All Forum Posts by: Chris Bork

I'm researching investing in tax liens in my county (DeKalb County Illinois). I understand the basic concept, but looking on the county website on the FAQ page I found something confusing. Once a year they hold a delinquent tax sale. They state that all liens will be sold at the auction. How ever they also have a tax deed auction, as well as assignable certificates. So my question is, how does the progression work? If all liens are sold at the auction, how do we end up with assignable certificates, and how does the tax deed auction come into play? I understand the individual components, just not how we get from point A to point B. Or are they totally different functions separate from each other?
If some one could shed some light on this it would be great. Thanks!

Thanks @Brie Schmidt  I do have a lender I've worked with in the past on my two properties I have now.  Ill consult with him and make sure I can go ahead with it.  A follow up question I have is; if I do go ahead with this type of plan,  how can I show my realtor I'm serious? on my first two homes I had pre approvals for a purchase price.  Hard money lenders don't do this correct? 

Hi Everybody! So I have been reading a lot on real estate investing tying to figure out a strategy that would work best for my family and I. I am thinking the BRRRR method for buy and hold properties outlined by @Brandon Turner makes the most sense for us.  To be totally honest I have no money to put into a deal.  I could cover closing costs, and maybe a months worth of holding costs before I get a tenant, but that's it.  My thought is to find a property in need of some work, use a hard money loan to purchase and rehab, then refinance into a conventional loan once it has seasoned.  I know that is a pretty broad statement, but in general, is that a good plan?  Any feed back from someone who has used this strategy would be great.  Thanks! 

@John T.   I wasn't nesesarily looking for someone to analyze the numbers for me, more along the lines of what data I should be collecting to do it on my own.  

  This particular home is a single family, 5 bedroom, 3 bath, 2car garage.  I have seen similar homes listed for rent at the 1400-1500/per month range.  

  Not sure what rehab would be yet, as I haven't been inside.  

I found a foreclosed home in the neighborhood across the street from my home.  On the surface it looks like a good one to buy for a rental.  I am in the process of reading the information here on how to calculate if its a good deal or not.  I was wondering if anyone had some advice or additional info on evaluating properties.   Thanks for your help!

Thanks again everyone.  First post and I've gained a lot of great info!

@Brie Schmidt   Where can I find out where and what time?  

Thanks everyone for the warm welcome!   @Rafael Velasco  where do I find the local BP meets?   It would be great to network with people since I literaly don't know anyone in the busines.   

Hi all! My name is Chris and I'm new to Bigger Pockets and love all the information here. I own one rental property that was my previous primary residence. After the market down turn, my family and I needed a bigger home, so we were able to make a deal on a foreclosure that actually needed very little work. As stressful as that process was, I really enjoyed looking for, and evaluating all those houses. I'd like to get a few more rentals and maybe do a flip or two. I'm a mechanic by trade, so I'm use to getting my hands dirty and working long hours. Any advice you all can give me would be much appreciated!