All Forum Posts by: Eric S.

CHICAGO 7 BR 2 BA CASH COW! 2.2% Deal!

10209 S. Wentworth, Chicago Il 60628

Price: $85,000 OBO

Monthly rent: $1850

Taxes: $1640

Insurance: I pay about $500 a year

My name is Eric and I have been a rehabbing buy-and-hold investor since 2003 on the South Side of Chicago. I am selling a great investment property for either a local or a remote investor, brand new or experienced. I have owned this property since 2006, with the same tenant since 2007. The home is a 7 br, 2 bath, and there are no bedrooms in the basement, which is unfinished. This is an extremely RARE house in Chicago in terms of size.

The current tenant is great. She has always paid her rent on time, takes good care of the property, and she just renewed her lease through 3/1/18. I have been very happy with her.

If requested, I can help you get the best deal on insurance on the property. I have done a lot of research on insurance coverage in the last couple of years, and have a lot of options.

Since I have so much experience renting in Chicago, I would be happy to mentor/help a buyer with anything he needs. I have tons of contacts and would be happy to pass those on to you. I am always available to help.

I have had a great experience investing on the South Side, and I look forward to sharing that with another investor, whether near or far.

If you are interested, please contact me so that we can talk further about the deal.  

A CFD does not include a note and mortgage.

Hi John,

Great deal.  Dont structure it as a note, because in Illinois the foreclosure laws are horrible!  Structure it as a Contract for Deed, because the default takeback is much easier.  Once she establishes the financing, just do an assignment to you.  Very simple.  Make sure the contract for deed has language that allows assignment.  In Illinois, you can take 20% down and give up to 5 years and do an eviction in case of default.  Anything in excess of that and you have to do a foreclosure, which could be 3 years.  Be wary of owner occupied and Dodd Frank.  

Keep in mind that Illinois is currently debating SB885, which would effectively end Contract for Deed in Illinois.  Contact your senator on that one!

If you need any help (or a partner) on this deal let me know.  I do these with investors in Chicago.  

I do think that you should increase your interest rate-focus on the payment, not rate-and just do interest only.  

Contact me if you need any advice.  

Hello BP World,

I have to buy title policies covering the buyers on my Owner Finance deals, and have been purchasing them directly from a title company vs. paying the markup when going through an attorney.  I suspect that I still can get a cheaper price than what I am paying.  Does anyone have any referrals/contacts for direct purchase title insurance?  My typical deal is only about 60k.  

Thanks for helping another BP'er!

@Patrick Sears

I also sell properties to investors with installment contracts.  I love the model and consider it a win/win for all involved.  Make sure you find an attorney who specializes in these arrangements because everyone will tell you they do them, and then they are just using some lame boiler-plate contract that doesn't consider a lot of the intricacies involved in the contracts and state laws.  I have the buyers sign and notarized an occupancy affidavit to protect myself from an owner-occupied claim down the road.  I also only loan to companies under commercial terms.  I also loan for materials under a separate agreement that is personally guaranteed and referenced in the Contract for Deed.  

The downside to the model for me is that investors are cheap and are not swayed by the emotional attachment that an owner occupant would be.  The demand is there though.  

Since you are in Virginia, which is one of the easier states to foreclose in, I would sell to owner occupants using an RLMO.  You will have a lot more buyers.  I would love to sell to owner occupants in Illinois, but the foreclosure timeline prevents me from doing so.  

I have found a fair amount of interest in selling the contracts, but not from traditional note buying sources.  I dont think that investor notes are as valuable as owner occupied with a large down payment and seasoning.  

Good Luck!

@Logan Turner

I sell properties with owner financing, and the answer to your problem is to use a loan servicing company.  They handle everything, and my company only charges $15 a month, that I pass on to the buyer.  Can't go wrong!

Need a partner for owner finance deals in Texas?  Let's do it!

PRICE CHANGE!  MAKE AN OFFER!

Owner financing available! Great investment property situated on double lot on great block needs some cosmetic work, but seller willing to finance purchase for buyer as well arrange a loan for the materials! Solid rental area. 2nd floor master suite, full basement, huge fenced in yard rare for a city home and great for a family. Open concept layout, large bedrooms, and off street parking for at least 3 cars.

Great deal for an investor who wants to get into real estate with low money down and no bank qualifying.

House just needs new flooring (I have some good referrals if you need one), kitchen cabinets, counters, a new bath vanity and toilet, and will be ready to rent or flip. Freshly painted, and paint colors will be passed on to you for future use. All major systems in good condition. Materials needed for the project are estimated at less than $5,000.

Low money down to purchase, and the beauty of this deal is that everything is negotiable! Clear title, and Warranty Deed will be granted to buyer at closing.

Call 847-222-8888 for details. Other properties available.

For more information, including more pictures, financials, showings and to submit an offer, go to:

WWW.CONTRACTFORPROFITS.COM

Seller financ, land contract, contract for deed, articles of agreement, installment contract, owner will carry

Owner financing available! Great investment property situated on double lot on great block needs some cosmetic work, but seller willing to finance purchase for buyer as well arrange a loan for the materials! Solid rental area. 2nd floor master suite, full basement, huge fenced in yard rare for a city home and great for a family. Open concept layout, large bedrooms, and off street parking for at least 3 cars.

Great deal for an investor who wants to get into real estate with low money down and no bank qualifying.

House just needs new flooring (I have some good referrals if you need one), kitchen cabinets, counters, a new bath vanity and toilet, and will be ready to rent or flip. Freshly painted, and paint colors will be passed on to you for future use. All major systems in good condition. Materials needed for the project are estimated at less than $5,000.

Low money down to purchase, and the beauty of this deal is that everything is negotiable! Clear title, and Warranty Deed will be granted to buyer at closing.

Call 847-222-8888 for details. Other properties available.

For more information, including more pictures, financials, showings and to submit an offer, go to:

WWW.CONTRACTFORPROFITS.COM

Seller financing, land contract, contract for deed, articles of agreement, installment contract, owner will carry

Owner financing available!  Great investment property situated on double lot on great block needs some cosmetic work, but seller willing to finance purchase for buyer as well arrange a loan for the materials!  Solid rental area.  2nd floor master suite, full basement, huge fenced in yard rare for a city home and great for a family. Open concept layout, large bedrooms, and off street parking for at least 3 cars.

Great deal for an investor who wants to get into real estate with low money down and no bank qualifying. 

House just needs new flooring (I have some good referrals if you need one), kitchen cabinets, counters, a new bath vanity and toilet, and will be ready to rent or flip. Freshly painted, and paint colors will be passed on to you for future use. All major systems in good condition.  Materials needed for the project are estimated at less than $5,000. 

Low money down to purchase, and the beauty of this deal is that everything is negotiable!  Clear title, and Warranty Deed will be granted to buyer at closing.

Call 847-222-8888 for details. Other properties available. 

For more information, including more pictures, financials, showings and to submit an offer, go to:

WWW.CONTRACTFORPROFITS.COM

@Darren Eady

Thank you so much!  How do you define "client", and what lengths can an individual go to to establish a client relationship?

I realize that you are not an attorney and may not want to advise on this.