All Forum Posts by: Nawab Manjee

Any Chicago meetups anytime soon?

$10k seems a little high. Got anything else in Chicago?

Price?

Is this currently listed or has it been listed in the past year? I am having trouble locating any information on the lot. Do you have a parcel number or tax pin? 

How many properties do you have in Chicago? The area near that zipcode would be my first choice. Do you have a list?

@Andrew, I agree with you I think. I should get at least an option in contract now before the deal slips through my hands.

Interested in 60605 zip code....

John, I was thinking of doing it in the manner. However what I was going to do was establish an LLC. Buy the property under the new LLC, and then sell it. Dissolve the LLC.

Any flaws to my thinking? Tax issues?

So I should do a purchase contract instead of trying to sell it as a member of the LLC? I have never done a purchase option contract, just purchased properties outright. How does this work at closing?

I was a member of an LLC in the mid 2000's that owned and operated gas stations. The company no longer operates. We demolished the land and pulled the tanks. Did required testing and the ground is a little dirty but they are only requiring ground well monitoring.

The land is located on a busy intersection between and interstate and US highway. The majority member wants me to take the land for $1, and assume the environmental and back property taxes of $52,000.

Since this conversation, the land has not changed hands.

I did some searching and found a developer interested in the property. They made me an offer of $120,000. But I don't control the land yet. What do I do?