All Forum Posts by: Dorothy Wulf

I recommend calling Kevin Bander at Diamond Mortgage. He has done my loans as well as my clients. He will talk to you about what you want to accomplish and will give you every possible option so you can make the right decision for you.  

Hi Robert,

Where are you looking for investment properties? Do you have family members that can gift you money?

Welcome Matt! I'm a Realtor in Chicago for over 10 years and I well reversed in rental properties. Feel free to reach out with any questions or if you want me to set you up on a search so you can start doing some online shopping.

I would recommend Illinois Association of Realtors 

Even us as Brokers we cannot write a contract. Only attorneys can write a contract. Brokers can fill in the blank lines on a contract which has been written by an attorney. If you are a FSBO I would advise talking to a real estate attorney to provide you a contract to use.

I will definitely keep your property in mind. I do agree that if a buyer loves the property they should write an offer. Good luck!

It's definitely important to have a good Realtor run the comparisons for you if you are planning on buying and flipping and also run comparisons if you are buying and holding. Principal, interest, taxes and insurance is different for everyone and for each property so it's important to know that number,then consider your expenses, and of course your rental prices to determine more of an accurate NOI.

You're welcome Eric!

I would make sure the condo building allows you to rent it out. A lot of condo boards are changing the rules to include buyer must own unit for 2 years prior to renting. Also, I would make sure the condo association has strong reserves so you are not hit with a special assessment. I would recommend asking for one years minutes, once you are under contract, to determine if there is any discussion about special assessments. If so, you will want to negotiate this cost with the seller. A good selling agent will let you know if there are any specials. I would also make sure that once you rehab it you identify that other similar condos are selling for the purchase + remodel price so you do not lose money.

I grew up in Lake County so I can assist you with property knowledge as well as location knowledge. Location is vital to wanting to move forward and identifying the true value. If the property is worth less then what she owns then I would walk away.