All Forum Posts by: Mike Chubb

Yes the property is in bad shape and to rebuild brand new is to costly and you couldn't sell for the price I want to sell for

the ARV is 250,000 that's a 70,000 in profit but I took into account unforeseen problems and holding costs which leave 50,000

hello my name is mike Iam a novice at real estate investing however I want to obtain this property but need funding to rehab and get the taxes paid up the story is as follows, I found a very run down property in my neighborhood the owner owns the property with no mortgage, however he is in jail and owes approximately 55,000 in back taxes the property has been abandon since 2007 and left to the elements the owner only wants 10,000 for the property after its sold and rehabbed, I have terrible credit and no money to put into this home only what the property is worth and at this point with it being so rundown I don't know what that would be, hehe's willing to quit claim it to me for nothing at this point, until its rehabilitated like i stated before but I only have till July 17 to pay the 2009 taxes that were sold or the whole deal goes away I have been wrecking my brain on how to get this done with nothing but my ambition however I've come short of creative ways to do this I want the property as an investment and wholesaling it doesn't seem to be viable because the taxes are so delinquent can someome please help me

well I thought of that however with the taxes being delinquent for so long and distressed as it is with a 60,000 dollar price tag I actually made a mistake before when said it was 55 its 60,000 there would be no profit for me after the races were paid

thank you and sorry for being vague, ok here it goes the seller of the property is in jail owns the property free and clear has about 55,000 in back taxes the 2009 taxes were sold to a tax buyer I'm redeeming those to keep the property once he signs over the deed to me by the end of the month, it needs about 120 in repair and can be sold for 250 that would be a 50,000 dollar profit however it is 5 bed rooms and 2 bath so possibly more, the deed is being signed over to me for 5,000 only to be paid after the house sells

hello my name is mike I have a good deal on the books however I have not money and terrible credit all I have is the deal and the distressed property as collateral I need funding asap as the home will goto a tax sale by July 17th and all will be lost

hello I have a current wholesale going the seller is in jail and has a power of attorney that he cannot get ahold of what should I do I'm locatedin Illinois

hello my name is mike i have been watching a property for some time now and just heard about wholesaling here are some of the details

iam in illinois, the property is in cook county illinois the owner is in jail for 25 years he has someone as his power of attorney he property has been vacant and is in my opinion a knockdown its terrible the taxes were sold to a tax buyer in 2010 and then sold in 2011, 2012 and 2013 have not been paid there is a lein from the village for 1500 i contacted the owner in prison via letter im sure he will sell to me for really any amount my question is how can i make this a good deal? is it worth the time? can it be done?