All Forum Posts by: Mark Doyle

@Ryan Heldt I'm not really in the market for a 4 flat.  I just thought maybe you were looking in the New Lenox/Frankfort/Mokena/Orland Park area, and I was commenting I wasn't aware of many around here.  It makes more sense if you are looking up that way.

@Ryan Heldt

 Just curious - What areas are you looking for a 4-flat?  You are in my area and I'm not aware of many of them around here, so I was just wondering if you are finding some.

@Sam Sav A couple things - If you are flipping, I guess HOA fees aren't much of a concern, but for buy and holds, no matter what the purchase price is, I've found the numbers usually don't work if the HOA fees are much over $200/mo. Second, I knew my balcony had structural problems at the time I bought, but it turned out every other unit in the building, none of which were showing the same signs of structural issues that may balcony was, needed to be replaced as well. So those owners got hit with a big fat special assessment they weren't expecting. Many of the buildings in Oak Lawn are getting to the age where balconies need to be replaced. For condos, this is a big ticket item - $3,000-$5,000, that needs to be considered.

As for flipping condos, I'm not sure if that is a good or bad strategy.  I haven't looked that much into Chicago Ridge, but I know in the south end of Oak Lawn I haven't seen any condos selling for $80k.  Usually it seems $60-65k is the max for a two bedroom.  I got mine for $47,500, and after the rehab if I flipped it I would probably have lost money.  But it cash flows as a rental, which is all I was looking for.

@Eric Black @Crystal Smith Thank you very much for the replies.  Great advice!  

@Eric Black  It is missing all kitchen appliances.  So perhaps that answers my question.  So theoretically, I can scrape up the cash, make the purchase, run to Lowes and pick up the appliances, and then go apply for conventional financing?  Any pitfalls in that plan?

I am looking at a single family home in a chicago suburb labeled as a Homepath REO on the MLS. I am interested in the property as a buy and hold, but all offers must be cash only or using a 203k loan. As I understand it, a 203k loan is not available to investors. So for me, it would be cash only. My question is, what are the potential reasons Fannie would only accept cash offers? The house needs a good amount of work, but it is not a complete gut job. I'm trying to better understand it so I can come up with a strategy to purchase.

I think it was listed for $115k or $120k.  I don't recall. @Patrick Bawer 

Thanks @Lumi Ispas .  There are no other offers.  I put it under contract the day it was listed, and they removed the listing the next day.  Also, the email I got says I have one week to respond.  Why do you believe it is 24 hours?

Sorry, one more question for the community.  What are people's experience with Fannie Mae Homepath Short Sales after they make a counter-offer?  So I offered $90k and they countered with $105k.  Do they negotiate from there, or is that going to be their final number?  If they do negotiate, how much do you think they'll move off that number?

I made an offer on a short sale two flat in Chicago.  After a few months, I have just received a counter-offer.  The counter offer came from "Fannie Mae Homepath Short Sales".  Is there any special financing available for investors purchasing a short sale where the lender is Fannie Mae Homepath Short Sales, such as less money down, etc.?  Any insight into my financing options would be greatly appreciated.