All Forum Posts by: Luke Aubut

Hi Jessiel, welcome and congratulations on identifying your goal for this year.  I am interested in one day owning a property in PR, and for that reason I follow along many discussions here on BP about Puerto Rico.  I don't have any personal experience in a deal in PR, but I know that there are some very helpful and experienced investors here on BP that have done many many deals in PR.   

Make sure you set up a keyword alert for Puerto Rico. I think this will be the best way to find the other PR investors on this site.

Thank you @Vincent Incopero and @George Skidis!

Hey BP, I was answering a few questions for friends of mine who are buying a house in Illinois. They informed me that the sellers agent told them they can't buy a house without an attorney in IL! 

Can someone recommend an attorney I can refer my friends to? The property is in Lake Bluff, but they've been looking around Libertyville, Lincolnshire, Vernon Hills, Highland Park, or similar, which is in Lake County.

(I did quick research, but I can neither confirm nor deny the requirement to have an attorney to buy a house in IL. What is the REAL answer anyway?)

Consider the market all yours for the taking! LOL! 

In my experience, wholesalers pop up every once in awhile in Madison and Dane Co. They come and go. I've contacted a few when they advertise a deal, but the one's I've contacted never produce the 'second' deal. My interpretation of that is, I think they get one deal but don't hustle and keep at it to actually be a wholesaler - partially because they don't execute the first deal properly.

I've also contacted a few, just to start a friendly relationship and talk about the market, ask about their business, and they reply "do you have a proof of funds before I tell you?" HAHAHAHA!  

I pass through there occasionally, and have a few contacts up and down WI. Would be happy to try and help!

Congrats and best of luck on your property @Andrew Johnson. What are you expecting for appraisal numbers?

 @Jim Cummings exactly! If I want the property. The cost of an attorney cuts into my bottom line.  A 10K projected profit over 3 months could turn into ....who knows, 5K over 5 months because of a suit involved? or zero, IDK.  

And THAT is why I did not run off a spend money for legal advice before I had a good grasp on a likely outcome. 

@Scott Schultz  thank you! I wanted to hear from someone who has seen this before.

(Since they can sell right up until the confirmation of sale, sounds like a bit of a loophole, eh?)

Thanks @Andy Mirza, sorry, I was unclear. I do not have a sheriff deed or any deed, I was wondering what would happen if the judge was not aware or missed that another sale took place and issued me a sheriff deed. Also the person I spoke with on the phone at the clerk of court office stated that she saw my name as the person who put down a deposit on the property on the day before the other buyers deed was recorded. That's all. I don't know if that would be a factor in anything.

 @Jenifer Levini fantastic advice, I agree! Thank you and Amen!

Just to clarify, I do not have 50K invested. I could lose out on a 50K deal which I project to profit 10K-20K as a flip. I have a $4000 deposit on the property which I am not in fear of losing. Any money I put towards an attorney I do fear on losing, because it could be money spent without a net gain for me. I'd first just rather gather an educated guess and a reasonable belief in the rights to a property before I pay for legal assistance.  If this community offers some perspective and angles I have not thought of, than its worth the price I paid to be a member here at BP!