All Forum Posts by: Patrick Roob

Hey there,

Definitely take the advice from @Chris T. on checking property taxes. THIS IS EXTREMELY IMPORTANT! I just closed on a 4-unit in Lake County and the taxes are $14,700!

Buyer beware! However, as long as you purchaser RIGHT you will always come out on top!

I like to focus on C grade neighborhoods, B class if the price is right. Renting to blue collar hard-working tenants is very enjoyable....... As long as you screen them!

Patrick 

Hey there @Crystal Smith!

Yes, I will certainly be moving there as my primary residence.

@Account Closed, thank you very much for the referrals and I will check them out!

Thank you!

Hey there @Jerry Tuzil and @Scot Howat!

Thank you so much for the recommendations! I will look into what they have to offer.

Thank you!

Hey everyone!

Thank you so much for all your advice!

@Robert Leach and @Patrice Boenzi - I learned that the town plows the streets themselves, and the road is a county road. They were very understanding and courteous to me and more than willing to address the concern right away!

Thanks again to each of you for your advice.

Patrick

Hey there @Erik W.!

I am in Round Lake, so not too far from you! Like you, I am looking to jump into something larger (just not right now) Also, the issue of capital is something that puts me in a similar position as you. What I have quickly learned is that one good option for growing larger, at a faster pace, is to partner. Whether that's only an equity partnership or something more, that will more than likely be my route in 2017. Do you have family for the capital? Friends? Maybe you could pool together funds from a group of people to offer a certain percentage of return?

I do know that @Brock Y. is in our area, and I believe he is looking for business partners..... Maybe he could offer some insight. However, I believe his main focus is multi-family in the Illinois and Milwaukee area. Nonetheless, he could potentially point you in the right direction for financing or ideas.

Thanks!

Patrick

Hey there,

Personally, I feel there are a few things that could be adjusted here. If this is your first home, did you think about using a conventional or even construction rehab loan to purchase allowing for you to leverage your ability to borrow (especially at today's low rates)? Personally, I did not purchase all cash and leveraged my ability to borrow, while keeping reserves in the bank allowing me to invest elsewhere.

As for the deal, if you're already coming in with a strong offer of ALL CASH which is ABOVE LIST, on top of this being your first home, I would not agree to it. EM of 10% is not required, especially on a relatively low-cost home, and is not required but is only an "overlay" or added blanket of security the bank is independently requesting. If a 10k EM deposit is unnecessary (in my eyes) for a home which is 100k. 

Me personally, I would deny their request or find a different lender. Is there a reason you're offering such a strong offer? Is the competition that stiff? If those options did not work for you, maybe offer a concession of doubling your EM to 2k?

Thanks,
Patrick

Hey there @Rebecca Knox!

Thank you so much for the referral! I will look into them!

I see you're a Milwaukee investor... Are you starting to invest in Illinois, or is this specific LO just located in your area?

Thanks!

Hey there @Wayne Brooks!

I certainly understand the situation, and with the family growing, it's a tough situation. Yes, the plan is to move forward with a conventional loan.

Thanks,
Patrick

Hey there @Wayne Brooks!

Yes, that's correct. I am looking to purchase an owner occupied SFH.

My apologies for not clarifying, and thanks for the response!

Patrick

Hey everyone!

How are you? I am currently in need of a new Loan Officer, could you help?

I am located in Round Lake Beach Illinois, and am looking for someone who is in Norther Illinois, or the Northwest Suburbs of Illinois to work with. Additionally, I am very interested in someone whom has worked with other investors and may have experience with construction/remodeling loans.

Currently, I have an FHA on a four-unit, and am looking to purchase a SFH with a construction loan as a value-add. However, I closed on my FHA roughly 7 months ago, and my previous L.O. cannot help on this loan, as it has not been a year which has passed since my last closing. However, they have advised that other Loan Officers many times do help on the second loan, but their policies will not allow it.

If you, or anyone you know, can offer me some assistance in a very good Loan Officer to work with in my area, I would GREATLY appreciate it. In efforts to trigger some Keyword Alerts for other investors near myself, I have added a list of surrounding towns below.

Keyword Alerts: Gurnee, Waukegan, Grayslake, Round Lake, Round Lake Beach, Mundelein, Libertyville, Lincolnshire, Vernon Hills, Lake Forest, Lake Bluff, Deerfield, Arlington Heights, Wheeling, Buffalo Grove, Palatine, Schaumburg, Crystal Lake, Cary, Pleasant Prairie, Kenosha, Racine.

Thank you so much!
Patrick