All Forum Posts by: Mike B.

I agree with everyone that the agent acted dishonestly, but "cash for keys" is an awfully broad term. If she spent the tenant's security deposit then this is a different conversation. If the owner spent the security deposit and she knows that the tenants need that deposit back to move, cash for keys kinda plays. Personally, I would have never used that wording. Honesty and communication have proven to give me a much smoother route to the closing table.

@Brie Schmidt Yeah, gotta love Chicago (eyeroll) lol

I'd be interested in learning more about 401k loans as well. I have a client that was told she would pay approx $12k in penalties for taking out $20k. Seems crazy to me, but I'd definitely like to hear if there are creative ways to access that capital.

I do know that @Yan P. recently came out with a new product for longer term loans, he is my go-to guy for anything finance related. He may be able to help with the purchase, but not sure if the 401k aspect is in his wheelhouse.

Just curious, is this the "4 flat" on 24th PL CTG around $500k?

Your property management company will make or break your investment in these areas. Proper screening, quarterly property visits, proper background checks, etc... I always recommend finding your management company first and the investment second.

Also, I think there's a pretty big drop off from C neighborhoods to D...at least in Chicago. 

Depends...Is it an older building? Recently rehabbed? What came back in your inspection report? How old are the furnaces? Are the tenants paying their electric/gas? From the information you gave it looks ok, but the maintenance aspect can turn this thing negative depending on condition. Further, is the property closer to Bridgeport or Back of the yards? That will make a difference in expected appreciation as well.

I cover nothing. Love me for me.

Speaking in regards to Chicago, you need MLS access and a clear understanding of the different neighborhoods to get correct values. In most places I'm sure you can draw a half mile or mile radius around a property for comparables, in Chicago crossing one street can be the difference of hundreds of thousands of dollars.

I wholesale properties and have purchased from wholesalers as well. Not being able to review the contract you're being assigned is a definite deal breaker. God knows what's in that contract and as soon as you sign that assignment you're legally responsible for everything in it. The wholesaler can black out the purchase price if that's why he/she is being uncooperative. That part isn't or shouldn't be your concern, it's all of the other terms that you need to see for yourself.

Call your agent's managing broker with your complaint. That's probably your quickest way to resolve this while still having a shot at getting the property.