All Forum Posts by: Jerry Stanford

Welcome @Vertrice Jones!!

To my knowledge, it is not required to report the sub2 to the lender but I've known it to get back to the lender and they in turn call the loan due which may be the the attorney is afraid will happen if the sub2 is mentioned. Is reason the seller suddenly wants a 30 days closing because of the new rental they acquired?? Can you be creative with them  give them what you have in kind of a staggered closing so they can secure the rental for 30 days while continue negotiating the private money for the remaining 30 days??

Welcome to BP @Kenneth Bassett!!

Just thinking of the top of my head....I wouldn't think there would be many empty homes in Dupage county and the ones that are will want full value. I'm thinking maybe do a different type of mailing to Dupage, probate perhaps?? Southwestern Cook or Will may be better suited for absentee...

I hope to make the next one...

Thanx @Ronan M.!!

@Skye Fleming....WHEW!!  You asked some questions with no short answers and most with different answers depending on who you ask. 1) Probably the biggest and perhaps only benefit is that what you cannot wholesale can be a possible referral for an agent...2) It's not on the IL books as being illegal as it in some states but some view it as such so some suggest having your own real estate broker license to avoid legal issues.  3) No certain contract. A good lawyer that works with investors can draw you up a simple one that can protect you. 4) I've know people to do it but it's not something to be done without a lawyer and without being extremely clear about what it actually entails on your part and the part of the seller. 5) Unfortunately, nothing simple about it as some might think, my suggestion is to always to CYB and always, always, always have an attorney...6) Define "enough" money.  Creatively, you can have enough money to do just about anything you want in real estate. It's more of a define what you want to do first, then decide what you actually need in order to get it done. Sometimes, it's not the money that's stopping you, but the creative way to get it done that's more of the issue. 

Welcome to BP @Ryan Redenius!!

Welcome to BP @Lakeisha Warner!!

@Davon Lowery...Congrats on the "YES"!!!  @Shawn Ackerman..."Strong Island" LOL...love it!!  Worked at North Shore Manhasset for awhile...