All Forum Posts by: Vincent Incopero

@Dan Taylor Decide what your goals, long and short, are in your first 90 days. Value add vs turn key require a different degree of involvement. Decide whether you are going to self manage or hire that out. 

1. Create your entity. 

2. Interview those folks that you are going to have on your team. 

3. Go to networking events and rub elbows with other like minded folks and look for off market deals. 

4. Look for properties that fit your objectives/criteria yourself.

@Henry Lee - 

https://www.connect.media/experts-eye-2020-trends-in-chicago-multifamily/?utm_campaign=Connect%20CRE%20News%3A%20Chicago&utm_source=hs_email&utm_medium=email&utm_content=80813855&_hsenc=p2ANqtz-9UIPZ5Ol6uQAS_Fru1vnypNr_NvbBuXqOoaHhOY5GbuKzsdu_9OoTSAJbCy7qtUZEavcitDYpuY7V_q9EjtWlP-5Hhng&_hsmi=80813855

@Lucas Hammer Contract could be modified to establish an escrow whereby an amount equal to the value is held in escrow until the issuance of the 2019 2nd installment (around July 5th of 2020) as the 2nd installment bill reflects whether or not said freeze was preserved. 

Simple math and mechanics, overlooked often. #notallcreatedequal & #coffeeisforclosers

@Lucas Hammer Here are 2 good links. An attorney that knows the ropes should have no problem making sure that you dont come up short in 2020 or 2021 when the bills come out. 

https://cookcountytreasurer.com/exemptions.aspx

https://cookcountytreasurer.com/seniorcitizenassessmentfreezeexemption.aspx

@Mitchell J. - The statements and sentiments of @Aaron H. and @Russell Brazil are correct. 

The cost of engaging a Selling Broker (a Realtor in your corner) is not a cost borne by you and their compensation is typically set by and paid for from the Seller's funds. 

For what it's worth, most REO asset managers engage the services of a Broker to help dispose of these assets. Unless you have an in road with the asset manager, you will probably have to use a Selling agent to prepare and present your offer.

@Joe Garb happy to help. As a starting kernel, there may be some recorded memorandum of this agreement by and between the benefited and burdened parcels that you can retrieve from the County Recorder's office and evaluate initially.  

@Eli Gilbert, a Flip is considered inventory, as opposed to an investment. Rules are clear that this is impermissible. 

@Ryan Bird - Attorney review allows your attorney to review the contract and propose changes to level the playing field as the contract as drafted seldom contains what I would call essential buyer protections. 

@John Warren had a good laundry list of items you can request. I would add that/state that you can be proactive by requesting the Rules and Regs and the current HOA Budget from the Listing agent, but seldom do they have those documents readily available/accessible nor do the Seller's.

If the central issue is permeability of rentals, a simple inquiry of the Selling agent or a review of the Rules and Regs should answer that question precisely and expeditiously so that you aren't waiting/wasting time and money to inspect and appraise only to find out that there is a rental cap or prohibition.

@Ryan Bird - This is ABSOLUTELY TRUE, provided that you are writing an offer on a Realtor board promulgated contract. 

You would be well advised to speak to the attorney that you intend on working with if you have questions. The tactic that you are employing, while being frowned upon by MOST Realtors, is fair game and is contemplated and provided for in MOST Realtor generated/supplied contracts. 

if CAR - Paragraph 14/15

If MultiBoard - Paragraph 10

@Mark Ainley would be a good go to or can point you in the right direction if this is outside of his reach.