Need help with a possible deal on a property in Park Forest, IL

3 Replies

At the moment I currently own a home in Park Forest, IL that I owe several years of back taxes on. There is no mortgage on the property, but the back taxes are significant. At this point they are likely in the 60k range. Long story short, a few months after I moved into the house I got sick and was off work for a long period of time. I was never able to catch the taxes up and at the beginning of this year I moved out so the house is currently empty. 

Obviously I'm very motivated and I'm open to almost any kind of arrangement. I would like to work with a creative investor to see if there are any options I have available on this home. I'm hoping to use this home as an opportunity to learn some new strategies from an experienced investor and hopefully develop a professional relationship. 

Feel free to contact me if this is something you might be able to help with and I'll get back with you immediately. Thanks for reading.

@Shawn L. sorry to hear about your predicament.  The taxes in Park Forest make me sick, it's flat out robbery.  $200K homes with $15K/yr taxes...just disgusting.

What is the approximate as-is property value?

Hey Zack. I agree the taxes are ridiculous. I don't know if I can even do anything with my home because the back taxes and penalties are probably more than the value of my home at this point. At any rate, I believe the ARV is somewhere between 95-102k. I'm basing this number on 8 similar sized homes that sold in the last 3 weeks.

The house needs some updating, but I haven't learned how to assess repair costs yet so I can't really give you a number on that. Please let me know if there is any other information I can provide.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here