All Forum Posts by: Andrew Oladipo

@Liam Dalbow

This is worth paying an attorney $250 for in my opinion. You should not waste time trying to get advise on this. A professional guidance is what you need.

@Scott V.

Definitely won’t do this in my current state. Switched to yours however, the question I would ask myself, is if it is ok to lose $10K. If ok to lose 10k, I suggest you go for it, since this will give you so much joy but be prepared to sell, if you change your mind down the road. If you sell at some point, your possible downside risk should be in the 10k range and a possible upside (if....and only if....it ends up appreciating)

@Kiera Underwood

It is never late to venture into real estate!

I was in the same situation awhile back. The seller only allowed me to view two of three units. I was able to see the third unit once we had agreed on a price and had a contract. It was a private seller, so I explained the situation to my attorney. This was my first investment property purchase, so I was naturally scared. The location and property appealed to me (sounds familiar...), which was also apart of what I shared with my attorney (you can never imagine what you stand to gain when you are open to someone that can truly help you). My wife & I decided to offer what we thought was fair, assuming we needed to fix the 3rd unit right after purchase. Attorney made sure our concerns were well taken care of in the contract (i.e. walk, if inspection falls significantly short). Turns out the third unit was in a bad shape (but still occupied) compared to the others. We decided to go ahead, knowing we offered what we thought was right. We still own the property three years later. Turns out it was a legit fear, but one that did not impact us in anyway. There will always be some risk you are undertaking.....just make sure it is something you can leave with. Good luck!!!

Congrats!!!

Your are better suited to decide on what makes the most financial sense to you. Both sides definitely have points. My suggestion, would be to have a chat with the tenant once again and understand his situation. Your goal with the chat is to, determine what the most convenient pay date would be, given his situation. Once you determine a new "pay by" date, share this with the tenant and agree late fee would be assessed if rent is not received by the new date.

A new roof is an expensive venture for a lender to undertake, if the plan is to take a loss (short sale usually connotes a lender taking loss on its position). Alternatively, lender might counter your offer with something higher than you proposed to cover their added expense. Do your math and be prepared for what you are willing to pay to get the property.

Definitely something to watch! Very close to pulling trigger on a property in Chicago. Would you recommend holding off?

definitely the right place to be!!!! Take your time to learn (podcasts, forum post etc) and decide on the route that interest you the most.

If you have to go stainless steel route, my I suggest you go for slate. It is very similar to stainless steel but better to maintain (no finger print residue, easy to clean and always looks nice)