All Forum Posts by: Christopher Malone

@Mark Malevskis You could either split your commission or pay a monthly fee to your sponsoring broker, whichever would be more beneficial to you and your business. 

Also, Illinois Real Estate License Act of 2000 provides that all written materials (listing sheets, ads, Internet ads) must have "broker owned" or "agent owned" notations. 

@Brie Schmidt  Thank you, I will be following this issue until the end. Please keep us updated.

I do not have experience and i haven't closed my first deal yet, and I may be wrong. I read about this and I think that either way the current landlord is in violation of the Implied Warranty of Habitability. I do not think the landlord would have any grounds to press charges for the disclosure of an unsafe or unsanitary living space that is unfit for human occupancy. I think that if it is not disclosed, not only is the landlord liable for any damages from the defective conditions, but anyone who is aware of it and did not properly disclose the defective condition to the tenants could be as well. 

Once again, I am not a legal expert and this is an advanced discussion, but I thought i would help out anyway i could. I hope this is helpful...  

Welcome to BP @Matt Pieper 

If your looking to meet other local investors there will be a meetup hosted by @Brie Schmidt at Dino's Pizza in Norwood Park from 6:30 - 9:30 pm on 9/16. Hope to see you there!

@Account Closed Great! I am also getting my RE license. You mentioned that you want to work real estate from several angles, how so? and what role will having your license play in them?

Thank you all for your replies thus far. I have definitely learned some key points that I will adopt into my strategy. 

@Account Closed Unfortunately other investors are buying the good 50,000 deals with all cash, leaving the tear downs for new investors like myself. I currently lack both the capital and the experience to purchase, rehab, and hold the majority of all the properties that are leftover. Not to mention they aren't in my target farm area.

1. My strategy is based on finding properties that have been sitting on the market for over 180 days, that are priced between 100-175,000. For now, i would rather target motivated sellers, and buy at a discount, than chase the obvious deals that the investors with deep pockets are fighting over. As i mentioned earlier, based on the photos, the property looks rent ready. If its not, then i'll move on.

2. That would be determined by the condition of the property. As i mentioned earlier, based on the photos this property seems rent ready. If i can purchase at distressed market value, with little to no repairs and create great positive cash flow within a few days, wouldn't you consider that a deal?    

"If it's too good to be true, It normally is.." This phrase stays in the back on my mind. I am new to investing so of course my doubt is high. This is partially the reason i drove through the neighborhood twice and parked on the same street as the home to see what the neighborhood was like. When i couldn't find and obvious flaws, i immediately assumed the problem was inside. I do not think I am wasting time, as either way I will be learning something from this experience. Then again, if i give up and the seller decides in a month to drop the price to $50,000... 

I also will try to contact the listing agent about comps, thank you for this advice.

Thank you all for the great advise! 

I considered all of the potential issues i could come across, and included all potential expenses would come across. Utilities, Maintenance 5% of gross income, PM 10% of gross income, lawn and snow removal service, etc. My calculated expenses are a bit higher than the 50% rule. This is why i am basing my purchase price off of my calculations, which still gives me the cash flow and return I am satisfied with. 

I will be financing with 20% down, but i ran my numbers as if it was 100% financed. With the information you all have given me, i feel confident that if the inside checks out, it will be worth making an offer, even if I am told "NO". 

Thank you

I am searching for my first rental property to purchase. While searching on redfin, i spotted a rent ready 2 flat that has 3 beds, 1 bath in each, listed at $169,900. The problem is that it has been on the market for a little over 800 days... I continued to research and drove through the neighborhood and everything checks out. Given there is minor crime in the area, it is not enough to stop other sales in the area. I ran my numbers as conservative as possible and came to the conclusion that if i were to make an offer, it would be around 70% less than the asking price which is around 50,000, the same amount most of the other distressed properties in the area are selling for. As a new investor, is this a property worth pursuing? I figured that i would at least schedule visit to see if there is something wrong on the inside.