All Forum Posts by: Drew Gedemer

When a house gets listed for sheriff's sale, can you still talk to the current owner and purchase the property directly from them?  Or is it already too late, they were foreclosed on, and it must be obtained then through the auction?

Hey that's an awesome deal.  I'm often times looking for properties in Grayslake, but ended up grabbing something in Kenosha this year instead.

Great work on the negotiation, was there a big issue with the property?

Olena:  You must be close to me.  I can recommend someone for you.  Their brokerage is licensed in both IL and WI.  DM me and I can send you their way.

The agent that I worked with was licensed in both, so that was nice to look in both northern IL and WI at the same time.

At least for me, my first look is at taxes.  There are def houses in northern lake county that hit 1%, but depending on the area the taxes can kill it.  I've looked to kenosha since the taxes in wisconsin are much lower.

Hey All!

I just got an offer accepted on a duplex.  I know that typically people recommend asking the seller to move the tenants out, but with other circumstances, it didn't work out that way on this deal.  With the tenants already in place, what should I be asking for from the seller?  I'm trying to put together a checklist, but figured I'd ask the community, as I'm sure I'm missing something.

Now:  Leases, contact information about the tenants, pay stubs from the tenants (maybe?).

At Closing:  Security Deposits

Thanks in advance!

@Nick Puchter @Edgar Perez

Thanks for so much detail, this is super helpful!  The three duplexes I was actually looking at were in that square lol.  I recently got connected with this agent, but unsure as to her familiarity with the area, and I seems to typically only work with retail buyers (kind of shrugged off my "how is this location" question and was anxious to just go show me the properties).  I'll have to do a little more research and maybe go drive the area a bit more.

Hey BP:

I am a beginner real estate investor who owns 1 property in North Eastern IL.  I'm looking at some other properties in Kenosha WI 53140 53141 53142 53143 53144, which is also close to my area.  I'm less familiar with that area, but I am getting the general sense that a more desirable location to live is typically east of route 32?  Hoping there are some other local investors that could provide some insights, as some of the properties I am looking at are a few blocks west of that location.

Thanks!

Ready to move in quality is to ambiguous.  Typically we don't specify holes in the wall and typically we would have our painter fill them (which is a cost to us).  Simple ware and tear to me.

If you do want to have them consider getting your rental "rent ready" I have seen people specify specific move out conditions in the lease.  Things like patch holes, professionally wash carpets, etc.  In my market that seems overkill, and likely would give the tenants a bad taste in their mouth if we asked them to do that.

To John's point, we also want them there forever!  We just resigned one tenant.  Just make sure to do inspection once per year to make sure the property is in decent shape and create workorders needed at that time.

Was searching forums because I am moving forward on a 4 plex with current MTM leases.  I was hoping to replace old leases with mine without initially raising the rent, but do understand that my lease has a lot more "called out" in the agreement.  From my understanding they are good to go if they sign, but if they don't, I'd likely have to file for eviction then since they are currently MTM?  I could technically do that right?

@Mike S. called out having to abide by the old lease, I don't have my hands on it currently, but they state it is MTM.  I could still move to remove them with a 30 day notice based on my state, I think.  Just looking for some confirmation but would check with attorney obviously first.

 Yep typically I do.  I didn't go in June since I was on vacation though.  Let me know if you want to chat, I'm happy to meet up before hand.