All Forum Posts by: Timothy Ryan

Hey Ray:

The additional information is at the top of the discussion, under the subject but before my post in the discussion. I'll paste below:

Amazing location! Close to Pentagon, Washington DC, metro, bus lines and walkable to shopping and transportation. One bedroom one full bath condo with loads of potential. Secure building and assigned parking and guest spots. You will not want to miss this one! Property needs some updates. Fantastic investment, first time purchase, second home or corporate purchase!!

I currently have the property under contract. Pictures available upon request. Cash buyers only. The property is bank owned, I won a foreclosure auction and received contract from the bank agreeing to sell. I am looking to wholesale the contract. Buyer will be responsible for closing costs and held to terms of agreement with bank.  

Any other agents or investors who work the Graceland West/Lake View areas of Chicago who could provide input on ARV would be greatly appreciated

@John Warren thanks for the connection, your input is much appreciated.  I will be sure to reach out to @Brie Schmidt.

Hello All:

I am looking at a potential opportunity in the Graceland West area of Chicago. The property is a solid brick 2-flat featuring hardwood flooring; original woodwork; updated kitchens with maple cabinets, granite counters and stainless appliances. It also has a partially finished walk-out basement with bath and kitchenette which could potentially be a third unit (disclosures say the zoning/compliance of the unit are unclear); and detached 2-car garage. It seems to have a great location close to shopping, dinning, entertainment and close to Lakeview High School. There may be issues with the zoning/compliance of the basement unit according to the disclosures. The property is an bank owned, auction property. 

My purchase price would be approximately $525,000. The property appears to have comps valued significantly higher. My goal would be to close on the property and relist it on the MLS or sell to a cash buyer/investor.

I am looking for folks with knowledge of this area of the Chicago market to give feedback about the area, property value and/or the feasibility of my potential strategy. I am an out of state investor and have used this "wholetailing" strategy locally with good success. Thanks in advance!

Timothy Ryan

Hello Everyone:

I have an opportunity to purchase a bank owned condo in South Beach, Miami, Florida. It is 1b/1b and 605 square feet. The purchase price would be $132,000. It is located on 12th street, between Drexel and Pennsylvania Avenues. My understanding is that short term rentals are not permitted on this block because of zoning code. 

I see similar properties selling for $180,000-$200,000. I am looking for feedback in the following areas:

1. There is a well documented glut of condo inventory in South Beach. However, it seems most of this glut is in the luxury market. Is there still a heathy market for condos priced under $200,000, or has the glut above seeped into all condo assets?

2. How much will the inability to short term lease the property affect its marketability for resale? I could see the benefit to not having short term leasing surrounding your home, but I would obviously be losing a huge portion of the investor market.

3. A local agent who knows the market well, could assist with getting the property ready to relist and list the property. I am an out of state investor. 

Thanks for all your feedback!