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All Forum Posts by: Kenneth Lee

Kenneth Lee has started 2 posts and replied 7 times.

Post: Tax sale/deed Help

Kenneth LeePosted
  • Ridge Farm, IL
  • Posts 7
  • Votes 2

Thanks for the advice. I got title search done (makes sure there's no liens on the property) already. The reason nobody bought it is probably because where i am there's not many real estate investors. I bought it after auction. so no bidding wars.  

Post: Tax sale/deed Help

Kenneth LeePosted
  • Ridge Farm, IL
  • Posts 7
  • Votes 2

So i bought a house that didn't sell at auction about a month ago. I already did the title search. It's a 60 to 90 waiting period before I get the deed. It killing me to not being able to work on the house. (A guy I know said DO NOT invest any money in the house till you get the deed.) Because if i do the deed will come back messed up. With my luck that's what will happen. So my question is.... Is there any way to get around the 60 to 90 day period. Or since i have the Bidding Purchase contract that should protect me if the deed comes back wrong? Right? 

Also would like to ask can I REFI the house with a tax deed? Plan to BRRR. I am in IL! 

FIrst property for me and plan on using the money from the refi to invest in a apartment complex.   

Sorry for all the questions. Newbie so any and all help and tips are appreciated. Tired to look on my own but couldn't find much! Thank you a lot in advanced.! 

Great. Ill be there depending on the time. I work thirds!

Hey @Scott Dixon i noticed 2 years ago had a meet up in champaign. Was wondering if you wa going to have one again anytime soon? Thanks!!

Post: Getting Started at 18 years old!!!!

Kenneth LeePosted
  • Ridge Farm, IL
  • Posts 7
  • Votes 2

I don't *need the bank. Sorry I forgot a word.

Post: Getting Started at 18 years old!!!!

Kenneth LeePosted
  • Ridge Farm, IL
  • Posts 7
  • Votes 2

@Joemclain I don't the bank for this house. I was asking once I get the house rented if I could go to the back and get leverage using the house. To get more money to reinvest into other properties. I belive they call it BRRRR ? Thanks for the advice from both of you!

Post: Getting Started at 18 years old!!!!

Kenneth LeePosted
  • Ridge Farm, IL
  • Posts 7
  • Votes 2

Finally getting started on my dreams and goals! Just got a purchase contract in the mail today for a little house located in a nice small community. Only paying $645.00 for it. Tax deed auction. It didn't sell at auction. Small neighborhood so there's no real esate investor around here that I am aware of. Yes I know I still have to pay for a title search and also to get the title switched over to make it marketable. So hopefully the title search will come back good and clear! Then I can proceed to start rehabbing it. Have about $5,000 to rehab the property.Peeked through the windows and the carpet looked newer walls need paint and needs some outside work! I do want to keep it as a rental but right now i want to make a fast nickel instead of a slow dime. Wanting to get it rehabbed within 2 months sell it and reinvest the money.Plan it to keep flipping till I have enough to buy Multiple unit apartments.  I am shooting big for my goals. I want 1000 units by time I am 25! I will do everything in my power to make it happen! I do have a question could i fix it up rent it out (rent around here is $500-$600 a month) then when its paid off which wouldn't take long, refinance it? Thanks in advance!!