All Forum Posts by: Patrice Boenzi

@Tim Sipowicz I have not helped anyone in Indiana since I am only licensed in Illinois 

@Tim Sipowicz very true! We lived in our first two flips 😂! It’s all about reaching our goals and I love that, usually, there are several ways to get there!

@Abel Curiel thanks for the shout out!

@Tim Sipowicz I love educating new investors. The advice @Abel Curiel gave you is solid and wise! We call that house hacking and we helped our son do this when he got started right out of college. Investing is all about the numbers! 

@Jairo Zapata I do not think this real estate crisis is similar to 2008 because that was a lender crisis. This next wave will be due to an economic crisis as some economists believe we are already in a recession. The hardest hit group is the hard-working Americans and the small business owners during this virus. Unemployment is almost at the same point as the 2008 crisis, but we were in a better place before the virus hit. It will be interesting to see what the Government does just stimulate the economy.  What type of properties do you own?

@Matt W. If money is not option and it is only $50, it could be a huge benefit to you in the future when you are buying and selling. Like you said, you could potential use your commissions toward purchase. The other thing to keep in mind is that since you are licensed if you refer a client to another Realtor you can ask for a referral fee. Referral fees range in percentage, but it could be another way to make some money!

@Brandon Morris first deals are exciting. Question for clarity...are you still buying the foreclosed property and then the house from the "lady". How did you figure your rehab budget and roof price? I agree with @Eric Patrick Oden that roof price does seem a bit high and the rehab budget seems low. Did you have actually material costs? That is something easy to figure out; labor not so much.

@Matt W. If money is not option and it is only $50, it could be a huge benefit to you in the future when you are buying and selling. Like you said, you could potential use your commissions toward purchase. The other thing to keep in mind is that since you are licensed if you refer a client to another Realtor you can ask for a referral fee. Referral fees range in percentage, but it could be another way to make some money!

@Dennis S. Gelbart where does your company service? Sometimes I have clients that are looking to add-on or build.

@Jeremy Holleb i am sorry you got laid off from your job. We are in tough times. Unfortunately, a lender will want you to have a job if you are a W2 employee. Actually, the lender verifies your employment the day or two before closing. There are other options...do you own any investment property currently? I am not a lender, but a Realtor and active investor so I have many lending contacts. Check out the marketplace - I have a 2 bedroom 2 bath condo for sale that has been a rental and is a great option. It is located at 302 Newport Bartlett; I will be going live with it tomorrow. PM if you want to chat about lending options. Good Luck!

@Andrew Lake welcome to BP and the wonderful world of real estate investing. Our son did the exact thing you are trying to do and it has been fun to watch him live off of cash flow right out of college. I am a Realtor and my association, @Jackie Bloom, and I would love to grab coffee with you and talk investing. The COVID-19 has put a wrench is things as @Jeff Burdick stated above. As Realtors, we cannot show any property with a tenant in place (even with permission from owner and tenant). We will get through this and from what I am hearing most people are expecting the market to be hot after things return to normal. lenders have changed some of their criteria right now i.e. FHA loans and one of my lenders told me that IDHA (down payment assistance program in Illinois) has been put on hold. I am sure a lender can share some light on this end of things...I try to stay in my lane. Good luck and keep educating yourself....learn to run your numbers!!