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All Forum Posts by: Dennis Degelmann

Dennis Degelmann has started 2 posts and replied 2 times.

Buying & Selling Real Estate

Post: Looking for a Private Lender for a SFH investment property in IL

Dennis DegelmannPosted
  • Buffalo Grove, IL
  • Posts 2
  • Votes 0

Hi all,

I'm looking to purchase my 1st investment property and need some assistance with funding.

Single Family Home - NW Suburbs of Chicago

Purchase $100k

Rehab $70k

ARV $390k

Current 'As Is' value ~ $250k

I have $20k cash savings. I have the option to buy SubTo and take over existing mortgage ($89k), so would just need rehab money. All Private Lenders I've spoken with are offering Purchase + Rehab scenario, (which I'd be willing to do), but that bumps up the down payment and doesn't work for me.

Does anyone know of a private lender that would take this deal with me?

0 Votes
Buying & Selling Real Estate

Post: Buying property Subject To currently in probate

Dennis DegelmannPosted
  • Buffalo Grove, IL
  • Posts 2
  • Votes 0

Hi all,

I found a property where the owners are deceased and a $90k mortgage remains. Am I allowed to purchase this property ‘Subject To’ and take over payments, to relieve the executor of the mortgage payment burden? No other liens on property.

Thanks!!

0 Votes
Naperville, Illinois