All Forum Posts by: Chase London

I have no problem  getting pof but broker goes into asking weather i have rehab funds after Ive answered that with a yes twice the day before.Then asks me if Ive spoken to Banker(they know one another personally )  regarding approval. He has nothing to do with me making cash purchase. 

Whats up BP family. I found a property that I would like to make a cash offer on to purchase. Its a fixer upper that with rehab will have decent equity. I signed on with a broker when I was seeking FHA loan but since then Im looking to go the cash route and asked broker to set up a viewing of the property. I was told we could view it the next morning. The next morning I get call from broker saying I cant view it without P.O.F. (should've told me before I set up meet with contractor to meet with us at property) Mind you the broker did not say that proof of funds were required by seller.

The property listing doesn't state any auction terms,deadlines for offer or anything of such. 

I believe my broker is trying to stall my viewing or purchasing of this property because broker was expecting me to wait for bank funding for a higher price property found by broker.

I need to view property without broker in case broker is trying to deter me from viewing and buying this property for broker's own reasons.

Need advice on making this deal happen if property is approved by my contractor.

 Thanks for the insight everyone

 Thanks for the insight everyone

 Ill call you tomorrow.

 My father and grandfather are contractors so i can get some free to lowcost repair work. Im wondering if anyone else has purchase any of these under 10k homes in Chicagoland area. If so how was it?

I'm seeing  a few properties listed in the 4k-10k range in the Chicago area. The neighborhood doesnt matter much to me. What I wanna know is are the properties in those price ranges worth getting if the cash is on hand and you want to do a quick house hack? 

Im sure they need repairst. If snatching up say a 7k house that needs doable repairs and house hacking to get away from renting is possible. Would anyone here say thats a ok start or would holding cash and seeking a Conventional loan  be better.

side note: I want to get out of renting before summer 2016 (month2month lease at moment)

New to real estate and learning so much right now. Chicago born and bread getting into investments and properties.

@Jeremy Tillotson Yea i already live near the roughest area of my city so thats no problem. Just looking to see if other think its a good idea that may have tried this

I need some advice from a Pro or 2 or 3. I tried getting funding from a lender to purchase my 1st 4 unit property but the loan but the loan officer's lender sent me a denial letter. After speaking with the officer afterwards he stated he's gonna use a different lender just give him a little time. Now going into week three i'm ready to just say screw them and use cash.

Im seeing fixer uppers in my area in the 4k-10k range. I know they need work but I have a family of carpenter/plumbers etc including my father. Im thinking about buying one to move into and stop renting and save the cash to buy the multi-unit and not bother with lending.

Has anyone been there done that? any advice