All Forum Posts by: Matt Galas

If you win at 0% you are aiming for foreclosure, not earning interest. 

If there is an attractive property and people have done their homework to believe the lien will not be paid (e.g. deceased person with no relatives) then everyone instantly bids 0% hoping to effectively buy a property for nothing but the back taxes. 

Worst case you lose time value of money and get your principal back. 

I am looking to purchase a property through Homesearch in Illinois.  

Nationstar received a sheriff deed back the middle of 2014.  Subsequent to them receiving the deed, both the city and the local sewer district have placed liens on the property but the rest of the title seems OK. 

The auction will deliver a Special Warranty Deed and there are no documents attached/listed on the Documents tab of the auction.

If I were to win the auction on Homesearch, is the seller going to pay those liens off as part of closing? Or will I receive the property with those liens still in effect?  Or will I have to bring the cash to the table at closing and pay them off in order to close the transaction?

This will be an all-cash deal so I am not worried (at this point...) about a mortgage or banks involved.

The liens total about $9,000 (cutting weeds, trash hauling, boarding the place up ahead of the winter) so maybe I can negotiate with the city and get them reduced in return for fixing the place up, but I doubt I can get them wiped off completely.

Thanks for any help/insight!

I am a buy and hold investor and invest with a partner. His wife and my wife are also investors in the deals. I recently became a licensed broker in Illinois - this will be my first deal after becoming licensed.

I am planning to act as our "buyer's agent" and will be taking the buyer's agent commission.  Everyone is aware of this and it is detailed out in our partnership agreement.

Has anyone had experience in a similar situation and were you advised to get anything else signed / more specific disclosure?  I am having everyone sign agency documents  (including my wife... that was in the study materials for the license exam!) but does anyone know of anything else specific I should get signed in this situation, different than when working with an unrelated agent?

Sorry hit submit on accident.  is there no way to edit posts?

@Josh Bryan and @Carolina E I haven't actually spoken to United Online but from their materials online I thought is was $50/month.

@Derek Martin Thanks that is exactly what I am looking for.

@Josh Bryan 

Hello all, I recently passed my state + national exam and am now looking to hang my license with a managing broker in the near western suburbs of Chicago. I have seen and spoken with a couple of the bare bones 100% commission companies and am probably going to go with one of those unless there is a strong reason not to. Has anyone had good experiences with any if these outfits? If so, which? What sort if roadblocks did you encounter? I am not going to be very active; 2-5 deals per year, all with my own money and all on the but side for now. Thanks for any help!

On my phone and haven't even opened the link but I am going to say based on the address that the monthly assessments are ridiculously high. The condo is likely pretty outdated as well and there is a good chance the building is going to have special assessments.

I am in the Chicago suburbs and what look like some of the best investments in my area are small multifamily properties (2-4 unit). I am talking suburbs and not Lincoln Park so these properties do have lawns, driveways, etc.

One of the things that has always put me off from these has been the grounds upkeep.

Because the properties have multiple units the driveway, yard, etc. are now common areas but at the same time the properties are not large multifamily and so the cost of third party landscaping/snow removal is a big hit relative to cash flow.

What are some of the best practices other people have with respect to lawn and snow maintenance for this type of small multifamily units? With single family we just make that a tenant responsibility. However with multiple tenants I would then get worried about liability or complaints having a tenant doing this.

Is the real answer just farm it out to a 3rd party and take the cost into account in my investment? Of course I can do it myself but that is less practical in the winter when the travel time can be a problem.

I guess I am looking for thoughts on whether others in similar situatoins still have the tenants do this or if I just have to bite the bullet. Maybe tenants does the lawn as part of their rental agreement but I farmout the snow removal? Thanks!

Hi all,

I have been listening to the podcasts and lurking in the forums for a while and finally joining the discusions as an active member.

I work in commercial real estate and am finally jumping into the rental property business with a partner. This is something we have both been looking to do on the side for a while in order to take more control and active role in our retirement investing.

We are buy and hold investors in the western suburbs of Chicago and hope to start making some connections online here as well as at the upcoming BP Chicago meet up.

Thanks!