All Forum Posts by: Karl Smith

Right now here in Chicago finding good off market SGF properties with a good margin is getting harder.  

Of course ...the debt is still there. If I could find the houses that  have some equity and depending on what is owed on the property. I would like to find a way to jump in and have the estate or heirs to sell me the property, before the banks starts to foreclose.

Thanks

Over the last year or so I have been looking for abandoned properties to wholesale.  I've notice that there's a lot of houses that have become empty have had a reverse mortgage on them. The problem is by the time I find out about them the bank has already begun the process of taking over the house. Usually when the mortgage payments stop coming in or the estate files a death notice this would probably trigger the bank to start the process

I would like to know if anyone from the group has a idea how to find these properties before the bank get's a hold of them.

I thought about trying to work with mortgage brokers to find out about their mortgages written 5 -7 years prior. Maybe this would help. 

Any Ideas would be appreciated.

I think this is a great idea.  As long as the marketing is not invasive. I mean you could have literature (strategically positioned) We will buy your house, How to make 8-10% returns using real estate etc.  Maybe even your own magnetic sign on the outside of the car..as long as the company's rules don't prohibit it.

I was recently was introduced to this program by a realtor friend. I am wondering if they can really help with funding some deals here in IL.  Needing acquisition and rehab funds to start some up coming projects the question is whether they can close.  

 I would also be interested in finding out if anyone has used them

I did wholesale a small commercial property last year that was listed.  Can not do an assignment on most bank REOs. Found the deal then negotiated a consulting fee from the buyer. I got access to the property to show it and worked with the buyers attorney to make sure it closed. Buyer provided proof of funds EM deposit ect.  Although it was listed many properties will fall under the radar. When you find them you have to move fast.

I sounds like a good idea. I've seen some share offices and artist spaces here in Chg,

Were you planning to purchasing a building or lease optioning a distressed one and then dividing it to rent out?

Thank you for the input.

Great ..a second option.

Thanks

I will look at partnering as a JV where I can and and build a bigger track record to add to my previous rehabbing experience.

Thank you all for the good advice.