All Forum Posts by: Patrick Roob

Hey there Marvin!

Feel free to connect at anytime!

Patrick

Hey there Darrell!

I could not agree more! I have come to the understanding that people fall into this belief system (BS) that the proper way of becoming a homeowner is to find a steady job, and purchase a SFH as their primary residence, only to stay there for many, many years. Although this works for many people, I like to swim against the current of conformity to the general belief of home ownership!

However, if I were to run through this deal again, knowing what I know now, I would have done a 5% down conventional loan, allowing me to Refi the PMI off at a later date, or even taken on a Fannie Mae 203k. You live an you learn!

Hey there @Svetlana Foley!

Thanks, and please feel free to connect!

As this property sat on the market for 200+ days, it put me in a very good bargaining position! From what I have noticed, unless it's a foreclosure, short sale or auction, rent proration is standard from 105 to 110%in the state of Illinois.

However, seeing how my taxes went up 15+ percent this past year in Lake County Illinois, the 110% tax proration only covered a portion of it. In the end, I still am very happy with this closings results!

Patrick

Hey Everyone!

How are you? I am looking to reach out for help in finding a new CPA or Real Estate Accountant in the Northern or Northwestern Illinois suburbs. Currently, I am located in Northern Illinois (Round Lake) however my accountant I have used for the past 10 years is 1.5 hours north in Wisconsin.

With recently purchasing four rentals, and looking to close on another before the end of the year, I am looking for any personal or professional recommendations for a good, trusting and respectful CPA or Real Estate Accountant in my area. Rather than having an accountant over an hour away, I am hoping to connect with someone whom is more easily accessible for myself.

If you, or anyone you know, can refer someone or an office to me 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

Hey Everyone!

How are you? I am looking to reach out for help in finding a new CPA or Real Estate Accountant in the Northern or Northwestern Illinois suburbs. Currently, I am located in Northern Illinois (Round Lake) however my accountant I have used for the past 10 years is 1.5 hours north in Wisconsin.

With recently purchasing four rentals, and looking to close on another before the end of the year, I am looking for any personal or professional recommendations for a good, trusting and respectful CPA or Real Estate Accountant in my area. Rather than having an accountant over an hour away, I am hoping to connect with someone whom is more easily accessible for myself.

If you, or anyone you know, can refer someone or an office to me 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

Hey Everyone!

How are you? I am looking to reach out for help in finding a new CPA or Real Estate Accountant in the Northern or Northwestern Illinois suburbs. Currently, I am located in Northern Illinois (Round Lake) however my accountant I have used for the past 10 years is 1.5 hours north in Wisconsin.

With recently purchasing four rentals, and looking to close on another before the end of the year, I am looking for any personal or professional recommendations for a good, trusting and respectful CPA or Real Estate Accountant in my area. Rather than having an accountant over an hour away, I am hoping to connect with someone whom is more easily accessible for myself.

If you, or anyone you know, can refer someone or an office to me 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

Hey there @Svetlana Foley!

Great question! Long story short there were many different factors which brought the out-of-pocket price down. To start, I originally put down an EM check for only $5k Listed below are the credits which reduced the closing costs and cash at the table.

-Taxes prorated at 110%
-1% closing cost credit
-Half months rent proration with closing on the 15th x 4 units
-Transfer of security deposits 

In the end,I came to the closing table with an $18k cashiers check and walked away with that entire check, plus another check for $700....... My out-of-pocket cost ended up being roughly $4,300 after all the paperwork was signed!

Patrick

Hey everyone!

First off, I would just like to thank each and everyone of you for providing an AMAZING group of like-minded people for me to reach out to for suggestions, advice, opinions or answers! I feel truly blessed to have found the BP community!

That being said, although this post is late, I am excited to announce that I have finally "pulled the trigger" on my very first rental property in Northern Illinois (Round Lake) with it being a four unit row home BRRRR! Although the property was 315k with purchasing 3.5% down FHA and having multiple credits, I was able to walk away from the closing only paying $4,500 out of pocket while also reducing my monthly living expenses by $1,200 per month!!!! Although I am currently living in one of the units, the other three units not only covers the mortgage insurance, principal and interest, but I am cash flowing $100 above those expenses!

I just wanted to drop a line on this forum, not only to excitedly describe my first deal, but also to connect with other like-minded individuals! Although I purchased this four-unit 6 months ago, I am already on the hunt for my next BRRRR strategy rental being an SFR. If you would like to connect, and stay in touch as I continue to build my portfolio, please feel free to reach out.

Additionally, to those individuals in the Northern Illinois or Southern Wisconsin REI markets, please connect! I am always looking to meet and get to know anyone, especially those who enjoy talking real estate. I am a firm believer that in life, it's not always what you know, but often who you know which opens up incredible opportunities. That being said, to trigger some local investors keyword alerts, I have listed a handful of towns below within close proximity of myself!

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.

Stay in touch!
Patrick

Hey everyone!

I am a new investor in Round Lake, Illinois (Lake County) and would love to connect with those in my area! I just recently purchased my first rental (four unit row home) back in March, and I am currently on the hunt for my next rental property, and shooting to close prior to the end of the year!

If you're interested in connecting with another like-minded individual in the Northern Illinois or Lake County area, please feel free to reach out! If there's any way I can help out, please let me know.

Patrick

Hey there @Whitney B.!

Thank you for the offer!