All Forum Posts by: Jack Srimani

Hi,
I am looking for a quality real estate management company in or near joliet IL. I would like to know if somebody has information on this. Also I would like to know if there is any source in the internet that will allow me to see reviews of a property management company in Will county (Joliet IL is located in Will county). Thanks.

Thanks folks. Actually being new to this field makes things little tougher to that if a REO purchase is a great or decent deal. That said it is not a question of greed but to ask for some credit due to some of the non standard issues.

Thanks Jon and Mike for the sound advise. That was helpful.

Thanks for your advise. I appreciate it. Next time I need to work on it with a contractor prior to giving an offer.

Thanks Lee and Jon for the great advise. I appreciate it. Even with the rehab the number looks OK. However I am probably going to ask for credit of about three thousand dollars for electrical work. As you said does not hurt to ask.

Hi
I am in the process of buying a property that is a bank owned (REO). Initially I gave the offer for thirty two thousand though the asking price was forty four thousand. The bank accepted the offer.However yesterday I had the inspection of the property. It revealed the following:
The roof need to be replaced
The furnace is twenty years and in a year (max) need to be replaced
Some electrical work need to be done
Some brickwork needs to be done which may go to nearly three thousand dollars.

So the total cost of fixing will be nearly ten thousand dollars.

With this situation should I ask bank to lower the price of the property by at least five thousand. Since this is my first REO I have no experience how things work. So I am looking for your advise to deal with this situation. Thans in advance.

Hi David,
Thanks for your feedback. I have done comparable property rents and the number sounds fine. I have driven around the property within few blocks and I have not seen much of rent sign. This leads me to believe that there are not many rentals available in the area. This is a decent middle class area. I need to double check on the HOA. My realtor told me there is none. Actually this is a bank owned property. The price was just double about four years back. Yes I do believe I am not paying more than it is worthe. I got the rate from a local bank here in Rockford IL. I have a good credit score and have not yet invested in any market (e.g. stock, bond or real estate).

Hi Brenden,
THis does not need an extensive rehab. Only painting and fixing one of the cabinet door in kitchen. I do have some cash reserve in the event I cannot rent it immediately.
Thanks for your input. Anybody else???

Thanks Jon for your advise. By the way this townhouse does not have a HOA fees. Anybody else want to chip in!!

Jon,
Yes that is an investment rate I am getting currently which is really a great rate. Ray I understand your concern here. I do not also want to be rushed. However I was looking some help to see if cash flow will be in the positive and the cash on cash return. You have made a good point. I will check with my insurance agent to run a quote. That will dispel all my insurance guesses. To rest of the folks my question will be ' This is a asset or liability'. Thanks