All Forum Posts by: Bob Floss II

@Jonathan Lane I would consider cash to be liquid cash on hand, either in a bank account or a line of credit. Now, representing a seller, if the buyer shows up to closing and has a loan ready, private money, or a partner, it doesn't matter to me as long as the money is at the title company for closing. I've also represented buyers where we submitted a cash offer and then obtained a hard money loan before closing. I don't have a problem with it as long as you have the cash on hand in the event the loan doesn't go through in time for closing. 

@Reba Vera You should never close on a property without seeing all the leases. In fact, you should get it right after you went under contract during attorney review. I typically ask for all expenses and rent rolls for the past 12 months. You'd be surprised how hard it is for landlords to be able to produce this. I typically stick a clause my attorney review letters for the seller to provide a certified rent roll at the closing. The seller must sign off on the status of rent for every unit at the day and time of closing. Again, you would be shocked at how many "oh so 2R hasn't paid in 2 months" we get at the closing table unless you pry it out of them. 

@Rob Singh I would recommend serving a new 30 day notice on June 1st when the stay at home order is lifted. There has been discussion among the legal community that serving a formal notice violates the stay at home order and I suspect tenants and tenants counsel will be using it as a defense to have cases vacated. As of right now, I haven't heard of the Lake County court extending the closure. Cook County sent out a notice on Thursday that they will remain closed until July 6th but everything so far indicates lake county will open on schedule.

Please also check your mortgage. If you have a mortgage on your property that was backed by a federal agency like FHA, you won't be able to file an eviction for several more months due to the CARES act.

If you don't violate the CARES act, you can start an eviction once we get into June. 

@Doug Caminita I'm an attorney and set this up for a client. 

@Sameer A. I personally like auction.com to do online bidding. Look to see how live foreclosures are handled in your county and attend one to watch the process. They require a lot of research and due diligence but the payoff can be great. 

@Doug Caminita I've done this before with setting up a Wyoming LLC that owns LLC's in different states for investors that don't want anyone to know they are the owner of the company.

@Dushana Ejova Curious why you don't think you can't flip houses in Chicago? Also, there's no such thing as a flip with no risk, there's always going to be risk. You do your due diligence, know what problems you'll encounter, and know how to correct them. 

@Gail W. The banks will make every effort to put all responsibility on the buyer and pay no closing costs. I prefer my reo buyers to obtain their own title insurance to verify everything is checked and cleared off title. The bank will never pay for a survey and it can be hard to convince a buyer to pay the $500, but if you obtain a survey before closing and find an encroachment or other issue, you can raise it to the title company. If you take the deed without one, it becomes your problem. I've had swings of several thousand dollars at the closing table because the reo company will say no to almost all closing costs and you have to push back. 

@Michelle Twilley I represented the buyer for a 203K loan closing two weeks ago in Chicago. We got it closed without a problem.

@Prab C. Illinois requires wholesalers to have a brokers license, so the person you are dealing with is a broker, they are just not acting as a broker on behalf of the seller. You need a real estate attorney to help you.