All Forum Posts by: Matt Whiteside

llinois: In Illinois the period of time for adverse possession must be at least twenty (20) years.

If they have owned it for less than 20yrs but the land has remained the same for longer can they still do it?

Here in IL I think the amount of time is 20yrs. These people have tried many things to get this land. My parents have always paid the property tax on the land. Funny thing though in 2007 the tax bill was never mailed to my parents 2008 & 2009 were and they were paid. They didn't pay 2007 out of sight out of mind, well wouldn't you know it this family bought the tax lien. My parents were able to find out about it in time and redeemed the property. They have asked to buy from my parents, and were turned down. This is all about money. There is a cemetery assoc. that maintains many of the graves, they have about 50k, this church wants that money and to keep them off the land.

I don't think anyone else has been buried on the land so I don't know how they have used it.

My Parents own an 18 acre farm in southern, IL that used to belong to my great grandfather. There is a church that is next to the farm. My parents own a part of the grave yard, several relatives are buried there. Well a family took over the church several years ago. They are the ones who are trying to get that part of the land. There is also a group that takes care of several graves in the cemetery including our relatives.
Can they really use squatters rights to take this land form my parents?

I just had one with them that went to auction last Thursday. Had everything into them 3 weeks prior to auction, called 2-3 times everyday to check status. They finally assigned to a negotiator Wed. night, the night before auction.

My brother has been doing property maintenance for friend of his who has 3 two units and a 14 unit building. the owner has a PM that uses my brother for maintenance on the buildings. He is paid $1500 monthly for upkeep and if there is work that isn't covered he bills an hourly wage plus materials. The PM has asked him if he would take over a couple more of their buildings. He needs help with all the business side of things. He has asked me to partner up with him so we can take on more work.
My question is what would be a rate to charge? Based on what my brother is already getting on the 20 units it comes out about $75/unit. Is this reasonable? Also what is usually included in basic maintenance agreements?
Any advice would be greatly appreciated.

thanks,
Matt

I've heard about people trying to stop foreclosure using the produce the note argument. Has anyone used this when trying to negotiate a short sale, if so how did you incorporate it into your strategy?

I've thought of using the sex offender map I have a house under contract and found out there is one living 500 feet form the house. Has anyone used this in their negotiating, if so did it work.

I did disclouse upfront, they were made aware that I was an Investor. I didn't hide the fact.
The loan was neither a Fannie or Freddie.

The wanted me to take out the addendum "Offer contingent on Buyer wholesaling this property if the existing mortgage holder agrees to accepting a discounted payoff. Seller has been made aware and fully understands that buyer may sell this contingent interest at a higher price."

When I agreed to do so the negotiator said nevermind we already know your an investor.

Had a deal to do a short sale with HSBC as the lender, When they found out I was an investor they wanted me to change the contract into my own name and then resubmitted. I did it, then they said that because I was going to sell for profit they won't accept my offer. Very frustrating, how do I get around this? My realtor says to just buy in my name then quitclaim into my s-corp, is any one doing this? If I do it this way and take out the addendum in my contract saying I may sell my interest at a higher price. Would I set myself up for trouble?