All Forum Posts by: Mindy Jensen

Patrick, since this is the fix/flip forum, I am assuming you are flipping. Do you have a real estate agent? If so, have them run a quick search for comps. Pay special attention to market time on the comps. If there is one or two that are sitting, maybe they have a problem. If they all sit, perhaps a buy and hold strategy is a better investment. 

I think it was J. Scott who wrote "always have at least three exit strategies, in case one doesn't work." How is the local rental market? You did some good research, and sometimes a good deal gets missed by others and seems to fall right into your lap. Have you hooked up with any BP-ers in your immediate area? Run the neighborhood past them, too. Good luck!

Thanks, Rick.

I posted here, then went and did some research. I do believe you are correct about the 30-day notice, although the order of protection adds a wrinkle. I will recommend that law firm and tell them you sent us.

My friend's mom has lived with a man for 14 years. He has never paid rent, but his Social Security check is direct deposited into her account. He has just about bled her dry, and she wants him out. 

Things escalated last weekend and she was able to get an emergency order of protection this morning, which has not yet been served. 

My friend would like information regarding eviction and the order of protection. If the order of protection is served first, he must vacate the property for 3 weeks. She has heard there is a 5-day eviction that can be had. 

Any information or referrals to attorneys familiar with Will County would be super appreciated! Thanks!

@James Trautz What incentive does the owner have to lose that much money on a deal like this? You can write an offer for any amount, and your real estate agent is legally obligated to present the offer. The seller's agent is also legally obligated to present the offer to the seller, but the seller can tell you to go jump in a lake. 

Have you wholesaled before? I know next to nothing about it. Sure there are deals to be had, but not every property can be wholesaled. You mention negotiating directly with the seller and/or bank. Is this a distressed property? Is this a short sale? I'm sorry, but I didn't read anything in your previous posts that gives the seller any reason to take such a hit. 

You've got to get your daily dose of real estate investment in you before you can cook the turkey... Happy Thanksgiving @Brandon Sturgill 

I would say to buy and read these two books. 

BiggerPockets Presents: The Book on Flipping Houses & The Book on Estimating Rehab Costs

Don't be pressured into buying your first property. If you aren't sure about the property, let it go or do more research. Better to lose a good deal that you weren't sure of than to buy a bad one and lose money your first time out. 

Good luck!

How soon do you need the work done? What hinges on its proper execution? I have a pressure washer, and don't really know how to use it. I ended up with lines of clean next to patches of dirt my first few times using it.  If you have to pressure wash it tonight so you can close on it tomorrow, better to hire it out. If you have time to figure out the machine and do it right, you can save money.

Sometimes, it is cheaper to hire it out. Get quotes for the job, then compare to cost of rental or purchase. Ask them how long they think the job will take. Then double that to come up with approximately how long it will take you to do it. Good luck!

@Cliff Mccue has some really great points. Chicago and the suburbs can really be block by block. This side of the street can be awesome, then you cross the road and it is a war zone. The dividing lines can literally be that sharp. 

That said, there can be some really great deals in the area. It hasn't recovered as quickly or completely as other places in the country, and the winter is a horrible time to try and sell, so getting a deal in the next couple of months is possible.

Your best bet is to partner with someone in the area to get eyes on the property and surrounding areas. If you buy wrong, your renters will see the bad neighborhood and stay away. Good luck!

Overstock.com has helped me several times. 

FYI, make sure delivery is included on larger items (which may not apply in this case). We bought a refrigerator online, and paid extra to ensure it would be delivered into the house. ONE guy came to deliver it, told us he couldn't get it down our steep driveway, and couldn't get it into the house. My husband signed for it upon the delivery man's insistance (never do that!) and we were stuck with a refrigerator on the front porch until we could get some help. Good luck!

I read through the summary, and got only a few days into the entire chronology when I had to stop. As a rehabber, it makes me sick to see the work that was done. The worst thing is, it wouldn't have cost much more to do it correctly. 

My heart breaks for this person, who was betrayed by every single person in this entire transaction.