All Forum Posts by: Crystal Smith

@Matt R. in my trip last week to Chicago I viewed rehabs and they had portable propane heaters big ones turned on in the units to allow them to work and paint etc.

to secure homes use this system DAWGS its sad one needs to spend 2 to 3k to secure the home but if you don't its all stolen

A competitor to DAWGS in Chicago is VPS. Just as good & @ times less expensive.

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Originally posted by @Kris Walker:

The reason I ask is because I know the broker doesn't make any money on the deal if you sell it within six months. Do you worry about that?

Looking forward to your comments!

Thanks

"The broker doesn't make any $....." Who told you that? It's not true.

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We have a new client/investor that recently received a non-qualified Annuity from her mother's estate. The ROI from the annuity is less than 5%. She wants to cash out, while minimizing/avoiding taxes & invest in Real Estate. Any recommendations from the community on her next step. We've already provided advice on transfer of her IRA funds to a Self Directed IRA, but not sure about the annuity.

Any recommendations out there?

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Originally posted by @Jerry Kersh:

Hello All

I'd like to get some opinions on the markets with the most potential in the US as far as appreciation and long term growth.

Forbes 13 hottest real estate markets

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@Peter Skobic

Hehe, in south Atlanta I'm pretty sure every neighborhood screams murder! I'm afraid to check. Do you invest in Chicago?

The majority of our investments are in Chicago. Investing in the city proper tends to be a block by block decision on the south & west side side. Not as much concern on the North Side but we check the stats anyway before pulling triggers. The safe blocks will usually have homes owned by investors & homeowners along with an active block association.

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Originally posted by @Peter Skobic:

Would you buy on streets that are predominantly owned by investors?

We look @ neighborhood & crime statistics, down to the block if we can get it, to determine if we'll invest on a specific street.

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100% outsourced.

1 Vote

Originally posted by @Jennifer Talcott:

What kind of strategies do you all use to get your offers accepted?

I have access to a pre-foreclosure list and plan to start working it next week. Any other ideas?

Here are some strategies:

1. Make a ton of offers. If I read the original thread correctly, you've only bid on 2 properties & they are REO. If it's really that competitive you may have to make offers on properties site unseen to compete, then use the inspection period to complete your due diligence.

2. Make your offer good til sold- Some of the deals you're loosing out on won't close & they will go to the back up offers. If your offer is good til sold it may be chosen/accepted later.

3. Provide Proof of Funds to support your cash offer and/or finance offer. Cash offer goes to the top of the stack for review by the seller.

4. Fast closing goes to the top of the stack for Bank REO deals

5. Short or no inspection period- The shorter the better. It's high risk but an offer w/ no inspection contingency will be stacked above an offer w/ an inspection contingency.

6. Don't just stick to bank owned MLS REOs. Find some good wholesalers w/ off market deals

I'm sure there are other strategies that you can find thru the BP forums/archives.

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Originally posted by @Account Closed:

Thanks everyone for your input. Perhaps I should have been a bit more specific.

I sent a letter of intent to purchase a 3 flat @ 87,000 and the seller said he would accept an offer if I made one. ARV Value is 110,000. I'm considering putting 20 % down and then refi the property and pull the equity. The 3 units are rented for 550, 900 and 875.I still have to do more research on the tenants and make sure they've been paying on time.

The flip is in the south side of chicago. ARV is around 135K. The previous owner passed away and left the house to his wife. However, she still have to go to court and have the deed under her name. I'm unfamiliar with this process and looking into it. We agreed on a purchase price of 40,000. The house is not in bad shape but it is extremely old and the whole house needs updating. I might decide to wholesale this deal since I'd be short for doing the rehab unless I use hard money.

@Andrew Davis Yeah, 3-flats are multi-family properties.

Just want to make sure I understand your scenario. Purchase @ $87K; ~$16K Downpayment; the refinance after some seasoning based on $110K ARV. Is that the scenario for the Multifamily?

Regarding the single family flip. The owner may be going thru the probate process. We've purchased property thru probate before. It just took a long time to close. Do you have the property controlled via a written contract or is it just a verbal?

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All Forum Posts by: Crystal Smith

Crystal Smith has started 65 posts and replied 2700 times.

Post: What Did You Do Today?

Post: Just in case you thought you were having a bad landlording day...

Post: First Deal

Post: Roll over non-qualified Annuity

Post: The Best Markets for 2015

Post: Investor neighborhoods?

Post: Investor neighborhoods?

Post: How much rehab do you do on your own vs. contract out?

Post: Bid strategies?

Post: Flipping vs buy and hold- First deal in the Chicago area

Crystal Smith has started 65 posts and replied 2700 times.

Biggerpockets Logo Post: What Did You Do Today?

Biggerpockets Logo Post: Just in case you thought you were having a bad landlording day...

Biggerpockets Logo Post: First Deal

Biggerpockets Logo Post: Roll over non-qualified Annuity

Biggerpockets Logo Post: The Best Markets for 2015

Biggerpockets Logo Post: Investor neighborhoods?

Biggerpockets Logo Post: Investor neighborhoods?

Biggerpockets Logo Post: How much rehab do you do on your own vs. contract out?

Biggerpockets Logo Post: Bid strategies?

Biggerpockets Logo Post: Flipping vs buy and hold- First deal in the Chicago area

Post: What Did You Do Today?

Post: Just in case you thought you were having a bad landlording day...

Post: First Deal

Post: Roll over non-qualified Annuity

Post: The Best Markets for 2015

Post: Investor neighborhoods?

Post: Investor neighborhoods?

Post: How much rehab do you do on your own vs. contract out?

Post: Bid strategies?

Post: Flipping vs buy and hold- First deal in the Chicago area