All Forum Posts by: Kumar Paj

Remember that if loan is on your name, you are taking bit higher risk since you will be liable for the mortgage.

Have you thought about title? Are you keeping it on your single name or joint?

Good luck with your first flip.

First of all, its hard to find a real good deal on MLS nowadays and when you find one, there are always multiple offers. For a typical investment property under $100K, I usually use the following strategies -

-Go very aggressive on Earnest Money, up to 25% of the listed price. I recently managed to acquire a property for my client for $525K which is valued around $550K+. We put $50K as EM  and I believe it helped us win the bid. During the informal conversation after closing, the Listing Agent indirectly told me at that I got that deal not because it was 'the highest offer' but it was 'the best offer'. I've done the same for investment properties under $100K (put $5K-$20K as EM).

- Cash Offer: I believe it is kind of pre-requirement for a typical investment/foreclosed property and most of the investors do this so I don't think this helps much, especially under $100K properties. 

- Go aggressive on closing date: Not sure if this really helps, especially for foreclosed/REOs

I will appreciate thoughts from experienced investors and wholesalers about how they use these and/or other strategies to win the bid where seller has multiple offers.

thanks,

Thanks Wendell!  

Hi Omer, Welcome to BP, you will find this very helpful. I am also an investor + Realtor from western suburb. Feel free to contact me for any question Happy investing..... Kumar @ Omer, I do invest and work with investors in DuPage, Will and Cook county. I am still hesitant to buy anything around Chicago side.

No, you are not obliged or responsible for that. We had very similar situation and since mine was a nice tenant, we agreed to split the expense. This is just because I didn't want her to leave and re-rent the property. Would be okay to spend some money on a good tenant than spending money to find a new tenant.

Hi Omer, Welcome to BP, you will find this very helpful. I am also an investor + Realtor from western suburb. Feel free to contact me for any question Happy investing..... Kumar

Thanks Wendell for sharing lots of useful information. Your posts are very informative and inspiring.

I am an Investor+ part time Realtor, mainly work on Western suburbs. 

Was reading your note about CIC lender. Would be great if you can provide bit more info on that.  Do they support individual investors or only to institutional/corporate/LLCs only? 

thanks,

Can anyone provide me the template for the assignment contract ?? Is it different from the standard template we use (the one used by Realtors and prepared/approved by local association)???

thanks,

mkprealty@yahoo.com

@Steve Thanks for this useful link and putting all info together at one place. Seems very informative!

Thanks Woytek!

I tried it online and it was overwhelming for me since there is lots of information. I had been there in person also but they didn't answer my specific question and advised me to check it online using the computers there.  May be, I didn't ask the right question or didn't approach the right person. Can you provide some inputs regarding what what exact question we ask and to whom/where??  

Will appreciate your advise.

Thanks,