All Forum Posts by: Ronan M.

4 to 6 weeks was my last experience and it was about this time of year as well. We have not had a very severe winter so hopefully they are not too backed up.

Plus cross your fingers your tenant or their attorney does not file some crazy motion. If a motion is filed the Sheriff will sit on it until motion is resolved.

Best of luck with it. Its not a pleasant part of the job.

@Daniel Patton

I don't know for sure but I think he does. I did not ask him to be honest. If I remember rightly when I used him first a few years ago I went to his office for a chit chat and he did not bill me for anything until we got started on the case.

@Mark Hafeli @Timothy Riley @Jerry Stanford @Nick Patterson

Thank you Gentlemen for your feedback.

@Daniel Patton

I use Barry Kreisler at Kreisler Law. Logan Square. He's a small outfit but specializes in RE has being doing it for a long time. Has been in property development and management himself.

If you use him tell him Ronan gave you the referral. Maybe he would cut us both a deal on future services !!

Best of luck.

@Marcin Chojnacki

Awesome job.

2 Questions

The $100K rehab...did that come in on/under/over budget ?

How long did the project take ?

Hi @Brie Schmidt

I know this original post is over a year old...but that's the beauty of PB..Its a treasure trove for research.  Your question in the original post is my exact dilemma right now.

I assume by now (one year later) you elected to take a particular course of action...so you have the benefit of hindsight.

So what did you decide to do ??    5 year term or go with the higher rate long term ?

For the Chicago folks. Anybody have any dealing with these guys ?

Any thoughts about them...good bad or indifferent ?

They are a relative unknown and appear to have a most of their branches on the south and far south side but with a lending office on the Northside.

I am looking to do a refi with them on a 6 unit I have.  But since I know little about them I want to make sure I am getting in to bed with good people and a decent financial institution.  

Any info or feedback would be appreciated.  Thanks

To comment on other suggestions I don't think a HML is good for what you are trying to do ( a Multifamily long term buy & hold)

You will be hit with points on the loan, interest only payments and you are only kicking the can down the road about 9mts when a balloon payment is due. Unless you are sure you can refi out before the balloon is due its risky. Plus you then face the same problem when you want to refi of no up to date US taxes no stable income etc. You are back at square 1.

Wait...would be my advice and try to have money coming in and work with conventional lenders. 

Option 2 saves you money as you eliminate the HML points and interest.

However...if you are going to be flipping on an ongoing basis it might be a good idea to establish a relationship with a Hard Money Lender who could help you finance further flips and help you grow.

Unless of course your deliver big on this first flip and your family love the cash and agree to finance more projects for you. 

Congrats. You seem real chuffed and proud. And you should be. Sounds like a great investment. Doesn't it feel good to be building something really solid for you and your family.

Here's to your continued success.