All Forum Posts by: Johnny Galvan

Thank you all for the info. The property is not a foreclosure or bank owned. I asked the finance company is there a penalty for paying the loan before 90 days and they said no, but only mentioned it was a standard 90 day timeframe before you can sell the property. When I'm ready to sell it which will be before the 90 days, I will reach out to my attorney if he can confirm and dig up some info.

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Hello All,

I've been doing flipping for about 3 years now and always payed cash. I will be closing on a single family house soon which I received a loan from a 2nd tier finance company. The mortgage officer who I question her input mentioned I have to wait 3 months before I can sell it? Since its a conventional loan I will think I can sell it asap. Is their a law or regulation or is it up to the finance company to decide? The property is located in Chicago, IL. Any input appreciated.

Thank you

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Originally posted by @John Warren:

@Johnny Galvan I am about to list a beautiful rehab project in Forest Park that is right in the middle of that range. I think a lot of the near western suburbs have inventory in that price point. I would think of La Grange Park, Brookfield and Berwyn as well if you are wanting to hit 400-600k on the ARV.

Thanks for the info!

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@Crystal Smith

Thank you for the info!

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@John Warren

Any areas you recommend with a price point between 400-600k? Thanks

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Originally posted by @Mark Ainley:

@Johnny Galvan What is the price range you are working in? Are you doing a heavy rehab on custom homes or looking for an area with more cookie cutter floorplans so you can comp out easier?

Hi Mark,

My main area is "Cookiee Cutter" comps. Normally, I will buy at auction, but that's on hold for now (covid) Most of my sales are from 200-300k. Any suggestions on areas? Thank you!

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Originally posted by @John Warren:

@Johnny Galvan there are many, many great areas in Chicago and there are just as many terrible areas. What qualifies as a "good" area for you? Why are you branching out to the burbs? I doubt you will find the suburbs any less competitive than the city. The whole Chicago metro area is on fire right now and there is low inventory. Any time I list a house it goes under contract quickly and there are multiple offers.

Hi John,

Thanks for you input. I mainly do my flips Southwest side of Chicago (Brighton Park, McKinely, Midway area). I haven't done much of a market analysis of the burbs, only Oaklawn, Evergreen, and Beverly. I was hoping the burbs weren't as competitive as the city. Can you recommend any good areas? I have no interest in the south/southeast side of Chicago. Thank you!

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Hello,

I’ve been doing realty investing since 2014 and been happy and successful on this endeavor. Most of my investing has been FixNFlip and only in Chicago. I want to branch out to the burbs. Any good areas?

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All Forum Posts by: Johnny Galvan

Johnny Galvan has started 2 posts and replied 9 times.

Post: How fast can I sell a house after purchasing it?

Post: How fast can I sell a house after purchasing it?

Post: How fast can I sell a house after purchasing it?

Post: Which Chicago Suburbs are good areas for investing (flip)

Post: Which Chicago Suburbs are good areas for investing (flip)

Post: Which Chicago Suburbs are good areas for investing (flip)

Post: Which Chicago Suburbs are good areas for investing (flip)

Post: Which Chicago Suburbs are good areas for investing (flip)

Post: Which Chicago Suburbs are good areas for investing (flip)