All Forum Posts by: Chris Titcomb

@Frano Buhovac, happy to look at this deal too.

@Dale Eshbach, happy to help in anyway I can.

@George G. WOW $3.5MM??  You're putting $150k+/- into each unit with extra budget for common areas?  I was figuring more like $50k max per unit..

@George G. I think you should consider running a financial analysis on the potential ARV of the condo building and speak to a lender about providing a construction loan for the rehab costs. That way, you own the property in full and you control the process. No point bringing in a cash partner if you can finance the project on your own. Just my two cents...

@George G. If you already own the building why do you need to bring in a partner? Are you thinking of improving the units so they are “condo quality” and you need capital in order to do so?

Essentially, in order to convert a multi into a condo building you need to record a condo declaration and get a plat of survey of the building/units/parking spaces, among many other nuances. There’s a lot that goes into it and I’d be happy to discuss in more detail if you’d like.

@Olu Owasanoye, Yes, I’ll private message you! As a real estate attorney, I can suggest a number of great brokers for you.

@Nicole Duran, are you looking for value add or turnkey?

Alex Young , $800 for recording fees looks too high. In cook county, it’s $52 to record the deed and about 80 bucks to record a mortgage, which will really just depends on the number of pages being recorded. Title companies will tack on some unnecessary fees here and there, mainly in endorsements that you don’t need. For example if you’re buying a single-family home and there’s a survey, you don’t need a location endorsement. Never pay for an inflation endorsement either, its a waste of money

Tom O. , sign me up. I’m in the loop and would like to join! Lmk when we have a date/time/location.

If you negotiated the back taxes to be paid by the buyer during attorney review, that’s how they’ll get handled; the buyer will pay. But assuming that wasn’t negotiated, the seller will need to pay them off at closing because (1) the standard chicago multi board contract calls for the seller to convey marketable title at closing and (2) the title company will require the taxes are paid at closing so that the title exception for unpaid taxes can be waived/cleared. So yes, they’ll definitely need to be paid at closing in order for the seller to convey clean title; in all likelihood by the seller.