All Forum Posts by: Crystal Smith

We're investors & also own a traditional brokerage firm. The reason that agent won't show properties listed by a flat fee service of FSBO is simple- HE DOESN'T GET PAID unless the seller agrees to pay some kind of commission & more than likely his experience w/ FSBO is they aren't willing to do it. Our firm will share a buyer w/ an FSBO if the seller agrees to a commission. If the seller won't agree then we take the buyer some place else.

@Elias Betondo I don't know of any way to use the MLS to automatically check for absentee owners. You can do it manually using Realist but you'll have to enter addresses individually. Not very efficient. Much more efficient to use List source.

@Shelly F.  @JR Hinds  mentioned cashflow 101.  We periodically host a game.  Send us a PM & we'll send you an invite for our next one.

@Shelly F. Where to start? The following will take you a list of Chicago Real Estate Groups where you can network & learn.   Chicago Area Real Estate Investment Groups.  Almost all of the groups will allow you to attend the 1st meeting for free.  After that there's usually a nominal charge to become a member.  I recommend you attend every groups meeting then decide which one feels like a good fit & join the group.  You can get on all of the groups email list & attend meetings where they are discussing topics of interest. 

• First Break All The Rules- Takes Mgmt rules & throws them out
• Jack Welch- Control Your Own Destiny or Someone Else Will
• Donald Trump- The Art of The Deal (Very Old Book)
• The Bible- 140 mentions of money in the King James Version
• Rich Dad Poor Dad
• Covey- 7 Habits of Highly Effective People

@Dan Chandler I wouldn't take condos off your list but there are some due diligence items you should consider that are not necessarily part of a SFR due diligence list

1. HOA fees as mentioned by others

2. Rules & regulations of the HOA board- Some may not allow rentals or they have rules regarding rentals.

3. Strength of the HOA board- This is a subjective call but a poorly run board could result in fees skyrocketing

4.  High vacancy rate- The bldg may still be recovering from the real estate melt down & vacancy is high.   The problem w/ high vacancy is those who may be considering buying a condo to live may not be able to get financing because vacancy is too high.

Our rule of thumb for condos- If the bldg has little to no vacancy (its thus desirable) & the HOA rules don't prevent rentals & the HOA fees support the cash flow numbers then hit the offer button. Fail any of the criteria then pass.

@Jon Isacson We own property in Dolton, nothing in South Holland, but we would buy in South Holland.  

So this morning I wake up & there's a BP email from the marketplace in my inbox about a property for sale.  I review the ad & it looks too familiar- Why is it familiar?  Because it's a property that our firm either owns, controls or has permission to market.  And he's used our language "word for word" in his post.  He doesn't own,  control (have the ability to assign) or has permission to market (not an agent) the property.   I asked someone in the office if they knew this person & they indicated he's on our buyer mailing list.  

Should we keep this person on our mailing list or drop him?

@Leonard Fisher  I'm not familiar w/ the one-year-wait restriction your referring to.   Fannie Mae has some 6 month restrictions. 

The Florida Statute you posted isn't a deed restriction. 

@Crystal Dugar  Here are some responses to the same question asked a few weeks ago:  What do you do w/ $100K