All Forum Posts by: Chris T.

Who is going to find it? buy it? sell it? 

Profit split? or what if there is a loss?

Who is doing the work? who is getting the bids? who is managing the construction? 

Who is managing the financials?

Whose name or entity is going to be the holder of the deed? Insurance? Liability?

What if someone wants to exit this agreement early?

Every party's responsibility should be clearly defined. 

I agree with @Bill B., 1 contingency is more than enough. 

Like @Jay Hinrichs mentioned, there should be a due diligence in your state's contract. Go through it carefully, or ask an attorney for help.

You want to show that you're serious about closing when you submit an offer. Too many contingencies will kill it, even if you are offering cash. 

They approached me as well. But there were no follow through from the family - which ALE were looking for a rental. I suspect that family prefer to stay put wherever they were currently in, instead of moving.

I would have went through it at a premium rent for a short term lease. Unless the short term lease ends in the slow season, then I wouldn't do it. 

 I use Cozy.co

I have used erentpayment in the past and had no issues. But after they had that major issue last year, I switched all my tenants.

BEWARE of fraud by erentpayment.com

I am not a realtor but I think the office, where you're going to be associated with, is going to play a big part.

I've seen agents that focus on investing from the larger brokerage such as Remax, B&W, KW etc. I've dealt with Chase realty and iCandy as well. 

I suggest you to network around, and find one that is able to support you and your goals. 

Don't forget about holding costs and your closing costs when you sell as well. And that $150k ARV might be inflated.

For me here in chicago area, my costs to sell (including realtor costs, title fees, attorney fees, recording fees etc) is on average 8%.

If this property is in Chicago, I would net only about $138K. 

Too much risk for too little money. 

 Dave,

When is 15% preferred return coming back? ;)

Spiders, sewage and a flurry of fees – the other side of renting a house from Wall Street

Interesting article from Reuters. 

I welcome invitation homes or any major companies to invest in our market. Investors, especially with deep pockets, provide tremendous value in all neighborhoods. Unfortunately, most on main street see wall street as this big bad wolf. 

Bad tenants are going to complain, whether the property is owned by mom and pop, or by Invitation Homes. 

When is Zillow coming to Chicagoland and start flipping? 

looks good! 

thanks @Brian Bradley

In regards to an umbrella policy, what do you suggest an investor get, in terms of coverage, in relation to his or her net worth?