All Forum Posts by: Andrew Stoll

Mark, 

Give me a call and we can brainstorm the right path to take. I know a bunch of people here in Elgin.

Absolutely worth it. Not only a personal, real-life mentor, but also the great authors of such books as 7 Habits of Highly Effective People, Think & Grow Rich, and How to Win Friends & Influence People (to name a few). 

You can find mentors here on Bigger Pockets, at local real estate meet ups where you're from, and just by networking with other investors. I've networked at local judicial/sheriff's auctions - you can usually find some very experienced and talented investors there.

It's such a subjective situation that is based on your situation and the market down there.

Generally speaking, if you can sell and find a comparable property for less money (after closing costs and all expenses associated with selling and buying), or a better property for the same amount of money, then that's what you want to do. 

Do you need capital or can you afford to leave your capital invested in this property? Is the market appreciating and if you sold it next year will it be worth more? Do you want to be a buy and hold or a buy and sell investor RIGHT NOW? 

Also, I don't see where you're going to make 15-20K by selling this. If you paid 68K and put some time and money into already, let's say you're at 70K all day. You sell it for 87K and have to pay Realtor and other closing fees, amounting to, let's say, 10%, or about 9K. You're looking to make about 8-11K by selling between 87K-90K. Is it worth it? Ask yourself these questions and find out. :)

Good luck!

Ryan D. suggested reading Rich Dad, Poor Dad - that's a great book and I second that motion. Here are a few other suggestions:

• The 7 Habits of Highly Effective People by Stephen R. Covey
• How to Win Friends & Influence People by Dale Carnegie
• Think and Grow Rich by Napoleon Hill

These and many many more will help you sharpen your skill-set, starting at the root - yourself.

Good luck!

Thanks for the all the information everyone. It's great to have a place where people of like-mind and like-ambition can interact with one another.

I have found contradicting answers to this question:

In Illinois, do mechanics liens stay with a house after a foreclosure sale? Will the auction buyer assume a mechanics lien if there is not enough money from the sale to pay for it, or does it become extinguished like certain other junior liens?

Based on the information I have received here, it seems that there is something else beyond coincidence causing the lender to foreclose three times, each time, after a QC to a new interest holder.

The homeowner received a WD when it was bought, and the two mortgagors were unmarried, and according to name, unrelated. All three people that were quit claimed to, have different surnames as well.

Who knows...

But would a QC be enough, by law, to force the lender to restart the foreclosure process on the new interest-holder?

As I'm doing a title search, I come across a (Illinois) property where there have been 3 LPs in the last six years, or so. It seems that every time an LP is recorded, the person who holds interest, quit claims to someone else, which seems to buy the owner another couple years.

How many times can the owner(s) quit claim to someone, in effect, causing the lender to restart the foreclosure process all over again?

IRS liens that are junior are extinguished with the judicial sale, at least in Illinois. The problem, I've heard, is that they can, after the sale, redeem the property if they want. As this rarely happens, it's not a huge issue, unless the lien is significant.