All Forum Posts by: Vincent Incopero

@Philip Marsh pm me.  I can give you the names of several active BP members doing business in the same space if you want independent verification of my knowledge. 

Traditional costs $250 to renew annually, series is $250 annually plus $50 per series established. 

@Lucas Hammer the assignments you reference show the transfer of the mortgage (and note) among mortgagees.  Pay careful attention to the names of the Assignee's, if you see names like SC4 Trust or Asset backed Securities in the name of the Assignee, you can almost guarantee that the property is in default and the mortgagee is in the process of transferring the bad paper for the ultimate foreclosure.  If you want to shoot me the details, I'd be happy to take a look myself and tell you what I think.  I have a couple years of experience as an underwriter for a Title Company and as an attorney with Plaintiff's foreclosure firm.  I can tell on first glance. 

The most recent deed will name the owner and that's it.  You would need to skip trace the name to get relevant contact information to begin the discussion about your purchase offer. 

@Kevin Huang Are you looking to invest or for somewhere to live?  IMO that's the key distinction, the big dilemma and the first question you should answer.  

Where you invest, and what you in invest in, is markedly different from where you live. 

For 18k, you could practically buy in some neighborhoods (Blue Island, Dolton) whereas that same amount of money equates to a 6% down payment in the neighborhoods you  would like to purchase in. Condos and duplexes have associations, many of which restrict the number of units that can be rented or outright prohibit (generally small associations - 20 units of less).

Everyone wants to purchase a condo in the areas you're considering and unless you are drilling 100k fresh out of school, you may not qualify based on your income alone. 

The best spots to buy in are those areas that you are familiar with.  Neighborhoods change block to block in the city and the burbs alike.  School districts affect resale, taxes erode profits, and as @Derrick Dill highlighted, association fees can really impact your ROI (model out the numbers to see for yourself) and house hacking is a good strategy as it contemporaneously affords you somewhere to live and allows you to invest. Best of luck in your search. If I can be of further assistance, feel free to contact me directly.

If you are in need of additional names, feel free to contact me directly 

@Dantrell Baker  Make sure to take the law course offered for accounting majors @ NIU.  Even a cursory understanding of basic contract law will benefit you greatly in your RE activities.  Finish school and hit the ground running when you get out.  Feel free to reach out within BP to associate and for advice. 

@Christopher Malone  

Seaway Bank & Trust

Providence Bank & Trust

Bridgeview Bank Group

Pan American Bank

Evolve Bank & Trust

http://library.amlegal.com/nxt/gateway.dll/Illinois/chicagobuilding/buildingcodeandrelatedexcerptsofthemunic?f=templates$fn=default.htm$3.0$vid=amlegal:chicagobuilding_il 

Tom, 

I agree the upfront costs are significant to organize in IL. That being said, while other states are much cheaper, you will need to price out the full costs of organizing out of state (fee for registered agent and business address) and then the costs associated with IL recognizing (registering) the foreign LLC. You can always organize as a Corp, the filing fee of which is $175. From a practical standpoint, a Corp offers the same liability protection and eliminates the double tax racket.

At the end of the day, this might price out like clipping coupons, ie, its an efficient use of your time if you make around $10 per hour.  If you are in the higher earnings bracket, it may be inefficient and and in actuality not amount to a significant savings for all of the ancillary work. 

@Orin Orlopp Where is the property located?  If you need someone to draw up a Purchase Agreement, feel free to PM me.