All Forum Posts by: Ibn Abney

Dalmar Segrest-Brooks what was the denial reason? That will help determine best course of action? If you are new you may need to buy in your personal name and then transfer the deed into the LLC. Also, I suggest using a mortgage broker!! They shop your profile to several banks!! Saves you time and possibly money!

@Eric Hornung Thanks for Sharing!!! New to me.

I rent 3 spots via Spot hero (i'm no commercial operator). Not sure what this app can go better than Spothero..??  

Spot-hero is truly passive income and I love their marketing campaign. Parking spots are definitely an asset on the North-side of Chicago..

@Eli Weiss I believe @Account Closed is speaking of passive income vs. active.

Flips can bring on large sums of cash quick, but you need will always need a steady pipeline. Rental income on the other hand, will/should come every month, with a lot less physical effort.

If you have trade skills, I would advise you to buy a 1-4 unit which needs some work... fix it up/add value... rent it... then refinance into long term debit. This will allow you to grow your capital, learn rehabbing, and increase your income.

@Mitchell J. No expert here, but I would suggest a 5%-10% premium on top of the cost to build. Anyone with the permitting can build a deck. NOT 5%-10% of the purchase price.

Good Luck!

@Brie Schmidt The tax bill is still in the previous owner name, who has since passed away.

Looking for some help locating an owner of an abandon property.  What I gathered from the neighbors the previous owner passed away and the house has been boarded up every since.

The area is really good, but this property is next to my rental is an  BIG eye sore. I want to possibly buy the abandon property but I have no idea where to start. The tax records are in the previous owner name and every year the unpaid taxes are removed/not sold at the annual delinquent tax sale. Anyone know a probate specialist in Chicago area?

Any help or advice appreciated!

Michael Temple per David Light skip this one!! The repairs should bring down the purchase price! Also, never buy something where the ARV is less than your cost. Especially in a low appreciation area. Good luck!

@Phoebe Noce would you mind sharing the deal numbers for better feedback? 

$200K of rehab work is a big number for it to be "rougher than expected shape" considering a traditional loan. Also, $1200/month is  everywhere in Chicago. If the rehab is $200K, how much is the purchase and what area?

You may be chasing something that you should pass on.

Best of Luck!!

PROPERTY ADDRESS

6629 S ARTESIAN AVE

CHICAGO

60629

Township: LAKE PIN: 19-24-231-010-0000

Vacant Lot ready to Build. Zone RS-3. New Construction in area goes for $240K-$290K. Seller Finance Optional.

This group has a specific focus and shared interest in developing the South-East Side of Chicago!!! Purpose is to connect and network with investors in the SOUTH-East Side of Chicago!!  No SALES Pitch!! No Fees!! No Guru!!! 

Welcoming all Investors, Lenders, Contractors, Brokers, Wholesalers, Veterans, First-time home buyers, community leaders, and anyone interesting in REI. 

We will network and share experiences. Also, a short tour of the historic Pullman district and 100+ year old row homes!!!!