All Forum Posts by: Mark Ainley

We have had a $1.00 deal and a $1,000 deal. For the $1000 deal I actually got a $1500 commission so basically they paid us $500 to take the house. House was in demo court and took me another $45,000 to stabilize but still feels good to know they paid me for it.

The seller will have to disclose if there are any open court cases and more so your attorney should be able to pull up in the system any active cases on that property or against that ownership entity. The city never actually takes over your property in demo court but if you don't show up for court or hearings the city has a fast track way to get the right to tear down the building. Once they tear down the building they slap a lien for the inflated cost of the demo on the remaining lot which will be recorded and would which would come up on title.

If case is closed you don't have to deal with it but if it is open you can take possession and take over the case in which the judge gives a new buyer time to make it right but they order an interior inspection which leads to having to get drawings and permits if the work needed requires it.

On the southside they take the $500 non refundable move in fee all day. Only the older 55+ tenants elect to do security deposit. Just kind of old school minded. We leased one this week to a market tenant that was questionable so we told her she had to pay 1.5 months sec deposit. Every CHA tenant takes the $500 non refundable move in fee.

On the southside we generally have to paint plus put $400-$500 into the units no matter what so we work it into our numbers. Even if a tenant has a deposit and you hold it back for this or that they still run to an attorney saying you held it back wrongfully. We are where we are now with this process because I found myself giving back close to 100% of all deposits everytime out of fear so with move in fee we get $500 of instant working Capitol and lose a lot of liability.

The only thing security deposits are good for are tenants that skip out on a lease.

We would have an interest in seeing deals you come across. Between the investors we work with and ourselves we always have people looking at opportunities.

An idea is to not do replacement cost because these old buildings cost way too much to rebuild. Cover for 150% of actual value and you are still out way ahead if you have a total loss.

We also go thru a broker that gets us to $453.00 per unit for our master policy including a million dollar umbrella. May be you should talk with him.

Allstate, State Farm, American Family, Farmers, & Country are not the people you want to talk to for south side properties. They factor in risk of arson, bs torts, etc...into their figures and that is what you get $3600 per year. You need to go to companies that specialize in that type of insurance.

I was just told we pay $225 flat to refinish and $30 additional if it needs prep work. If they quote higher drop GC Realty & Dev and an associate!

We have been using Phoenix Bath Tubs this year and they do a great job for just a couple/few hundred bucks. There in Cicero but you will have to google up their number. They would be good to give you advice as well as do the job. From our guys trying to do it ourselves it has resulted in peeling like you speak of and we are comfortable saying we didn't do it right.

I do know a wholesaler in Mchenry that may come across a deal for you. Send me an email at [email protected] if you want his info.

Welcome, a guy from my office works out of Crystal Lake and does flips and some wholesaling if you have an interest in maybe being introduced.

Hello all, Another broker in my office has a 9 unit industrial building in Kane County just northWest of Elgin and about 40 minutes outside of Chicago. I post this on BP only because it is an investment for under a million that an investor looking to get into commercial or take the next step into commercial could take this project on fairly turnkey and should be easy to maintain as a first time commercial property owner. Anyone interested I can put you in touch with the listings agent. It is new to the market but not out there yet.