All Forum Posts by: Mike B.

Also, the taxes on your building in 2011 were $5007.42. No exemptions listed.

It's not a very good area, but not as bad as a lot of neighborhoods on the south side. I just bought a 2 flat for a client on the 1200 block of S Kolin (couple blocks from your property). I paid $43,000 for the property and I'll put $25,000 in rehab. I will also have to pay one months rent to the leasing company to fill it when I'm done.

Unfortunately there is no easy way. You have to physically go downtown and pull the records. They hand write the notes in the file and they change frequently so by the time you buy a list it's usually outdated. Tax records are very time sensitive.

As a general rule, anything that's been on the market for 200 days is priced too high. You can sell anything anywhere if it's priced right. With that being said, my opinion is that you don't use an agent and factor in the 2.5-3% the seller doesn't have to pay out to the buyer's agent as an additional reason for sending a lower offer.

i don't think you're going to find a responsible adult that's going to tell you it's a good idea to drop out of college. I've seen a lot of people go bust in real estate, having a degree to fall back on is good security.

As for things I regret, padding the ARV and holding a property too long after rehab Is one. I was so worried about leaving money on the street due to pricing it too low I lost sight of what it was costing me to hold the property and having my money tied up.

The other thing I regret was trusting contractors early on. Do not let them get ahead of you regarding how much they've been paid to work completed. Give nothing up front and only pay on completion of work. If they don't have the capital to start a job then they are not who you're looking for.

I've met several BP members in person. @Account Closed just to name a few. All great people. Looking forward to the Chicago meet up.

I think there's also something to be said on what scale rehabs your doing. For example, when I'm doing a deconversion or rehab in a nicer area HD and Lowes finishes aren't going to cut it. In those cases my contractor goes to Builders Supply (I believe it's on Roosevelt in Burr Oak or Burr Ridge). You will not be disappointed with the pricing or quality with this place.

Hey Lafi,

If this is still available please send pics to [email protected]

Thanks

welcome to the board. What house do you work out of? My brothers a firefighter out of Humboldt Park.

please send me information on the next meet. Thanks

[email protected]