All Forum Posts by: Bob Floss II

I'll add that I once tried to use an epoxy kit to paint shower tile that was a dated. They don't work. The finish looks terrible and the fumes are strong and last for days. It's a waste of money that could be used towards replacing the tile.

@Devin Londo Are you just looking on the MLS or do you have contacts sending you off market properties? A lot of quality commercial properties are sold off market. For that price you should be able to find a nice investment property. I have some time tomorrow morning if you'd like to talk.

@Andy Mirza The process has changed a bit over the last couple years. With fewer foreclosures the Court has time to review each file a bit more closely. I practiced foreclosure defense several years ago and it wasn't uncommon to have a file where I delayed the process for over a year. I had a few clients that I kept in properties for several years. In the current climate, files should take closer to 6 to 10 months. 

The game playing happens at the very end when the client is willing to pay for any options to buy more time in the house. The most desperate option is a Motion to Quash, saying the entire foreclosure is invalid for a variety of reasons, but most often for failure to properly serve the defendant. It's possible to win these motions, but it's also possible to win the lottery, you have about the same chances of winning either. The easiest delay is getting an offer on the property and filing a Motion to Stay Sale to give the homeowner time to work out a short sale. However, that's only before the Sheriff Sale. 

If the Sheriff Sale has occurred, the homeowner has extremely limited options. They can still file a Motion to Quash but its an extreme long shot and the judge knows it. You need iron clan evidence you were not served. The homeowner can file bankruptcy but the part I don't understand about @Nicole R. story is the delay from bankruptcy. When we filed Chapter 7 for a client, we would get the advantage of the Stay from the bankruptcy court, but once that ran out, the client was out of luck. The reason is Chapter 7 is the debtor asking from personal relief from all debt. Judge's would tell clients if they are no longer personally liable for the debt, then there is no reason to delay the court proceeding any further and the sale would be confirmed. 

I agree that before bidding on any property at sheriff sale, you need to review the court records. I've had several properties that looked great but I did not bid because there were several years worth of motions filed by the homeowner. You can be sure any homeowner fighting that hard to keep the house will fight hard to prevent you from evicting them. 

I can go more into detail on the foreclosure defense process but its quite lengthy.

@Devin Londo Let’s start out with your price point and desired roi 

@Devin Londo Perhaps you are looking in the wrong areas? Where have you been targeting properties and what type?

@John Mainwaring The Lake County Recorders office will allow you access but you have to pay for a one day access, they don't offer it for free. If you don't know the PIN yet, you can figure it out on the Assessors website.

@Theresa P. You need to satisfy all the requirements of the RLTO, which includes a separate bank account, giving notice of that bank to the tenant, and giving them the interest every year. Failure to meet all the requirements is triple the security deposit in damages.

If you have rental property in Chicago you should not be accepting a security deposit. Holding it exposes you and the property to unnecessary liability. Charge a small move-in or application fee.

John is correct. CAR has a committee that supplies form documents. I'm sure they would prefer you be a member but not being a member doesn't somehow invalidate the document. 

I need an opinion from disinterested party......

I’m involved with a debate between contractors. One is telling me to put in the floating engineered hardwood that will go throughout the first floor before anything else. The other is telling me to put in the kitchen cabinets first and cut the floors around the cabinets. 

Putting floors in first will make the installation quicker and easier. However, I’ve heard putting cabinets on a floating floor can create problems for the floor because it can’t expand or contract. 

Has anyone dealt with this issue?

You'll want to have a promissory note with the borrower with a personal guarantee. Ask to review the deal and his rehab budget. Are you providing the money he needs for the 20% down payment? How is he paying for the rehab?