All Forum Posts by: Tim Sipowicz

@Bruce Woodruff the current tax rate is 2.10%. Gotta love Illinois 

@Bruce Woodruff thanks. Seems like at least a quick way to determine the taxes. I’ll search up the county tax rate and will at least get a ballpark. Appreciate it 

@Mitch Messer it definitely does help, thank you. I’ll be searching that information today. 

Hello BP. I’m running numbers on a potential buy and hold and when looking at the property tax history, it says $2800 in 2019 but an assessment of $7800. Should I expect to pay that $7800 if I purchase this property? Is the $2800 most likely due to a homeowners exemption? Thanks 

@Jon Kelly makes perfect sense. Like stated before, money doesn’t have to be in the account but would be a much better situation if I knew 100% where its going to come from. My word means a lot to me, would hate to ever terminate a contract over not having the funds lined up, seems dishonest. Thanks a lot for the input.

@Jabbar Adesada I like that viewpoint. What better motivation to find the money than having a 100k contract in your hand, no excuse but to get that money for the deal.

@Lucas Martinez understood. The " deals" on the MLS have been picked through for sure but surprisingly there are still a few left with some meat on the bone. I agree tho, with some of these properties I come across what I think would be a deal at a lower than asking price. Someone has already offered 5k over asking. I need to scour the off market scene a bit more I believe.

@Joshua Janus so you’re going the wholesaling route to build up the funds? That’s awesome. I’m going to dive into prop stream more and start making those phone calls myself. Good luck to you and thanks for the response.

@Taylor L. Thanks, that makes sense. I have some possible private lending that I may be able to tap into so I’ll start those discussions and try to line up the capitol before making offers.

I'm in the beginning stages of my real estate investing, currently have one rental property and I hear constantly whether it be podcast, YouTube videos etc. if you find a great deal, you'll have no problem finding the money to purchase. Am I taking this to literal when I think that people get these properties under contract and then find the funds to purchase after? My biggest goal for my next property is to successfully complete the BRRRR strategy because I believe that will help me scale greatly. I'm coming across property's between 80-90k that I believe have some sweat equity built into the deal, just looking at comps, and would love to get them under contract but don't have the capital for an all cash purchase. So back to my previous question, do some buyers get them under contract first and then find the funds? I believe it could be a pretty motivating way to really hammer down and make the deal happen but also seems like a great risk and may be not an ethical way to go about the process. Look forward to all responses, thanks.