All Forum Posts by: Account Closed

Hi everyone I recently found someone who wants to sell a house but they won't offer a warranty deed. They only offer a quit claim deed. What would be the risk of me buying a property like that? From what info I found, it appears that the property went trough foreclosure in March this year. The company that is selling the house bought it as a package deal and they want to make a small profit and sell it as it is. (That's what they say) Let me know your advice: should I buy it or not? If i would buy it, it would be a rental place. So I'm not planning on selling it after I fix it up. Thank you

Hi everyone, It's been a long time since I didn't post on this forum but this morning I decided to share my story with you. I love construction and the idea of creating something unique and beautiful. I started when I was in middle school working with my dad and I never stopped since then. Recently I stopped contracting any residential work and I started contracting only commercial. It was a big decision thinking that I left behind a lot of good clients which were giving my company enough work for my 6-8 employees. Most of my friends criticized me for what I did saying that is the wrong move and I'll go bankrupt soon. I have a ton of reasons why I did this. I would just say that I love the idea of having a plan, a blueprint, a schedule. It's not so hectic as residential. Just my opinion. Looking back it was a bumpy road for the first 2-3 months but after that it picked up again and here I am hauling through the blessed land, USA. What do you think about my move? Did anyone have a similar experience: stopping investing in residential RE and focusing on commercial only? I would love to hear some other people stories. Maybe I'll post some pictures from our recent projects when I figure out how. (Hopefully that's ok with the admins)

If you didn't find someone yet send me a PM and I can recommend you someone from Cincinnati area.

If you are still looking for a contractor you can contact me. Thank you

Hello everyone

My name is Alex and I am a contractor in Chicago area. I always thought about getting in the real estate but I'm always swamped with work so I didn't really have time to sit down and start reading more into it.

All these until my mother in-law had a family meeting with us and she told us that she can't manage all her properties anymore since she's over 60.

So she asked me if I want to buy one of her properties. Now, here's the deal she proposed and I need your help/advise in taking the decision of buying the property or not. 

The building it's a 2 flat situated in the Little Village area in Chicago IL. It's on Whipple St between Cermak and 26th St.  She asked 90k for the building (regular financing through the bank). I offered her 75k cash and she accepted under the following payment plan: 15k as downpayment and every 12 months 10k. 

There are 2 apartments, each 3BD 1Bath. 

One of the apartment is rented for $650/month to the same people for 27 years and they like the apartment and don't want to move anytime soon.

The other one is vacant but I think that I can make it look nice with 10k and rent it for at least $650 as well.

What do you think I should do? Should I buy it? Would this be a good first buy for me?

I'm waiting for your advice. 

Hi Whitney Congrats on your deal My wife did a project in upstate NY and she was happy with the company she used. I'll contact her once I get off the airplain. Contact me and I should be able to put you in contact with someone shortly.

$100/sf is a fair estimate. If you want something better than average go with $125/sf. 

I just sent you a colleague request ;)