All Forum Posts by: Anthony Fecarotta

Hello everyone. With inventory being at an all time low, I am exploring any way to find my next flip. Aside from my own lead gen, I was wondering what the correct way is to get in touch with Wholesalers?

I've scoured the Marketplace for a while and didn't see any postings looking for buyers in the Chicagoland market.

@Jonathan R McLaughlin

Update. My house went under contract on the first day at asking price.

Hello everyone, I currently live in a SFH in the Chicagoland Suburbs that I gut-rehabbed in April of 2020. As you probably know, inventory is so low here that houses are getting several offers within hours of being listed; especially at the price point of my current home ($300k). With that said, it would be easy to sell my house by owner, but I'm looking for ways to reach buyers directly to avoid paying any fees. Generally I wouldn't mind paying a buyers fee to avoid the hassle, but every penny counts right now.

As of today I have reached out to all mortgage brokers I know to see if they have clients that are interested, and have reached out to friends and family to see if they know someone in the market. I'm also considering Facebook Marketplace, Craigslist, Zillow, and I know there's a ton of FSBO websites, but I figured on there I would be receiving a lot of inquiries from realtors.

Any advice is appreciated. Thank you.

Merry Christmas everyone,

I want to preface this by saying I do have a CPA that I have used my entire career (mainly W2 income only), but before I bother her on Christmas day I was hoping I could get some insight on the forums regarding my situation.

I bought a townhouse in 2019 that I rehabbed and then lived in until the end of the year. In January of 2020 I moved out, put the property on the market, and then rented the townhouse out (at a loss) for four months (Jan-April); it finally sold October 5th of 2020; the property sold at a loss.

I know I am going to claim the sale of the rental property as a loss on my taxes next year, but what I am unclear on is if I can (or should) claim depreciation for renting it at a loss and the five months it was vacant? I've been reading up on depreciation, but don't completely understand how it applies to this unique situation. FYI - I did own the property for over a year. It was a rental property for a little over 9 months after I moved out.

Update: I sold my current place today. Broke even on this deal, but I wanted to get out badly.

@Kirk R. Haha thanks guys. I think I'm going to ask for a month or two month extension on closing. If they don't grant that then I'm going to back out. MLS just postponed showings here until April 20th

@Anthony Fecarotta bump

I am in desperate need of good advice. I got under contract on a new house back in early February to close April 1st. My current home (live-in flip) went on the market last week. Illinois has just ordered "shelter-in-place," meaning everything is basically shutdown except for essential services. All my showings have cancelled and the only offer I got was $30k under asking citing "corona virus concerns."

I can backout of my deal now, probably lose my $1000 earnest money and be good. OR, I can roll the dice, dump 35k of renovations into this new place while paying two mortgages for god knows how long, and potentially end up selling both homes at a loss.

I need advice bad. Don't tell me COVID-19 doesn't effect the real estate market when people can't even look at homes without breaking the law technically.

@Kyle Wilkins Northwest Side of the city: Albany Park, Dunning, Montclaire, Jefferson Park, Portage Park (stay north of Addison), etc etc. Affordable areas (for now) if you're looking at multi family. Make sure you know what you could rent out the other unit. You can use tools like Rentometer.com or go on Zillow and check out realistic rental comps yourself for the neighborhood you're looking in. 

OR just get a single unit and rent out the other bedrooms if you don't mind having roommates (if you're young you shouldn't).

@Mike Dymski well she's broke. And I think if they see a letter from an attorney and realize I'm serious then MAYBE they'll go smoke on their balcony. Worth a shot.