All Forum Posts by: Peter Halliday

Some local title companies on my area sell that too. For me, one in particular only charges $0.06/name. Call around to see if any close to you do that.

Tan Mehedi I know one of those has no rules as to percentage, which obviously has caused a limiting on the exits you can do. Not many mortgage companies will allow that kind of situation. I'm thinking of trying to partnering with a private lender to expand my options. And hat condo association has a massive reserve I know too, so no special assessments on the horizon. He other condo association I have to ask yet on the rental rules and percentages and their special assessments. We will see.

I know for both of the leads in Prospect Heights the condo association allows rentals. I have more due diligence to check into one of them to ensure they are in good financial position. One of the rentals is under market value, but a long-term tenant. 7-8 years. The other is about at market rent. Both would cash flow decently around $200-250 after expenses. The rental market at both of these condo associations seem very strong. Both I'm negotiating for next to nothing down with seller financing so the Cash-on-Cash return is good. In Hoffman Estates, I have more number crunching to do. I'm more unsure of it as it's out of my usual focus area. Although it's not too far off. As to the governments in Prospect Heights, I heard from a realtor that the village government is. Having more problems with pensions than the areas around them. However any other concerns I'm not sure. I could tell if he was saying that because he wouldn't invest in it.

I've heard some agents try to dissuade me from investing in Prospect Heights, because of some issues with the Village government.  However, I have some leads through a direct mail campaign on some condos that look like thy would cash flow decently, and the owners may do seller financing on them.  The rental market in this area seems still very strong.  The tenants in both of these are quite good.  In fact, one of these seems like it might be a good flip too.

While on the phone with one of these leads, one guy mentioned another property he has in Hoffman Estates.  That made me wonder whether anyone is actually doing anything in Hoffman Estates.  I can't get a feel for the rental market there compared to other areas I usually focus on.

My vote is to eliminate the competition by send direct mail to those that live in a owner occupied with the location and units you want. That pool won't be big, so it shouldn't cost much. And keep mailing until someone sells you their unit. If you look for properties with a lot of equity, you may be able to convince the owner to do seller financing or something like that. Obviously, during this time you can also look on the MLS.

I know quite a few flippers in the Chicago market, and all are still finding deals. Some through direct smile, some at auctions, and some through relationships from HUD home organizations. Everyone says deals are hard to find. When they are easy to find, usually there's scarcity in other areas: finding, buyers, etc. it's real work, and those that do it are rewarded. Don't give up.

Welcom! A great REIAmeeting is CAREIA. They meet in the SW suburbs. Unlike some REIA groups In Chicago they aren't scammy. They have a couple of meetings this week. Peter

@Michael Facchini This is a condo small. 1. bedroom and 1 bathroom that are about 750 sq feet, but rents for $1050 with a current renter in it. Also, the rent is like 1.5% of the latest MLS deals in same condo. But even at the price the person paid for it, is just a bit better than 1%. This is a popular condo association for investors, but the exits are very limited, because the place has over 50% rental, so mortgages are limited.

Well I read a bit quick. I guess that was office rents. However, anecdotally the Chicago market is doing fine. I certainly haven't seen a softening on either price or demand.

A little fact checking for Chicago market. The rents are certainly not increasing and population trends I haven researched, but I've heard they are in the same trajectory lots of new jobs in tech. The industry I work in. https://www.chicagotribune.com/business/columnists/ct-prime-office-rents-ryan-ori-0321-biz-20170317-column,amp.html