All Forum Posts by: Adrien C.

I've done it and had success. I target houses that look vacant. Go knock and if someone answers door, let them know you are looking to buy a property in that area and if they're interested in selling. If they are- talk with them and figure it out. If not, ask if they know anyone in the neighborhood who is vacant, newly divorced, or dead. They will give you hot leads for other potential properties. I spoke w a guy (surprised he lived there) and he wasn't interested in selling his house but had an aunts house he was selling. worked out nicely.

Price: $19,950

ARV: $130,000+

3 bed 1.75 bath 950ft raised ranch with a full basement (1900ft of livable space) that has room for a 4th bedroom.

Here is your chance to make a nice profit on this rehab project. The house has fire damage in the back bedroom and is a gut rehab project. Structurally the house is sound and the majority of the damage outside of the back bedroom is smoke damage. Rehabbed houses within a block or 2 of this house sold between $125k and $135k this summer (see below)

PM me for additional pictures or questions. Hurry so you have time to get this market ready for this spring!

Comps:

Rehabbed Houses

12745 S Laflin St. Calumet Park, IL 4 /2 1060sqft DOS- 9/8/15 $122,000

(purchased for $33,000 on 5/13/14)

12805 S Lomis St. Calumet Park, IL 3/2 1309sqft DOS- 8/4/15 $131,000

(purchased for $40,000 on 2/9/15)

12808 S Elizabeth St. Calumet Park, IL 3/1 1022sqft DOS- 9/8/15 $134,900

Houses Not Rehabbed

12704 S Elizabeth St. Calumet Park, IL 3/1 1042sq ft DOS- 6/19/15 $100,000

12859 S Aberdeen St. Calumet Park, IL 3/1.5 1141 sqft DOS- 2/5/15 $106,000

Chicago, Cook county, WIll county, Dupage county, Indiana, Illinois, rehab, for sale, wholesale, flip

When they ask on the phone what I'd pay, I never give an answer. I tell them I really need to see the inside before I can make an offer. I want to speak in person and really dig in to their motivation to sell. I want them to see me inspect the house so they really understand what needs to be done. After looking at house and talking, I'll ask what they want. I won't give a number first. I've already run comps so I know where I need to be and can negotiate from the number they start with. Sometimes there number is where I need it so I take it without squeezing more out. 

it should be super easy for a realtor to get you expired listings. My realtor set up an automatic email blast. He doesn't do anything once it's set up and I get daily emails. Take s realtor to lunch, make a friend, and have fun. 

the big question to ask is are the buyers buying in an area this distressed. And if so, make sure you know what they're willing to pay. 

I send an initial letter to all distressed properties. It's cheap. It takes too much time to research every property especially when 90% won't contact you. I do the research once I have a motivated seller and an appt to view the property. 

you're buying directly from seller so no realtors involved to pay. Buyer pays closing costs. 

Hi Sam- welcome to BP. I'm the opposite of you- I grew up in Maine and Indiana has been my home since 1999. My uncle invests in MFH in the Lewiston Auburn area and I'm a little jealous of the affordability for a MFH up there.

I have found that findcompsnow is a decent site. It breaks down sales into 3 types of funding : cash, private, and bank loan. There's a lot of missing data but I'll pick 5-6 houses around my property of interest and have a realtor get my the comps with those or research those houses on other sites to see what condition they were in when sold. 

I closed 3 FSBO properties in past 60 days. They did get calls from realtors but didn't want to pay commissions or not in good condition for a quick sale. It's a numbers game. I've looked at dozens and they want top dollar so I pass. My realtor gets referrals from me all the time because I'll educate the seller why they should use him.

I would definitely contact the owner. Think about the hassle this investor goes through to evict: lost rent, court fees, repair costs, etc. If it's a professional investor accustomed to this stuff- you've wasted a stamp. But if it's any of the 75% of single home investors, this could be the last straw. They tried the ride, got the t-shirt, and are ready to be done. If you don't want to do it, send me the address and I'll get it done.