All Forum Posts by: Mark F.

@Ryan Canfield - I can't say for sure as I'm not familiar with mobility zones, odd thing is that the local HUD office (Elgin Housing Authority) gave me a sheet recently for the are areas that they cover and the rates were different then what was posted on the HUD website. I never got a good answer from them about the discrepancy other then "thats the rates we pay for this area", which is even more perplexing because I have 2 properties under the program at that HUD office and they pay more then what was on the sheet they gave me and more in line with what is on the HUD website. I didn't want to ask about those properties specifically as to not trigger any calculations even though I just got letters from them on both properties confirming the rates for 2019...... 🙄

As far as the overall rates, yes some areas they will pay more then the market rate, like the 2 houses I have on the program, and in some areas they will payless than market rate, likewise my houses in those areas I don't put on the program . There is no perfect solution as we all know neighbors an change in value block by block but the zip code is a much better system then they were previously using in my opinion. 

https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2020_code/select_Geography.odn

Here you go sir....

$13,500

@Kuchambi Myhand  I''m glad you had a good experience with them thus far, hopefully your draw process goes better then Frank had mentioned above. Keep us updated if you don't mind. 

@Cody Wacura welcome!  I am in Elgin, I live here, work full time here, have rentals and have done flips here. I am fairly familiar with the Elgin, South Elgin and Carpentersville area. I have work with @Zack Karp and he should be your go to mortgage guy for conventional financing.

Also reach out to @Joe Mueller as he own Tanis Group Realty, is an investor himself and has monthly investor metting at his office. Likewise @Chris Davis is a big investor/flipper in the Elgin area. I personally know all of the above and they are invaluable resources. Lastly I will mention @Jennifer Kinzle as she has helped me find deals and it definately an investor friendly broker. 

You have lots of experiece to help you in your venture, let me know if you need anything else....     

Mark 

@Chris Davis

@Joel Perez - yep I saw you were local, let Eric know I referred you and he will take care of you however he can. 

@Joel Perez, I've been using Renovo Financial, they are local (Chicago) and are great to deal with, I have had 4 deals thru them since April and each one went smoothly. Reach out to Eric Workman, he is the VP of lending and will help you in any way he can. I will preface the above statement with the fact that I do believe they only lend to investors with experience from my understanding. With that said, the entire team at Renovo are top notch in my opinion.

If you need more or contact information for Eric send me a message.

Mark  

@Brian Watters - welcome and best of luck to you and your fiance on your REI adventures, as I'm sure you've already seen BigerPockets is a wealth of information. Read, learn and jump in!

@Andrew Postell agreed - but I've dealt with Dave on the lender side and it didn't go well so not surprised.......    just sayin'

@Jennifer Szoldatits - if you paid cash for the house you can do delayed financing the day after you close, no seasoning is required. The key difference is you can only finance up to what you paid for the property (plus closing costs) subsequent to the 75% ARV. ie: you purchased a property for $100k, it appraises for $134k you can pull out all the money you paid for the property. Now if you want to do a cash out refi for MORE then you've paid you would have to wait for the 6 month seasoning period for conventional Freddie/Fannie lending. You may have other options through a portfolio, or sometimes called commercial lender, but the rates will be higher.

I see you are in Illinois, reach out to @Zack Karp - he and his team are investor friendly and top notch, I've financed a few of my buy and hold rentals through him as well. He will answer whatever questions you have and won't steer you wrong. 

Mark