All Forum Posts by: Marcin Chojnacki

Completely off topic: I saw the post title, What to do with these keys?

I know you are referring too keeping your rental keys organized but on a side note; seeing as Valentine's Day is around the corner (assuming your significant other is into RE investing), you can make a "Collage" of keys of all the projects you have done (or properties you have closed on/rented) for that year. Something like the image below (pulled off of google...obviously the keys would be more modern keys). Write the year on it as well and do one every year to see how you progress!

Just throwing it out there for all those still thinking of gift ideas. I've been wanting to do this for a while, to stick it in my office, however never got around to it...yet.

You're welcome ladies and gentlemen!

@Sam L. It is a very small world! I hope your colleague will be happy in his new home. Great value for the size!

@Matthew Paul Our war zone properties can be purchased for 10-20k! Huge difference. Out of curiosity what return are you netting on a 500k resale?

@Matthew Paul We have areas like that around here as well. The plus side is that there are also numerous of other good suburbs where the purchase prices are under 100k. We have a lot of areas to pick our battles in :)

@Percy N. Here are a few. Exterior didn't need much as it's association run. It wasn't in THAT bad of shape overall. Rehab came out to be 33k due to the size (1700 sq ft. with 3 bathrooms) and a decent amount of drywall work. The only mechanicals that were done was a new furnace install. 

appreciate it.

JOLIET IL

Purchase Price: $52,101

Rehab: $33,000

List Price: $134,900

SOLD IN 1 DAY FOR $135,900!!!!

Full rehab, client decided to cut some costs on granite (against our advice). Salt and pepper granite is not a hot commodity. Regardless, property was sold in one day and the return on this one is HUGE! :)

Any reputable accountants, tax pros etc in the Chicago Land area that people know of? Looking for someone who is very knowledgeable in aspects of real estate, taxation for various corporate structures, rental properties etc (if they don't know the tax law on short term rents and the tax advantages associated with them then in my eyes they are not qualified). Thanks in advance!

YAY TAX TIME! :)

SKOKIE single family home. Needs full interior rehab and a 2 car detached garage build ($12,000). ARV is 405k. Contact me for more info/pictures.

Happy Investing!

Yes, most of us on here have started from scratch. Just do your homework! I think one of the only fields where the saying "if it's too good to be true, it is!" doesn't apply is real estate. Many properties can net you 25-40% returns per deal on cash invested. It's not rocket science but there is a slight learning curve. 

I would be weary of many wholesale deals, there are a few reputable guys who are out there but many of them are first starting and thinking that they have good deals when in fact the deals they have are garbage. 

Start off in an area where you know home values well and branch out from there. 

Hope that helps!

HUD homes are essentially FHA defaulted loans. When a property is purchased with an FHA loan FHA insures the bank. If the buyer defaults the bank files a claim, gets "saved" and the property becomes a HUD home. HUD will not sell a home with title issues. Most of the time they will try and clear any title discrepancies before they list them.

It can still take a very long time (just with other foreclosure processes) for the property to be deemed ready to list. Even after the legal process the properties need to get cleaned out (personal property gets hauled out), property needs to get secured (re-keyed/boarded up, any safety issues need to get addressed (railings installed on stairs if missing, holes in floors covered up etc.). 

Generally their plan is to most always sell it. They have lately started offering some on auction.com before they list them with the brokerages to try and save on commission. Otherwise wait till it's up on the hudhomestore! :)