expenses.

Best of luck to you Dale!

I just refinance 3 single family houses (rentals) last week at 3%, 30 year term no points. Closing on a single family investment property tomorrow, also at 3% 30 year term, no points. And refinancing should be completed by weeks end on 5 more single family rentals. All are 75% loan to value and all are in Illinois. 

My bad, Joe Villeneuve...

@Shakiah Naverre, what Joe Villanova said regarding fees and the low probability is accurate. You may want to see if you can get a HELOC. if so it will be much less expensive as far as fees go.

@NIcholas Hamel

The only way to pay a mortgage loan off in 5 to 10 years is to PAY more towards the principal. Look, if you have a 100k loan at 3% for 30 years your payments (principal and interest) will be $421.60. That's principal AND INTEREST. If the entire payment went to principal and none to interest (let's say the lender is willing to forgo the interest for the sake of this illustration) it would take 19.76 years (100k/ $421.60) to pay off the principal. 100% of your payments going towards principal and still no where near paying it off in 5 to 10 years. Paying more towards principal is the only way to pay it down in that few years!