All Forum Posts by: Vincent Incopero

@Dhru Das If you are working with an experienced Real Estate attorney, this can be handled by an encroachment endorsement by the title company.  As a former underwriter with Chicago Title, I can tell you that this is a common issue.  If and when you have received a copy of the survey, you will be able to determine whether or not this is an encroachment (your building over the lot line) or an adverse encroachment (the adjacent property over and onto your property).  Based on the age of the buildings and the distance with which either building is encroaching, the title company should be willing to issue an encroachment endorsement if and only if this is an encroachment, not an adverse encroachment for a nominal fee, if any.  If you have any specific questions, feel free to PM me. 

Your business is acquiring non-performing notes, not selling lemonade or real estate in Illinois.  Your core business is not conducted in illinois, you are merely acquiring inventory (notes) from Illinois.  Based on that information alone, I would say that it is not necessary to register in IL. 

If however you want to or intend to take legal action on the notes (ie. foreclose or collect), you should register as a foreign LLC with the foreign state's secretary of state as you would be engaged in business outside of the LLC's state (probably the state where the property, and possibly the borrower are located).

@Kurt K. If you are liquid, look into the Judicial Sales auctions... No access, no entry (generally), no inspection. Buyer pool is 1/100th of that in the MLS. If you have tolerance for risk, the rewards are proportionate.

@Robert Leach

@David Kors There are plenty of reasons to take hard money and there are plenty hard money lenders in Chicago, ranging from private parties (ie. Mr Money Lender) to companies like Renovo and Barnett.  

If things go south, the lender will seek to enforce it's rights under the term of the mortgage and would likely foreclose.  Bankruptcy is a borrower's remedy that is available when you cannot meet your financial obligations as they come due (ie you owe more than you can repay on a monthly basis). 

Reality check: Working with a broker or a realtor is not a fail safe and will not ensure that you are making a sound financial decision or that a project will be profitable.  While you are scouting deals with brokers/realtors, you would be wise to associate with and work closely with an experienced rehab contractor to give you an honest assessment of what it would take/cost to make the repairs and an estimate of what you could expect to see, in terms of financial returns, for your efforts.  

Contact Robert Leach, a fellow BP member 

@Michael Barbari

E.L. Johnson Investigations, http://www.eljohnson.com/contact.php

https://www.rentecdirect.com/

@Erica Rodriguez @Josh Sniegowski  Welcome to BP. If I can ever be of assistance to either of you, feel free to PM me.  

Josh, if you have any experience with any of the marketing strategies Alex mentioned, please contact me, I might be in the market for your services if you freelance afterhours. 

@Anita Gee, I know several agents that wholesale. As you and @Lumi Ispas noted, the key is disclosure and making it clear what capacity you are acting (Broker/contract purchaser).

As I would recommend that you avoid double dipping with an addendum like the other agent you are referring to.  Just my $.02