CLOSE IN 48 HOURS OR LESS! READY TO GET STARTED ON YOUR NEXT DEAL IN ILLINOIS?
A first-time borrower was purchasing a small rental property in the Chicagoland area. While the property was not turnkey, it only required light rehab to be rent-ready. The borrower was well-qualified but had trouble securing a smaller loan from his local community bank. EquityMax entered the fold, offering a “no appraisal” option to ensure the quick closing the borrower was requesting.
|FIX AND REFI|
|Location – Chicago, IL|
|Loan Amount – $30,000|
|Purchase Price – $46,000|
|Loan Type – Purchase|
|Term – 12 Months – 17 years (Borrower Option)|
|Rehab Amount – $5,000|
|Actual Retail Value – $65,000|
|Profit – $400/Monthly Positive Cash Flow|
The average home in Illinois was priced at $217,672 in November 2020, a 4.8% increase from 2019. All signs point to an even better year forthcoming, as experts are predicting housing prices will rise another 7.5% over the next 12 months. The one obstacle is increasing property taxes in the Land of Lincoln, and investors must find a way to navigate these rising costs as much as possible. Even so, with real estate pricing trending upwards, the question is not whether an investor will profit…it will be how much he/she will profit.
Rising home prices and a significant drop in unemployment rates (10.4% to 6.8%) indicate that the market effects of 2020 are past, and 2021 looks to be a banner year for investing.
High Foreclosure Rates
Illinois has one of the highest foreclosure rates in the country which presents many opportunities for investors to secure deals below market value and even push for pre-foreclosure/short sale buys.
Will it continue to be a seller’s market moving forward. Steady demand and a shortage of homes bodes well for investors looking to profit in the current marketplace.
“My first deal with EquityMax was a refi in Chicago and it went conveniently as planned. I was very satisfied with the loan process that I am now on my second loan with the company. Even though it is a small deal at $15,000, there are few lenders, other than EquityMax, that will provide a loan of this size.”
High LTV / Low Rates / Flexible Term
Minimal Insurance Requirements
Zero Prepayment Penalty
ZERO Credit or Qualification Requirements
No Personal Guarantee Required
Free Comparable and Repair Analysis
Catering to Real Estate Wholesalers
1-3 Day Funding
Minimal Notice to Close
Invest through a Self-Directed IRA or Solo 401K
Net Proceeds from Investing are Tax-Deferred
No Personal Guarantee
Gregory Emmer, one of the Principals at EquityMax, is also a licensed general contractor in Florida. This licensure enabled EquityMax to build speculative properties in Pompano Beach on land that had been previously owned by the company, dating back to 2004.
EquityMax lends on any form of residential property, including single family homes, 1-4 multi-unit properties, condominiums & townhomes, and even small apartment complexes (20 units or less). We also lend on commercial property and industrial warehouses.
EquityMax can send a borrower a Proof of Funds within 5 minutes of receipt of an acceptable, three-score credit report. If a borrower does not have a recent report, he/she can request that Equitymax pull it. For instructions, please click here.
Yes. EquityMax has multiple borrowers with several active loans in our portfolio.
EquityMax does not require our borrowers to be a Corporation of LLC. We can originate loans to individuals, LLCs, Corporations, Land Trusts, and Self-Directed IRAs.
EquityMax always suggests investing in the larger metro areas of Illinois, such as Chicago, when starting out. This will simply provide more gross opportunities for you to invest in. As you grow more comfortable with investing, we can certainly suggest moving to outlying suburbs and more rural areas.
Yes, however, as stated previously, we certainly recommend these pockets of investing to more experienced or local investors to those areas. However, EquityMax will not base an underwriting decision on how far an investor is from the property.
Certainly markets like Champagne are great during the school year, and investors should always seek to max out returns and look at investing in college markets as a seasonal endeavor.