All Forum Posts by: Jay Thomas
Jay Thomas has started 31 posts and replied 132 times.
Post: Help, seller went MIA
- Chicago, IL
- Posts 136
- Votes 61
@John Clark This could take another year depending on how long the foreclosure process takes around here. I dont want my money tied down for that long.
Post: Help, seller went MIA
- Chicago, IL
- Posts 136
- Votes 61
@John Clark already did but the lien will fall off during forclusure.
Post: Help, seller went MIA
- Chicago, IL
- Posts 136
- Votes 61
I was under contract to buy a house and the title company discovered bunch of liens few days before closing. This would require seller to bring cash to closing. Seller decided its better to let the house forclose than bring cash to closing. Since then, seller ghosted everyone and no longer reachable. Seller's agent can no longer reach the seller to sign mutual relase form to refund my earnest money. My earnest money is now stuck since seller is not available to sign the mutual release form. What are my options to get my earnest money back?
Post: Multifamily Loan Option
- Chicago, IL
- Posts 136
- Votes 61
Thank you @Jason Taken and @Riley Poppell
Post: Multifamily Loan Option
- Chicago, IL
- Posts 136
- Votes 61
I am looking at a 7 unit multifamly property that has been deconverted into 7 condos with 7 different PINs. They are all under a single roof and currently rented out. Im currious the kind of loan option available for this kind of property. Since this can be treated as 7 different properties, can I get a conventional loan or will this still require a commercial loan?
Post: NAR Lawsuit Settled! Offering Buyer Agent Commissions in the MLS now Illegal!!!
- Chicago, IL
- Posts 136
- Votes 61
Now that buyer agent commission is openly negotiable, I see a lot of seller trying to lump that with buyer repair credit request. For example, if the seller initially agreed to pay 2.5% agent commision and the buyer now wants some repair credit during attorney review period. The seller could easily decide to reduce agent commision at this moment to fund the repair credit. Is the buyer agent going to back at at this point? What kind of leverage does buyer agent have in this type of situation?
Post: How to Fix and Flip with no cash?
- Chicago, IL
- Posts 136
- Votes 61
Maybe you should try and wholesale the property. You can make make money that way with little to no cash from you.
Post: Landlord pays gas and Tenant abuses
- Chicago, IL
- Posts 136
- Votes 61
@Alejandro Ferrer Tenants have no incentive to reduce your gas bill unless they are paying for it. You should probably replace your thermostat with landlord thermostat (https://www.landlordthermostats.com/). This will allow you to set set maximum temperature. Also, the thermostat would reset itself to default minimum ever 2-3hrs.
Post: Painful Deal- My 1st Foreclosure - Atlanta
- Chicago, IL
- Posts 136
- Votes 61
Quote from @Account Closed:
Quote from @Jonathan Small:
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $80,000
This was one of my first deals I purchased at the beginning of my real estate investing career. I purchased this property with the plans of fix and flipping it.
What made you interested in investing in this type of deal?
I was interested in this deal because it was in an area that had a lot of renovations and the neighborhood was transitioning into a positive neighborhood.
How did you find this deal and how did you negotiate it?
I found this deal from a wholesaler.
How did you finance this deal?
I purchased this deal using a hard money loan from a private lender.
How did you add value to the deal?
I painted the inside and outside of the property. We replaced the hot water heater
What was the outcome?
I lost this property to foreclosure. I was over extended in this property as well as other properties. The property was given back to the private lender.
Lessons learned? Challenges?
I learned I need to buy deals with a lot of room for profit. I learned to buy in areas that families with kids want to live in. I learned to use professional contractors and not unlicensed handymen to do large jobs. I learned to have multiple exit strategies on a fix and flip. I learned to have a team and get them involved in the project before I purchase the deal. I learned to have cash reserves to complete the project.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
no
Post: Camera at vacant property
- Chicago, IL
- Posts 136
- Votes 61
Quote from @Yash Warke:
Hi all, I have a property that I am looking to rent out. We are still searching for the right tenants, but until we do find someone, I'd like to ensure that I install a camera around the driveway area to ensure that no one is trespassing the property....and even more importantly, to protect it from squatters breaking in. The camera should obviously be connected to the Internet to function and keep me alerted in real time. There are a lot of good camera options out there, for something like this, but what have you folks used for Internet connectivity, given that it is a vacant house?
Thanks in advance.
Yash
You will need internet to monitor the cameras remotely. Tmobile has a mobile internet plan or you can get a 4g/5g router with a cheap pay as you go cellphone plan.