All Forum Posts by: Bob Floss II

@Floyd Ferjuste Hard to say. Lots of service industry people are already hurting and panicking, but as long as their properties hold value, it won't become an investor sell off. We've seen an large increase in short sales and foreclosures in the past 6 months before corona happened so that could grow, but it won't be even close to '08 levels. You have remember, one of the biggest issues in '08 was most of the properties couldn't appraise out. The borrowers couldn't afford the properties, but the properties were never worth the mortgage on the property.

Keep in mind, '08 wasn't the buying opportunity, the market continued to tank and '10 was the real buying opportunity.

@Sami Gren Are you buying or selling? If you are selling, he can do everything ahead of time and doesn't need to be there on Tuesday. If you are buying, tell him to find a coverage attorney so you can keep closing on schedule.

@Anthony Agnone It can be a great strategy if you plan to rehab properties or can at least hold them for 90 days. If not, I would tread very carefully. I've negotiated more short sales than I count and when you get the short sale approval, they will give you the terms. Those terms can include putting a restriction on the face of the deed that you cannot resell the property for 30, 60, or 90 days. They may also require all parties to sign an affidavit that there are no other contracts or agreements pertaining to the property. Trying to wholesale a short sale is like trying to force the square peg in the round hole. The process is already hard enough, don't try to add another layer.

@Mark Ainley The ramifications are huge and will take months to be calculated. The next few months of rent collection could be disastrous. The Sheriff's office will not be executing any removals for the next month. I think we all need to exercise compassion towards our tenants experiencing hardship and don't know how they will feed their families the next couple months. However, we also know problem tenants that were not paying rent and in the process of being removed get a few more months free rent and causing problems.

If I'm a tenant, my asking price for 'cash for keys' just went way up. On a practical matter, it may also be difficult for some tenants to move in the current conditions. If you have any tenants that have lung conditions or are elderly, no amount of money will make them take the risk of getting exposed. If you are a landlord and you have healthy, young tenant that you were trying to remove, as much as you don't want to hear this, it's in your best interests to increase your offer to encourage them to leave. You could be waiting months to get in front of a judge and for a sheriff to arrive. 

@Dominique Mitchell Typically auction.com properties don't verify if the property is occupied and will not allow access. You'll need access to the property in order for the hard money lender to do an appraisal. If you can get in, yes you can do hard money. Once you are approved, a hard money lender can typically close in about 14 days for a first timer. After that, it can be in as little as 10 days. If you can't get inside, you'll need to close cash and then go to the hard money lender for a refi and rehab loan once you have possession. 

@Kenneth Burke What kind of properties are you buying? If you are purchasing single family rentals, it's overkill to have each in a different LLC. The only time I recommend a property in one LLC is something large like a shopping center or an apartment building over 25 units. You can also save yourself a lot of time and effort by setting up a series LLC if your state allows it. Your attorney should really be taking a few minutes to discuss your investment plan.

The Cook County Circuit Court has made the decision to partially close the circuit court until April 15th. Criminal cases and child custody will remain open and two judges will be on the bench every day to hear emergency motions only. All civil cases will be postponed until April 15th. The chief judge specifically stated no eviction or foreclosure orders will be entered during this time. You can file a new case, but it will not be heard.

In addition, the Sheriff's office will not be executing any forcible removals for the next 30 days.

I've seen notices from other states that they plan to take similar measures. The Supreme Court of Florida just announced all face-to-face hearings will be postponed for the next two weeks. Keep an eye out for your local circuit court and expect for similar delays. The only question is whether jurisdictions are staying open to complete the Tuesday primary or closing Monday morning. Chicago has a lot riding on our primary and they are determined to get it done.

@Quincy Lockett As of 9:30 PM on Friday, the chief judge of the Cook County Circuit Court announced Tuesday the Daley Center will be pulling back to limited capacity. Criminal cases will continue and child custody will continue. Any civil cases will be put on hold until April 15th. New cases can be filed, but no foreclosure or eviction orders will be entered during that time. 

@Chris Placeres If you are buying property, conventional or 'subject to', you do not require a license. I'm wondering if you are leaving details out. If you think you need a license, are you trying to put together a subject to deal and then assign the contract to someone else? Let me say this, a 'subject to' transaction is already pretty messy and involves risk by both parties, don't make things even more complicated by trying to assign it. 

@Seth Knopp Become your own best cheerleader. Talk about what you are doing and show people you are knowledgeable. Know your numbers backwards and forwards on the deal. The rest is really all about you. I honestly believe and coach people that 20% of finding a private investor is knowing your numbers and 80% is they have to trust you and like you.