All Forum Posts by: Ryan Arnstein

Hello,

I recently sold my two flat after overseeing the renovation on it, and am looking to use the proceeds to buy high equity properties in nice areas at county foreclosure sales and turn them into short term rentals that are projected to produce over $100,000 per year in gross revenue. I possess an IL real estate license as well, and am looking for a hard money lender that will allow me to put 10-20% down, or extend me a line of credit. Counties in my area typically require 25% down at the time of the sale, and the balance is due within 24 hours. We also would not have access to the inside of the properties until the existing occupants vacate, so an exterior or Desktop appraisal would be needed. I look forward to hearing from you soon.

Thanks,

Ryan Arnstein

Hello BP Community,

I recently sold my two flat after overseeing the renovation on it, and am looking to use the proceeds to buy high equity properties in nice areas at county foreclosure sales and turn them into short term rentals that are projected to produce over $100,000 per year in gross revenue. I possess an IL real estate license as well, and am looking for a hard money lender that will allow me to put 10-20% down. Counties in my area typically require 25% of the purchase price down at the time of the sale, and the balance is due within 24 hours. We also would not have access to the inside of the properties until the existing occupants vacate, so an exterior or Desktop appraisal would be needed. Does anyone know of a hard money lender that will lend on foreclosure sale properties, or extend me a line of credit?

Thanks,

Ryan Arnstein

@Aaron Klatt so far all I can find on there is four unit sections of townhomes in England. LOL. I guess people don’t usually take pictures of four flats.

Where can I find small multi-family property stock photos for direct mail postcards? Thanks!

Steve Nicholas. He helped with my home purchase several years ago.

Makes a lot of sense. Thanks @Edward Wodziak!

Not sure how to spot the difference on the wall types- I'm gonna rely heavily on my contractors for sure. 🙂Thanks a lot for the info!

Let's say I come across a house with mold issues, but won't know the extent of the problem unless I buy the place and open up the walls. What would the worst case scenario cost to fix on a 2000 sq. ft. house, for instance? Same question for foundations if there are cracks on multiple walls- possible tear down? Just trying to get a handle on how much to allow for in future rehab budgets without worrying if the issue could be worse than I thought. Thanks! Ryan Arnstein

My name is Ryan Arnstein,. I'm a landlord who is looking to expand into flipping houses in the northwest sunurbs. I've only recently started engaging on the forums, but I've already been able to connect with some great professionals. It's exciting to see how many people I can hep and can help me on BP!

Great! Thanks Nino.