All Forum Posts by: Bob Floss II

@Kelvin Hicks There are several. If you start with the right forms and know the process, it's not difficult. 

@Jonathan W. Clients usually need me the most when they are dealing with time management. In the beginning, investors don't think an attorney is necessary when they do a couple deals. When their portfolio grows to between 5 to 10 properties, that's generally when they realize they have asset protection issues, need to clean up their LLC's, and are wasting a lot of time running in circles and need a game plan. I can take things off their plate like talking to problem tenants, going to closings on their behalf with a power of attorney, and prepping for closing. Once an investor reaches a size where they have quit their job, hire staff, and can manage their time better, they don't feel have constant legal representation is necessary.

@Igor Ogiyevych You have to pay attention to the terms of the auction. Normally Hubzu auctions arrange for the occupant to vacate the property but its possible this auction requires buyer taking subject to occupants. I get this a lot with Auction.com properties where they almost never verify if seller has vacated or allow access. Go back and reach the auction terms or read the PSA and see what it says.

Yes, they are always in a hurry to get the contract signed and earnest money submitted as soon as possible.

@Karina Gomes Go through the attorney. The family has enough on their plate dealing with a death in the family. 

@Xavier Alicea I've had clients make money investing in the area, but it requires some extra care. First obstacle is finding a good contractor. Most quality contractors won't even bid on a property in that area for fear of having their tools stolen and dealing with problem people coming around the property. Second obstacle is keeping the property secure. I've seen rehabs get almost to completion and stripped down to studs over night. Third is if you plan to keep as rental property. Rent collection can be a huge challenge. If you can find solutions to these problems, you can make it work. 

@Arthur Williams Look into house hacking. Since you are young, buying an FHA owner occupied two or three unit property works perfect and sets you up for later in life.

@Davido Davido I didn't say the direct path was closed, he can open a probate and have the judge issue the order to sell the property. 

@Austin Works I would not rent it out. It's open up possibility of tenant doing damage and now you cannot put on market. The debate is whether the price difference of selling in winter is enough to pay the carrying costs to wait until spring. I'm firmly in the camp of putting the property on the market when you finish it, don't over think things by trying to time the market. The exception for this rule are properties where the target buyer is a big family with lots of kids. They rarely sell over the winter when kids are in school and they have to change districts. I've had clients go from multiple offers to nothing once kids started school. 

@Scott B. I've been waiting on a property over a year for this same issue. I'm representing buyer and the seller's attorney has the task of getting signatures. Same situation with over 30 signatures required over several states. However, in our case the owner died over 25 years ago and no one ever bothered to change the name on title. The attorney was trying to track down grandchildren and great grandchildren to get signatures for their heirship.

You absolutely have to get every person to sign their heirship affidavit or you cannot proceed. The sellers attorney finally gave up and opened a probate so they can serve proper notice and get a court order for anyone that failed to appear. We are getting ready to close next month. In your situation, the person you are dealing with will have to spend the money to hire an attorney and open a probate. 

@Jonathan Seyfert Lived in Evanston for 6 years and it's an amazing town. Take into consideration Evanston has their own Landlord/Tenant ordinance that gives protections to tenants. However, tenants in Evanston typically stay in the same unit for years. I have friends that rented the same apartment for 15 years. Considering your price point you won't be able to do FHA, but can get conventional financing and won't have a problem finding a property in high rent areas. Anything near the purple line or metra.