All Forum Posts by: Account Closed

Will, the tax assessor's website shows the owners of each unit, but it does not show contact information for the non-resident owners, who would probably be my best hope to selling to an existing investor in the building. 

Do you know if there is such a thing as companies who specialize in this type of situation? By that I mean a firm that would have a list of investors who are looking for the opportunity to buy a Chicago condo that already has a long term tenant under lease? Thank you. 

Thanks Kelly. I'm not sure how I could get contact info for non-resident owners who are renting their units out. I had thought about doing a mailing to the 84 units in the building, but that would only reach residents and in most cases not get to the actual owner of the unit. I did contact the management office but they were not willing to give me contact info for owners who are not living in the building. 

Thank you Ryan. I have had it on the MLS (08928408) for about 7 weeks, but I'm wondering if there is more that I can do to market it to investors rather than people looking for a place to live. I do agree the ROI is not overly impressive. Some positives are that sale prices in the building have been going up about 10% per year since they were at their lowest several years ago; low monthly assessment of $245; the building is fully occupied and about 50/50 owner/renter. It's been a good source of income for me since I moved out about 8 years ago, but I'm at a situation in my life right now where I need the cash, and I'd much rather sell as opposed to borrowing against it. The condo's mortgage is fully paid off. Thanks again.

How likely is it to find an investor to buy a condo if the annual ROI is about 7%? I own a Chicago condo with no mortgage. It is not in need of any repairs or maintenance. There is a long-term renter who has just signed a lease extension through Fall 2016. Annual rental income is $10,800 and annual expenses (assessments, taxes) are $4,600 making annual net income $6,200. If my math is correct, an investor who would buy this at $90,000 would make 7% per year plus any price appreciation. My questions are: How likely is it to find such an investor? Are there real estate agents who specialize in this type of situation, or whom would be best to contact to help me find a buyer? Thanks for any suggestions on how to get started with this.