All Forum Posts by: Ahmer Zaidi

I've been wondering the same thing. I'm unable to find any properties on the MLS that are priced well enough to have any equity left after the required rehab. My agent setup up a search for me for distress properties (short sale/bank owned). I'm now considering buying through a wholesaler.

@Ralph R. He is taking steps. He's stated he's provided a notice to tenant, which is the first step. As you know, tenants have rights and if they don't move, the eviction process will take much longer than the 30-60 days to move in.

On the subject of the lender, a majority of lenders will not take action if they are kept abreast of the situation.  They are in the business of making profit not taking people to court which is a process that will take longer than an eviction.

@Patrice Boenzi Thank you very much for the reply and insights.  My thought was to learn how to purchase a pre-foreclosure prior to a short-sale by marketing to and communicating with the property owner and potentially working out a deal. Or purchasing a property at auction prior to it going back to the bank

Hi,

I'm looking for an experienced investor familiar with purchasing pre-foreclosure or foreclosure properties.  The internet hasn't been helpful in providing information to find and buy them.  I see too many websites offing a list for cash.  If you're in the Chicagoland area, I would love to get together, network and learn from you.

Thanks,

Ahmer

Well I was definitely not suggesting committing fraud.  Mortgage occupancy clause promises the lender that you intend to live in the property as your primary residence.  And intent matters a lot in law.  If the buyer has a good enough attorney and can prove intent the lender will just have to be patient.

Any attorney's here that can speak to this?

@Luke Dilorenzo I would consult an attorney. You sign an "intent" agreement to live in the property and you've shown that "intent" by providing a move out notice and consultation of an attorney. Intents can change based on circumstances. Evictions can take a long time, so prolong it as much as you can. The bank probably won't check up on you. Just my 2 cents.

@Joseph Konney

My next investment will surely be a SFR or Multi-family. As a first investment, I'm happy with the deal and the CoCR, ~9.5%. I agree with your insights about condo's. One of the reasons I bought a condo in an A class area vs a Single or Multi-family in a B/C area is because I'm the sole provider and don't live in a home we own. If something were to happen to me down the road my family can have a place to live in a nice area near family, if needed.

@Jennifer Rysdam Google "Prime-Line Products 827705 Bi Fold Door Repair Bracket" I used these when I was managing parents properties. Since they are metal brackets no need for constant wood repair when the holes get to big.

Additional, one other thing I would do is once the doors are properly aligned using the small screw that clamps to the rail on the top corners. I would take a dry wall screw and screw it snug in front of the top corner bracket to keep it from sliding and misaligning the doors if the clamp ever loosened which can cause other damage to the door.

Hope this helps.

Anyone here familiar with and has used both ChicagoDealVault and Propstream?  I was in a demo for ChicagoDealVault in a ChicagoREIA meetup.  I thought the tool was very cool but last saw it's double the price of PropStream.  Any thoughts and feedback will be help when making a decision to purchase one over the the other.

Thanks in advance!

@Nathaniel Green that would great. Please pass along the information.