All Forum Posts by: Eric M.

I don't know the exact situation but this is the easiest and best time to bail on a deal. What are they going to do? Your contract require giving EM I assume. If you don't our contract is void.

Louisville Building Permit application is nice and short but short on details.

I am just removing a hall closet to widen the hall and relocate an outlet, I assume a permit is required. Are stamped plans required? A homeowner sketch? No drawings?

Thanks

Yes of course. They all do. This is one of their jobs.

 Yeah, that is for a straight appliance purchase. No problem. But when you buy an appliance package they discount each item. Just not sure if it is the type of discount that eliminates the 11%. Thanks

It doesn't work on discounted items, so I am thinking no because the package does discount the items but not sure exactly how it rings up.

I moved to chicago 32 years ago. People were saying the exact same stuff then. Doom and gloom about all the supposed problems. And the problems are real. And Chicagoland has done nothing but boom despite them. The economy grows,  prices rise, investment money flows in, people move here, people start and operate successful businesses here. Downtown Chicago has bounced back after the pandemic as well as just about any city I have been to...and better than most.

because problems are the norm. Everyplace has their own problems. No place is immune. There is no utopia. Plenty of people have and will make plenty of money in Chicago real estate. 

People have very skewed memories. Anyone complaining about crime now must have slept through the 70s 80s and 90s. People complaining about corruption now are hilarious. Do they forget the Daley's or the string of governors who went to jail?

Visit the city. You will feel a vibrance not felt in many places. all the naysayers have been consistently wrong for many decades. Odds are they are still wrong. 

I think the listings can LOOK like 20% cash on cash. I don't think very many are 20% deals.

I don't know the contracts involved. I would think a pretty standard listing contract alongside a fairly standard renovation contract with the funding language in there. 

This is what the ladies on Unsellable Houses do. It is actually one of the better HGTV flipping shows. They might help you with a contract if you reach out to them.

Please pay attention to the fact that your friends, who actually own multiple units, do not feel qualified to even advise you.... Yet you, with zero experience, feel qualified to buy a 6 unit.

what kind of auction is this? Why is a fully leased building going to auction? Tenants are not paying? Huge deferred capex?

You mention nothing about the condition of the building.

There is so much complexity to buying at auction. So much complexity to 6 units. so much complexity inheriting leases and tenants you know nothing about. And you are doing all of them ... complexity cubed.

No, there are no wholesalers in Chicago.