Real Estate Agent · New York, NY · Member since 2015 · 24 posts · 2 votes
Hi Everyone,
I have a motivated seller in Chicago area and I'm out here in NYC. She reached out to me October 2014 and wanted to sell her home to me for $45,000. I pulled my comps and the market in her area is all over the place. Foreclosures, short sales, properties selling between $12,000 - $100,000. Is anyone familiar with this area?
I've also called a dozen real estate attorneys in the Chicago area and asked if they did assignments and it seems that wholesaling is prohibited in Chicago.
Property details:
2bd/2ba, basement, 1 story, 1 car garage, 954 sqft, 3,600 sqft lot, original roof, roof leaks into the kitchen, tenant that pays $800.00 a month that has been there for the past 8years.
No mortgage on the property, they own it free and clear, property taxes are current at $1,883.00
Motivation: Sister has liver and kidney disease
Anyone in BP can shoot me some advice? Thanks in advance
Investor · Nashville, TN · Member since 2015 · 688 posts · 607 votes
11y
1. If wholesaling is illegal, do a double closing
2. how much does it need in repair? and if your comps are all over the place I would use comps that are at most a mile away and have sold in the last 6 months
60628 is part of Chicago southside. There are bad parts and there are good parts. This is why you're getting values all over the place. There are good parts though of that zip code. I bought a house there a few months back: (it almost changes block by block)
Real Estate Broker · Chicago, IL · Member since 2015 · 56 posts · 19 votes
11y
It may be in the Pullman district which is an interesting and desirable location (google Pullman District and check it out). This is not my area of expertise in Chicago (I focus north side) but I have a team member who I can put you in touch with that knows the area well. I will send her your info and have her contact you. Her name is Tiffany. Contact me directly if you want to talk.