All Forum Posts by: Jerrold Stallworth

Hi all,

I just read an article in about brokers becoming receivers or doing receiverships on a part-time basis as a way to earn additional income. Has anyone out there done this and, if so, how can I get started? Also, is this only available to Commercial brokers or does such opportunities exist for residential properties too? Tried contacting the author of that article but he has yet to respond.

If I may piggyback on the current question, does anyone know about doing receiverships part time as a way to supplement RE income?

Hi all,

I once heard a seasoned investor say that a particular neighborhood in Chicago is overpriced now. This neighborhood, Bronzeville, has lots of brown and greystone buildings that were very cheap a decade or so ago. Now, lots of young professionals have bought properties there that were completely gutted, rehabbed and are now quite stunning and worth 400K + and up to almost 2M.

My burning question is that I want to know is can a entire neighborhood or community be overpriced or underpriced, and if so, how is this determined. I'm familiar with Market Analysis or rather I've heard of them but what benchmark is used if any to conclude that a community is underpriced and thus a great buy or overpriced and not worth the time to investigate.

forgive me if I have overlooked something very fundamental.

Thanks to all.

Hi all,

I looked throughout this forum for an answer but did not find one.

An associate of my has an investment property he desperately wants to sell. The property is comp'd at about $125K but he owes about $180K. He wants to try a short sale but he doesnt exactly qualify as a hardship case.

My question is under what circumstances have investment property been approved for a short sale? Particularly if there's not much of a hardship.

I've read a few other posts that stated short sales have been done on investment property sans hardship but did not describe the conditions by which the lender allowed this.

would appreciate any suggestions or comments

I would love to network with other Chicago Realtors who focus mainly on investors and are regulars on this site. I'm trying to find out where the serious Realtors, investors and rehabbers gather in Chicago.

Thanks for your input everyone.

Hi all, I'm a Chicago-based Realtor looking for a real estate attorney who works heavily with investors. Would someone please send a referral to me. Thanks all.

J-Scott

thats what I was thinking. I'm pulling comps because i want to wholesale this property, not list it. So I used sold properties bought with cash for the last 6 months. I read somewhere on this board that this was the best way to determine what cash buyers are paying for similar properties in recent sales.

it just occurred to me that maybe Damien & Nick thought I was pulling comps for listing purposes. Sorry guys, my original posts should have been more precise.

Thanks guys for the responses.

it appears that most of what's been sold in the area are REOs and 'Corporate-owned' (same as REOs i think)but I didnt want my search to extend beyond 6 months. However, it looks like I might be forced to since theres been only one regular sale in the last 6 months for that area. Everything else is REO.

I thought by my managing broker using actives, he was screwing up the comps. Thanks for enlightening me.

I'm a new realtor but I always thought that to pull solid comps on a subject property, you only looked at similar properties that had been sold or closed within the last 60 to 90 days, using a half-mile or so radius. Well, that's what I've been doing for a couple of probate properties. I asked my managing broker to check my work just to be sure, and he used not only sold but active, pending, price changed, etc. At that point, i just knew I'd have to find someone else to check my work.

Am I right on this?