All Forum Posts by: Graham Smith

I got a similar call - @Patrick C. can you tell us how it turned out?

I am interested.

[email protected]

Hi BP!

I own a few rental properties in Logan Square, Chicago and looking to buy a few more - anyone know of a good property manager?

Thanks!

Graham

@Leslie Frieze I use areavibes.com to better understand the crime in the neighborhood. You are buying in a place where the violent crime is 1,378 per 100k people = extremely high/war zone. Be ready for cash flow on paper but not in reality. As a rule of thumb, I don't buy in areas where violent crime is over 1,000, so 1,378 is way out of my comfort zone.

http://www.areavibes.com/chicago-il/englewood/crime/

Hi BP!

I am in attorney review for a property that is a great deal (30% cash on cash return). BUT the seller has been doing some major renovation work (new bathrooms, plumbing, electrical) but without Chicago permits. 

My lawyer said he will require all construction to be permitted and in compliance with Chicago building code, but I'm sure the seller (who is stubborn) will not agree to such warranty (or provide permit #). This is not uncommon as most small developers try to avoid involving the City in light renovation, but this seems to be more than light reno work.

Is there a way to still make this deal work? What are the risks of inheriting a property that does not have the correct permits?

Thanks!

Graham

@Victor Steffen waiting on the seller to finish the renovations they promised (3 weeks left), then will do the appraisal.

We have 5% down payment locked in with our lender and the property rents out for $4,400/month. I think the appraisal will come in at $390k, but we will see.

Hi BP!

I've got an off-market deal purchase but the seller is still renovating the property. The seller accepted my purchase price offer, but I do not think in the contract we said anything about the property needing to be completely done with the renovation work.

I have 5 days in the attorney review period starting today and I am looking to see how I make sure the seller finishes the 2-3 week renovation he is almost done with.

Thanks!

looking to buy and hold.

It's off market, not listed with an agent.

Hi BP!

I am trying to look into who owns this property I am interested in, but on MLS it only says the buyer name is: Trust 8002362391.

Does anyone know how to find the contact info of a trust like this? The property is based in Chicago, IL.

Thanks!