All Forum Posts by: Patrick Senas

Hi @Sam Stout, wow $500/door?! That's insane. I'm not too worried about appreciation. I need cash flow right now. Do you invest in the city or the outlying burbs? What type of properties do you invest in mostly? Since you're investing from CA as well, have you acquired those properties through turnkey companies? 

On another note, I read your profile and it seems you also invest in notes. I was actually just looking into note investing but have no clue on finding a seller. Show me your ways!!

Hi @Ted Kuhlmann & @Brian Ploszay,

From your personal experience, what type of properties are hot sellers on average? Multi-fam residential, condos, townhomes, SF? Which neighborhoods are blue/white collar prime with renters? What makes you invest local versus investing next door in NW Indiana?

Hi @Jenifer Levini, thanks your for insight! Don't worry I haven't acted without legal advice from the pros. I just wanted to get some other people's insight to get a new perspective on the situation. 

To my knowledge I haven't delayed the other party in selling the property. They've opened up a new escrow and I went ahead and cancelled out of mine the week after. I can't do much now but wait for them to sell and see what number they come back to me with. Hopefully all but who knows. 

Hello,

I'm an investor from Cali, originally from Waukegan, IL, and am looking to buy properties near my area. I'm looking for distressed MF properties and currently talking to a realtor from the area but I figured I'd get BP's opinion first.

It seems that the market is cold out there. I don't mind either way, if I find a good deal I'll jump on it, but I need some guidance on reading the market there. It's been a while since I've spent a good amount of time back home. What is a good area to look at for MF investments? Are there active investors in this region?

When people talk about investments in the Midwest they generally aren't talking about IL. I also heard that taxes have gone up but they seem low compared to CA. I'd like to link up with other investors that are local to the area to talk. 

Thanks!

Pat

@Sam ShuehThey have already received offers, but still refuse to release the deposit until after they close with the new buyer :/

They're using my deposit as a crutch and I really don't appreciate it. Unfortunately there isn't much I can do... well there's mediation. 

@Greg Hamer They threatened "damages" if they aren't able to sell while escrow is still open with me and I refuse to cancel under their terms. They have received offers but they won't disclose what the purchase price is at. 

The attorney I talked to said I'd have a stronger case if I wait until they sell first then we can argue that there isn't "damages" if they sell at the same price or more. I guess it's a waiting game.

Hi @Joe Splitrock & @Sam Shueh,

My total EMD is $10k. I already told them I won't cancel escrow unless they release my deposit. They still refuse to do so. It seems that they have already opened under a new escrow company. There's some conflicting information about what can happen if they open with a new company.

The attorneys I talked to said that they recently had a case where the seller closed escrow with a new company while the previous buyer still had his escrow open with them. So it appears that it is still possible to sell. However, the seller put the listing as pending with conditions of cancellation of original escrow. So maybe they're waiting it out? They said if I don't cancel then they'll come after me for damages. Not sure what that entails.

As far as the my steps going forward. The attorney advised me that it may be beneficial to wait until the seller closes with a new buyer. Depending on the sale price, which they can verify through the MLS, if the property sold for the same amount that I was going to buy it for then the seller cannot claim my deposit. Doing so will be an act of punishing the old buyer which is illegal. Well they didn't say illegal but I guess there's case studies of it not being allowed. If they do end up selling it for the same price I can get all of it back.

If I take it to small claims court before they sell it then I might lose because technically it is my fault we are in this situation and in the contract it gives the seller liquidated damages up to 3% of the purchase price. If they sell it under then I am liable for the difference. Or a portion of it, depending on how the attorneys negotiate it. What I do pay out, I can go after my lender because he fudged it all up. 

Hi @Chris Mason,

I'm looking up RE lawyers in my area right now. This is uncharted territory for me so hopefully I can find a good one online. Any tips on finding a good one? I was thinking of asking some reputable agents that I know for some references. 

Hi @Russell Brazil,

I'll make sure to mention that to my agent. Hopefully he actually tells them verbatim what I want him to say. I get the feeling that they're uncomfortable with issuing "threats" of action so I'm not sure how much is being relayed to the sellers agent. I get the feeling that my agents are caving before I am...

Hello @Charles Jones,

I just contacted a lawyer regarding my issue. Hopefully this move turns out to be fruitful. I've just been searching through google but is there a better way to find a good RE lawyer? I'm not sure how to vet these reviews and testimonials on the web.