All Forum Posts by: Joaquin R.

First off CONGRATS on taking big steps! However it does seem as if you skipped the whole due diligence and homework part.

People find Real Estate investing attractive because it has a certain stability that allows you to minimize risks. With that being said time to do some homework on your property.

Find out who is living in the property. They can be doing illegal things in there! You need to serve the eviction notice ASAP. 

If you feel bad about the eviction procedure perhaps offer to refer them to a Realtor that can help them relocate or offer to pay them cash for keys( Give them money to leave). 

I am a fan of running my business as a business.  

AS for the remodeling, see what is selling in the area. What do you have to do and how much is it going to cost to make this property livable and appealing to get the numbers you need to make. 

You really have to set down and analyze what yo have in front of you.

Please do get an inspector out there.

Hope this helps a bit if you need any more help send me a message.

Best wishes,

J.R.

I am sure it is good for somebody.

I do know that in Chicago I would feel my investment to be much safer as a 2bd rather than a 1bd plus den.

goodluck

-J.R.

Carlos,

Do not send EM with every offer. Send a copy of the check in the amount of the EMD.

My investors use the same copy of the same check for most offers. Then we send a check in certified funds once we have an executable contract (signed by both parties).

To answer your second question. Yes once the offer has been accepted and contract signed. The EMD is then deposited into a non-interest bearing escrow account.

Hope this helps, if you have more questions feel free to message me.

-J.R.

Thanks for the share. 

The knowledge gained from experience invaluable. Good to know this. I wonder if there are similar provisions here. 

Carlos,

Do not send EM with every offer. Send a copy of the check in the amount of the EMD.

My investors use the same copy of the same check for most offers. Then we send a check in certified funds once we have an executable contract (signed by both parties).

To answer your second question. Yes once the offer has been accepted and contract signed. The EMD is then deposited into a non-interest bearing escrow account.

Hope this helps, if you have more questions feel free to message me.

-J.R.

Thanks for the share, I will run this by my  buyers list.

That being said, what would you all do in my position? Definitely would want to purchase it if the numbers worked out. I am not sure how the whole roomie situation would work out. 

How close to market value would be worth it since I'm mainly interested in cash flow? If you can give market value and still be profitable why not market value. Are you coming in with cash or?? How did you plan on financing the deal? Do you plan on paying rent? Are you going to keep the asset's financials separate from your own, treating your business as a business?

Are there any major risks that I haven't though of? I am sure there are plenty. 

Again are you planning on living there while renting out to your roomies? 

You are going to make an offer without knowing the actual condition of the property?

You have a 100k range on your similar properties. In my opinion, you  are going to need to find out which side of that spectrum the subject property is on, in order to make a solid offer. 

Or you can just make an offer based off his verbal description, however I think you need to do more homework on this one.

1. Get in the property if possible. You are "buying" it, should not be too much to ask.

2. Find out how many more properties in the area are being bought for that 96k price tag and what it is that they are doing with them.

3. Offer away. If it does not work find out why, brush it off, and move on to the next one.

Looking for a company to run and maintain your website? Design and develop your website? Host your website? 

What is it that you want to do?

No absolutely not. You can get quality tenants there, for sure. If you need assistance with that, I can help. 

I will manage your property for you, I handle rentals, maintenance, screenings, collections, evictions and more!. I do also offer each of these services individually as well.

-J.R.