All Forum Posts by: Edward Mccracken

Don me too... I'm in the sauk village area looking for the same thing. I'm meeting with one tomorrow. What area are you in and why are you looking for one?

Replace the plywood with those window bars. I usually do that on lower level windows and I don't lock the bars for safety reasons.

Man I had the same problem in a finished basement and how do you find the leak right?  My leak was before the meter in the concrete.  I didn't know that until I kept on vacuuming water from the carpet and it wasn't stopping until I called the waster company to shut the main off.  The roto rooter guy came out and said something crazy like it would cost 80 per sq ft of them digging to find the leak and he had an idea where it was, he was way off.  I called the leak detector guy that uses sonar equipment that charged 500 per hour. lol... He found it with in the hour and guessed was the exact problem was.  The problem was copper coupling was underground and it came loose.  That could have been the best 500 I ever spent.  

Nathan Waters certain areas of park forest I would not buy in. Let me know how much they are going for and what street I have a few in sauk village that I'm looking to free up cash, they cash flow great. I'm not motivated but all are rented and close to being maintenance free.

You need to look up Tony Youngs. His method is exactly what you are looking for. I saw him present and the paid 1,000 to go to his boot camp. The best 1,000 I have ever spent on any real estate material. Now I'm paying him 5,000 to come out for a entire weekend to do this with a few buddies of mine but he is the real deal. By the way I'm selling his old Material on eBay :) I have his most up to date. Good luck.

Craig, 
I would probably be paying the own $500 for both, not bad.  I know I have a risk of losing the bid.  If I do lose the bid, I would have to at least break even with the rents that were collected.  

Chris, 
The scavenger sales (meaning ALL back taxes on the property, besides 2014) starts bidding at $250.  The taxes probably cost more than the house.  I didn't pay to get a final tax bill, I just saw all the years he missed paying.  The house current value is probably 25k, it once sold for 100k.  The prices in the hood or most of the South Chicago suburbs didn't bounce back yet, I don't know if they ever will or not but the rents still are pretty good :) .  Ok, that kind of makes sense to that a homeowner can't bid on the property taxes.  

Alright let me know how crazy this sounds and if it’s a workable situation….I found a homeowner that is trying to do whatever it takes to get out of these two houses.

Facts:

-Both properties are probably worth 25k and are coming up for a tax scavenger sale in December.
-I’ve researched both properties on the recorder of deeds.
-Over the past 6 years he filed and messed up 2 Chapter 13 bankruptcy’s with filing the taxes in the BK (I didn’t know you could do that, but you can). The last one is now over and the taxes will finally come to sale in a scavenger sale.

Property 1:
This guy owns at least 6 years around 20k of property taxes. Has a seller carryback loan on the place for 6k that he made 3 payments. The last one on 2006. Breach of contract in Illinois only allows you to take recourse up to 10 years from the breach.

Chase bank released the loan in May. (They didn’t want to foreclose on him)

The place will take a month to get fixed up 4k in rehab costs and rented for 1000 per month.

Property 2:
Owes around 60k for it and owes about 20k in property taxes. The bank voluntarily dismissed the foreclosure a few years ago. Sounds crazy but around here the banks dismiss the foreclosure case or release the loan, then stop paying property taxes so they don’t have to foreclosure and repossess the property. This place is pretty much rental ready at 1,000 per month.

Hers what I want to do…. Have the owner quit claim the house to me, right now. So I can get in there and get the place ready to be rented by the end of the month. The taxes will be coming up for a scavenger sale in December, I will buy them at whatever cost. Well up to 25k. If I don’t purchase them, I will at least collect rents for probably a year.

This situation sounds crazy but any suggestions will help…. 

Wow. Thanks! I always thought I was doing something that I could get in trouble out here...

First of all, thanks for the lead on the stale note.  I did some research and in Illinois, you have 10 years from the last day that the contact was breached.  So whenever the owner made the last payment the creditor has 10 years, and this loan started in 2005.  So I will have to find out when the last payment was made.  

On paper it makes sense for the banks to release the loan.  House was purchased in 2005 for 125k.  Its currently worth about 15-25k plus 10-15k in repairs and 6k backtaxes.  So it makes sense instead of foreclosing, cleaning it up, putting it on the market and so on.  

Here is the update... I talked with the owner today and he "claims" that he hasn't paid taxes since 2008 but he filed a chapter 13 and said they were included in the BK but his BK has never was completed.  He also said that the county was not able to sell his back taxes because he was in BK.  I looked up online and it only tells me that the past two years hasn't been paid for a total of 6k.  I have to go down to the treasures office and pay them to do a tax analysis.  This should be interesting.... 

I found a homeowner thats is dying to get out of his house.... Here are some quick facts that are verified through the recorder of deeds:
Mortgage company released the mortgage on his house for 75k
Banks around here sometimes just release the loans instead of foreclosing on them. lol...
House has 6k of unpaid real estate taxes.
House has about 5k to be fixed up. 
After the house is fixed up its worth 20k
There is  a seller carry back mortgage of 6k that was from 2005 and was to be paid off in 
2009.  The terms were not very descriptive all it says was it had to be paid off in 2009.  
The owner said he only made 3 payments.  

My question is what do I do about this seller carry back?  I'm pretty sure the builder that gave the seller carry back went bankrupt, but the seller carry back mortgage is in a personal name.