All Forum Posts by: Joshua Burke

Hi Easton, 

Thanks for the mention. The Insurance company investigated and requested doctors statements and x-rays. Ultimately we have the guy a few hundred and he gladly signed a hold harmless agreement to take the cash.

All is well for everyone in the building - it's the best performing asset!

JB 

My family and I have moved overseas, and we need to sell a property fast to repay an investor. We own it - not a wholesale deal - but wholesalers welcome to offer.

Condo details:

3 Bedroom 3 full Bath Duplex Up Penthouse. 1950 SF + 250 SF Private Deck.

Stunning corner duplex penthouse with 20 ft ceilings and spacious sun-drenched floor plan! Gorgeous designer granite and stainless kitchen, slate fireplace in living room with granite mantle, floor to ceiling windows capture exquisite sunlight. Custom luxury en suite master bath has whirlpool, separate shower and dual under-mount vanity sinks. Private rooftop deck with panoramic city skyline views! Attached, deeded Garage Parking included. True Luxury!

Deal details:

Off market, already rehabbed condo in one of the hottest areas of Chicago. We've had trouble selling it on the MLS and will now open it up to investors and other buyers. It's rented at $3220/month through March 2016 - great professional couple as tenants. Fair market value is $475-495k. We will consider selling for $415,000. Nothing to do but enjoy cashflow for a few months then sell and make $60-80,000 next spring.

Owner Financing:

Willing to consider, but this is not our core business.

What's the Catch?:

We need to sell a property fast to repay an investor. HOA is a pain, but new owner can quickly influence.

Please email me for more details or any questions.

Josh

Best way to connect quickly - email my personal email address:

[email protected]

West Wicker Park; East Humboldt Park Condo for sale. 

I'm stupid! But, I need to sell a property fast to repay an investor. We own it - not a wholesale deal - but wholesalers welcome to offer. 

Condo details:

3 Bedroom 3 full Bath Duplex Up Penthouse. 1950 SF + 250 SF Private Deck.

Stunning corner duplex penthouse with 20 ft ceilings and spacious sun-drenched floor plan! Gorgeous designer granite and stainless kitchen, slate fireplace in living room with granite mantle, floor to ceiling windows capture exquisite sunlight. Custom luxury en suite master bath has whirlpool, separate shower and dual under-mount vanity sinks. Private rooftop deck with panoramic city skyline views! Attached, deeded Garage Parking included. True Luxury! 

Deal details:

Off market, already rehabbed condo in one of the hottest areas of Chicago. We've had trouble selling it on the MLS and will now open it up to investors and other buyers. It's rented at $3220/month until March 2016 - great professional couple as tenants. Fair market value is $475-495k. I'm offering it to brokers (nonexclusive) at $445k. But to BP buyers I can go to $430k - $65,000 below market value! Closing Fast is key.

Owner Financing:

Willing to consider, but as this is not our core business it will be expensive. Cash deals preferred. 

What's the Catch?:

I need to sell a property fast to repay an investor

HOA is a pain, but new owner can quickly influence

I've owned for three years, and just need out! 

Please email me for photos, more details or any questions. 

Josh

Hi Everyone,

I am selling my first three investment properties as I am focusing my investing in other areas. For sale - as a package preferred - are three Single Family Residences in South Bend IN. All are close to ND and meet the 2% rule. All very well maintained, one currently rented. Close to Chicago and professionally managed.

Howard St – 3 Blocks to ND

2Br 1Ba – 800 SF, Dry basement,

Recent updates include windows, furnace, bathroom, etc.

Francis – 4 Blocks to ND

2 BR 1 Bath, Huge LR and you could easily add a BR. 1100 SF, Completely gutted in 2010, everything is new and it’s in great shape, very easy to rent and to maintain. Rented to grad students.

Bissell – 4 Blocks to ND

3BR 1 Bath (Plus a shower and half bath in basement)

Solid block and brick building. Great layout, huge dry basement, nice fenced in yard. My wife and I lived here for two years. All new windows, and is maintenance free.

All three homes for $120,000.

Send me a PM if you have questions.

Cheers,

Josh

Well Done

@Brianna Schmidt

Congrats on living the dream and getting out of the race.

I've always admired your posts and persistence.

Go Get Em!

Thanks John,

I like to hold properties that I'm proud to own. I don't mind lower income areas, but the location have to be safe and building has to be quality. I try to never forget that we are providing someone's home - we have all rented in the past.

Using the map, I look to rental %, average rent $ over time, is the location on the upswing, what retail is nearby, etc. Hint, locally owned coffee shops or galleries or hipster bars next to boarded up buildings are usually signs that an area is ready to take off.

JB

Hey @Samson Kay

I agree with the others. There are many areas of the city where you can find cash flowing 3-4 unit buildings.

I live in a 3 Flat in West Town. We bought in 2010, and got a great deal and put only 3.5% down. The rents at the time we purchased however, we Way below market. Over the last years we have increased the rents over 65%! We are now on a 15 year note (@3.5%) and pay only $650 every month to live. If/when we move, we will realize over $300/per door.

The point here is that you will have to find a way to Create Cash Flow - not just purchase turn key. Find a solid place in an up and coming area and develop a 12-24 month plan to increase rents 20-30%.

Here is a blog post about this very strategy. Not rocket science, but it does take some time and effort.

Good luck and keep us posted.

JB

Hi Dave,

As another Chicago investor, I agree that you really need to learn about the different areas of the city. Many 'great deals' are in really dangerous areas. Chicago has 228 neighborhoods, and 56 community areas.

I'm a data and map nerd, so I always use the NY Times Census map to quickly learn about areas. You can view demographics, income, education, rental %, etc, etc - a really great tool.

http://projects.nytimes.com/census/2010/map?ref=us

Good luck,

JB

Hi again everyone,

So sorry for the delayed reply. This was a great deal for us, but still a risky move. I can't say it would work again or anywhere else, but what we will do again (and what should work anywhere) is the commission incentives. Essentially we got the buyer's agent on our team by offering bonus commission. This made them work extra hard to close the deal. Also the bonus commission was only valid above a certain price point, so that was also key. Good luck on your next deal!

JB