All Forum Posts by: Jason Albasha

@Reed Meyer Congrats on the buy! Welcome to the neighborhood.

Are you originally from the area? If not, I'd love to show you around over coffee. 

You need to have a good team. Just because you didn't see it, doesn't mean no one on your team didn't.

You cannot see the quality of work from pictures. If the photographer did a good job, it's just near impossible to tell the finishes.

If I was a seller's agent, and in the normal market, I wouldn't take a sight-unseen offer as serious as one who saw it, and I'd inform the seller of the downsides of accepting an offer like this to ensure they are informed.

Now, with that said, it really depends on what class of property you're talking about. I'm currently shopping for a SFH in the Chicago area, and the market is not slow by any means, so to win an offer sight-unseen you're offering over market value otherwise why would the seller choose your offer

If you're talking investments in smaller towns (sub 100k population), with a good supply of housing and lower demand, it would be much easier to pull this off. 

@Tony Angelos It really depends on the potential for appreciation. When potential for appreciation is low, you'll find higher cashflow properties. It's almost a direct correlation.

The closer to city center/hip areas, the higher the chance of appreciation, and therefore higher prices which means less cashflow. Lincoln Park, Lakeview, Logan Square, Wicker Park, etc.

Areas that are on the outskirts-ish such as Jefferson Park, North Park, Rogers Park, Hermosa, Belmont-Cragin, etc. will have a much lower chance of appreciation and therefore you won't be buying at a premium relative to the hip areas, and therefore may afford higher cash flow.

Lastly, it highly depends on the condition the building is in, and what work is necessary down the road. You can buy a 1+%'er, yet be ready for some major cap-ex expenses. I'd honestly prefer 0.8% that's updated than a 1%'er that will be a headache!

In which suburb is the property located? 

Why do you need the prequalification so badly? 
Submit your offer, you don't HAVE to have prequalification. 

If you'd like to submit and offer with a preQ letter, then yes, you'll have to get the letter refreshed. 

1. I'm sure there's someone somewhere that would take a longer term loan yet we're in a free market and these loans are higher risk. 

2. As long as you keep paying on time then they'll usually roll it over. This is their business model, they'll usually want to keep the loan out with a good paying customer. 

Have them stay in the bedroom or step outside. Or to sit in the car for 2 minutes, if they have one. 

I’ve never heard of this.

Don’t take this as advice, and do as you like at your own risk, yet for this to even show up on someone’s radar means someone would have to report it. 

A large number of buildings have nonconforming units with people living in them. I’m not so sure how much anyone would care about you parking on gravel. 

Lastly, how can you “not park a car on your property”? Isn’t that what a garage or parking pad is? 

Thanks for sharing Henry. Filled this a few days ago, we need as any signatures as we can get!

FYI you can also create a slip to to oppose HCA 1 as well.

Illinois House Bill 116 would lift the statewide rent control prohibition. 

State Rep. Will Guzzardi is chairing the committee, and he's also the same representative who introduced this legislation.

If we don't act, and act fast, this could very well be enacted.

$10-$30k