All Forum Posts by: Linda M.

I have a neighbor who has recently past leaving a disable parent ,who is the owner of record, and I do not believe there are any other relatives After looking up the deed information, the property had gone into foreclosure recorded in November of last year 2018, My question is how am i to go about purchasing this property from the bank right now,who can I contact to find out about the foreclosure on the property. 

I am in Chicago and I need my taxes filed. This is my first investment property and the taxes are more than I can grasp by myself and I don't want to make a mistake coming out the gate so if you are an accountant in Chicago and can help please send your info to me THANKS

Thank you Ashish and Michael for your response and at this time I think it would be wise to look for the assistance of an accountant as recommended.This being my first time doing taxes with a renovation price fixed into the loan.I am just getting started in the real estate investment and starting a relationship with a REI accountant right now would be advantageous to my future in Real Estate, THANKS

I purchased a multi unit property ,the  renovation was included in the mortgage my question is ,when it is asked on the tax for depreciation the purchase price do i use the sale price of the property or do i use the sale price and add the renovation price , also in addition to that I brought kitchen cabinets and counter tops and had them installed by the contractor who was doing the scope of work in the renovation loan , are the cabinets and counter tops an improvement or are those items supplies, because they were not a part of the scope of work and were purchased separately on my credit card

Thanks Andrew I don't believe the agent knew 

the status on the building violation report says the inspection failed 

Thanks Chris,I am not a pro at this and the thing that trouble me is , when you know that  you have contact with the city about this property and the last thing in the< public report> is that it< failed >, then Before you sell you don't bother to make clear those things with the city so that it don't hinder your sale?.Then ...offer a credit one minute and then take away the credit the next.No This is not a full rehab .I have ask that the seller check with the person(s) who made the repairs and tell them that it was not done correctly and just have them come back and do it right the violations are 5 years old ,maybe there was no warranties on the porch but the work was not done correctly,.Maybe after I've had a little experience with this real estate investment, code violations and people not being responsible and forthright won't bother me ,but until than I am concerned, and need to ASK the question

Hey Charles, I wonder too!, that's my problem exactly

Hey Taye  I know the agent didn't lie ,they had no knowledge of the violations,and neither did the agent for the seller, And Mike Cumbie  you are so right and  thanks for your helpful input,I did get a home inspection on the property and two of the violations showed up on the inspection report, the seller states that they made lots of repairs to the property and that is obvious by comparing the city violation report to the home inspection report, but some safety issue with the back porch has not been taken care of ,

It would probable be best for me to contact the city about the violations to make sure everything has been cleared up since they are from 2011 and 2012, maybe the city just didn't complete the status report