All Forum Posts by: Lou Gonzales

Yes, I'm having the same problem.

Quiana, your in the right place for some great information.

Thanks for the reply. I'm still waiting on particulars but yes it is owned free and clear.

Have a friend who is looking to buy out his brothers half of business in Evanston IL. Property appox. 2 acres is valued at 2.3-2.5 million several companies renting parts of property. Personal bankruptcy involved, paying on that now. needs 850,000. Any ideas?

I'm sorry you're going through this. Do you have anyone you trust here that can manage the property for you? How many hours are you away from Chicago are you? I would take a weekend and go to the property let the tenants know payments would be going straight to you from now on ( checks made out to your IRA ) maybe give them a couple extra days because of the mail system but you must have it by the 5th. No exceptions!! In Illinois you can serve them with a 5 or 10 day eviction notice. Take the bull by the horns!!!!!

Have you thought of wholesaling to start? This gives you an introduction into the real estate world, You can put some quick money in your pocket with very low risk and money, and depending on the deal it could be very substantial. Once you get established you can cherry pick your deals to expand into fix and flips, then keep some of the multi-units for long term wealth. Just sayin'

Hey Ron, I absolutely hear ya and agree. So let me tell you a story. Way back when I was buying everything in sight with none of my own money,LOL I bought a lot of property just taking over payments right. I never realized I was buying subject to. Now I'm in the middle of this new funding training program and they're teaching subject to. Now once I got into it I thought to myself, what about the due on sales clause? I called a buddy who is senior vice president of the loan department and I ask, How often do you accelerate on a sub to loan? He said he never had, that they wouldn't find out or have any reason to ask. As long as it's a performing loan they don't ask. But better safe than sorry.

Of course it's all REI, but different advantages and disavantages to each.

After the sale you can go to treasure's office and buy over the counter. The sale starts may 3, I would call down there because You'll have to wait a couple weeks so they can finalize the sales. The office is filled with files of properties that haven't sold. lots of research but they have like 20 computers you can use to research the property. call because limited time to register for auction, but not reccomended if it's your first time.

2017 Annual Tax Sale Schedule (by Volume)

How about sub to?