All Forum Posts by: Chris Fointno

Great Opportunity - Investment Property 4 Sale

Country Club Hills!!

4 Bed - 2 Bath
1326 Sq Ft
2 Car Garage
Home Needs Rehab

Great Price - $89,500 obo

Rehab = $22K - Contractor already in place.

Rent = $1700 - $2100

NO Financing or Terms Available

This is a great Buy and Hold property for an investor. 

Great area close to schools!!

This property is part of a 7 home package deal. Each property is located in Sauk Village, IL. Each property is rented between $975 and $1100 per month. Each property was rehabbed 3 - 4 years ago and is good shape. In need of only tenant maintenance. 

CCR is about 30% on this package of homes. Stable area with stable renters.

Call Chris for more info @ 219-237-4845 or email @ [email protected]

I have pictures of each property along with a spreadsheet of info on each property. 

Thanks for replying John. The seller is OK with me assuming the mortgage. The lender however is not. The seller has told me that the lender can renew the LOC every 5 years but they have already told him they will not. He is 2 years into his second renewal and they don't want this on their books any longer. So after 3 years he has to make something happen anyway but he would like to get out from under them now. They are all rented and all cash flow. They are all rehabbed although one of them needs some work still but it too is rented and cash flowing.

Not sure if paying closing cost 5 times is the right thing to do though. Maybe just refinance the loan as-is.  If that is even possible.  

Thank you Chris. I figured as much. I will probably also have to pay closing cost 5 times as well I assume. Ugh!!

I have a seller who owns 5 rental properties under one loan. He bought them with an LOC. The seller no longer wants the properties and will allow me to take them over. The loan is at a 7.25% and I would like to take them over and in a year refinance them and break them up into individual loans. Is this possible to do? I know they will have to appraise first but are there lenders out there that will even do this?