All Forum Posts by: Alan Gomez

Hello Forum, I'm close to closing on my first flip project in a few weeks and was wondering if anyone has any idea how to be able to hide the purchase price from public record, specifically in Illinois. As a real estate agent Ive looked and analyzed many properties where I can find the purchase price from either the MLS or the assessors web page. I have come across some properties that show who bought it but not for how much. The only reason I want to do this is because as a real estate agent I feel that a client who is looking to buy a rehabbed home will often take the purchase price into consideration when making an offer, and tend to make lower offers on them. It's not every time but it's enough for me to want to hide the purchase price because at the end of the day most people on the buyers side, especially first time buyers, don't understand the expenses and time invested into a rehab. Thanks for the help in advance.

My main concern would be whether or not it's safe to go ahead and start working on the house if I sign the articles of agreement, or just wait it out. It's been two months and I honestly don't know how long these issues take to be resolved. My lawyer has a relationship with their lawyer so i would think that would benefit us knowing how things are moving along but it seems it's been the exact opposite. I just keep getting the run around on the situation with unclear answers on when they will resolve the issue. The original contracts closing date was for March 14 and we did not sign any extension. They're still holding earnest money so I would figure were still good to go on the deal.

Hello Forum, Well it seems I find myself in a situation. I have a contract for my first fix n flip up in the air. I have saved around 100k and have the house locked in for 57 with about 25 in repairs and an arv of about 145k. In late February we had the contract and the second week of March we had the closing. At the closing table we were just getting ready to finalize the deal and we came across a bit of a let down. The sale was an estate sale, the parents died in 1978 and left the house to their 10 children. The head of the estate had to fight in court at the time because of a dispute among the siblings at that time. He was granted to be the head of the estate however in fine print the title company saw that it was "supervised" meaning a judge has to approve of him selling the house since they have to make sure all beneficiaries get their equal share of the money. So the closing wasn't able to be done. The attorney the sellers for the sale is not the same attorney they used back in 78 so it took like two weeks to send him a letter to be able to release the case to the new lawyer ( this is my understanding from what I was told). Since then we are now two months from that original closing date and the sellers lawyer is "working on it". They offered an articles of agreement where we pay 500$ a month and its reduced from the final amount when we finally close for deed. However, I'm not sure if that's a wise decision considering that I'm paying the taxes and on top of that if I start working on it and I invest all this money I could end up not getting the deed. Or I could be stuck waiting for them to deal with this and keep paying holding costs since I can't sell the property until this issue is resolved. I would be at the mercy of the sellers lawyer and the slow court system. I'm new to this so I just want to know what my fellow bigger pockets investors advise? Thank you in advanced.

@Dave Garlick yes it's definitely a little frustrating. If you would like to meet up sometime and pick each other's brains a little I'd definitely would be open to the idea.

My father and I are looking to begin our real estate business in the south suburbs. Locations: Crestwood, Alsip, Oak Forest, Midlothian, oak lawn, burbank etc..

We own 4 cash flow properties but want to begin to invest in SFH fix n flips.

We have contractors and i myself hold a real estate license, it seems in the past year alone foreclosure purchase prices have really gone up around these markets. Anyways, I wanted to know if anyone on here has experience in these areas and if they have any advice on what to look out for or stay away from. Thanks in advance.

Best Regards,

Alan Gomez

Im new to BP so im excited to meet other like minded people to network with, ill definitely be attending.