All Forum Posts by: Lou Gonzales

So can we wholesale a property if we have a real estate agent market it for us?

Probably all of the above. You seem to be in a prime position. Just be sensible. 

Got any on the water?

Don't get me wrong, I agree with a lot of what was said in this thread. However my second property I purchased was a dream come true. I had no money and an average credit score.  I had a property brought to me through a guy who owned the property my sister lived in. He offered me the property an 18 unit apartment building in Evanston Il. about a mile from Northwestern University for $695000. Having no money and being green to real estate I went out and bought Carlton Sheets' "no down payment course.'' Yea I can imagine what you're thinking. BUT, I learned a lot.  I cut a deal with the bank to replace the sidewalks and some outdoor lighting with proceeds from closing. They agreed to appraise the property after fix up which came to $1,040,000  I asked my father in law to lend me $25000, refinanced a condo for $85000, had the seller take back a 2nd for $65000 and the bank gave me $685000. After all the work was done and paying all expenses utilities and mortgages and paying my father in law back, I walked away with $40,000+ and the rents were making me $3300.00 a month. So yes, educate yourself, save up your pennies but don't think you have to wait till all your ducks are in order. Be creative and don't be afraid to ask for something you need, and never be afraid to ask questions. Good luck and Go get it!!!

25 properties all SFR 30k each all occupied tenants pay gas and electric. Ins cost are off statement. Other numbers water, sewer and garbage are from owner.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Asking $30000 per door pretty firm. All but 2 cash flow, 1 he uses for storage the other an office. They bring in approx.17000/mo in rent.  Taxes and insurance approx. $4000/mo.

Trying to figure out how to offer a package of 25 properties for purchase. How do you go about structuring something like that.

Can I get some ideas.

Looking to assign contract for 3 bed 4 bath 2309 sq. ft. condo, Approximately 3/4 of a block from the john Hancock bldg. $645,000 includes assignment fee. Actually 2 condos with separate pin numbers and assessments that previous owners converted to one. Appraised at $710,000 last week. Renting at $3800 currently, far below comped rents in area for 2 bed 2 bath. If de-converted back to 1 -1bed and 1-2 bed current comps are going $325000 for 1 bed 1 bath and  2 bed 2 bath $440000 average. To much info to add here, if interested feel free to call 1-773-800-1539.

Got it I'll look it over probably tomorrow.

                                              Thanks,

                                                Lou