All Forum Posts by: Account Closed

Hello,

I bought a property last year subject to existing financing.
Later I sold this property on owner financing to another buyer.

I was making regular payments to the existing loan since i sold the property.
Last month I was unable to make the payment to the lender and on further inquiry I found out that the original seller filed a bankruptcy under Chapter 7.

What should be the ideal thing to do now ?
Am i still liable for the existing loan ? How can i continue to pay the loan balance ?

Thanks
Abhijeet 

I am a local real estate investor from Chicago and I am currently looking for more multi family properties to buy an hold.
I can connect you with other investors/wholesalers who are active in south side of Chicago.

I love participating and sharing on the forums here.
It helps me to learn, network and understand what others are doing.

One should design their systems in such a way that they have sufficient time for participating in activities which add more value to oneself and others.

80% of the results come from 20% of the work you do.
So, please keep looking for that 20% and don't try to do everything you possibly can.

A foundation issue can take a lot of money and time to fix and trust me you don't want to get into that trouble initially when you don't have a reliable team to work with.  FYI, I am also fairly new to this business and I just said NO even after getting the property under contract at a great price last month because of a major structure problem.

Don't try too hard to make deals work. Say yes only if you're 100% sure about it until then patiently wait and keep working.  

I just heard a quote on one of the podcast that goes something like this:
A lot of success from "Hell Yeah" can be completely wiped out with just one "Oh ****".

Hey Nathaniel,

Congratulations for starting in real estate. 

What areas on the south side are you targeting ?
I am a local investor from Chicago and looking for small multi unit buildings on South east side. 

(60608, 60623, 60632, 60609, 60629)

I don't have the answer to your question but I can connect you with some other active wholesalers on south side who can help you. Let's connect !

@China Sistrunk : What are you trying to do ?

If you are planning to research every property to find out if they were sold or not,
I think it will be a very tedious and ineffective way of prospecting.

@Lindsey Matejak I think you should not speak to anyone about renting your condo.

If there is no rule, they cannot stop you from renting. Simple !
I have rented my condo in evanston and board is still fighting to make it 100% owner occupied.  No one in the community wants to vote for that rule because they want the flexibility to rent out the unit in case anything happens.

Condo's are usually against short-term rental/Airbnb's but otherwise I don't think anyone will have any issue with a year long tenant especially when they don't have a rule defined against it in the association laws.

Just be mindful of your neighbors and extra cautious when you screen your tenants, which you should do anyways.

I have never done this but probably will have to do in future.
I wish you best of luck and take a look at this book:

Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties

@Michael Quarles : What kind of algorithm or numbers do you run ?
On finalizing the area, how long do you just focus on that specific area before expanding or switching to other places ?

FYI, I am still reading your marketing Diary campaign and I wanted to thank you for sharing that information with everyone. My only concern with direct mails is that it can become costly very soon and I don't want to waste money on places/lists where I cannot get a return. 

So do i really have to learn the hard & expensive way of testing and tweaking
or is there a more sophisticated way of doing this ?

@Salman V. This is amazing (especially your buying criteria, required skill set section)
I transferred the PDF to my kindle to read and take notes.

Thank you so much for sharing this case study.