All Forum Posts by: Phillip James

I have access to inventory of expired mls properties. 

I had a potential client who said his brother had their mother sign the deed of the family owner house over to him while their mother was dying of breast cancer.  The family also owner property in other areas of the state.  This person did not know if their mother signed all of the properties over to his brother, however, he did tell me that his brother does not have the financial means to care for the properties. This person is therefore, concerned that the family will lose all of the properties the family owned because of his brother's financial position.   

The person was in the process of selling the properties to my company when he discovered this information concerning the deed to the family's property having been placed in his brother's name.  The person is still hoping that there is something that can be done, since he and the rest of his siblings don't want to lose the properties, their parents worked so hard to acquire.  Can anyone tell me if there is a solution to this problem that will keep, he and his family from losing their inheritance?

I have twelve years as a broker/realtor in Chicago.  I have been with Coldwell Banker and Real People realty.  I voluntarily let my license expire in 2018 due to sickness.  Presently, my license is expired, however, there have never been any suspensions or disciplinary action associated with my license.  I am in the process of renewing my license.  I am presently undergoing the real estate license training education again so I can sit for the exam.  Should I decide to reenter the profession.  However, in the meantime, I would like to work with a realtor to re-acquaint myself with the profession.  I was in the profession from 2006, when I obtained my license, until 2018 when my illness forced me to leave the profession.  If you are in need of a knowledgeable assistant, please email me so we can discuss the possibilities.  

Hi John.  Thanks for sharing that information.  I haven't received a response as of yet.  However, what your mentor has done for you in the last twelve months, is the exact reason I am seeking a mentor.  I have real estate experience as a realtor.  But, very little experience as an investor, and, like your experience, I am sure working with a mentor, and the real estate experience that I have acquired over my 12 years as a realtor, will be a huge benefit going forward.

Seeking wholesalers and cash money investors in the Oak Park, Naperville and Schaumburg areas in Illinois.

Hi Eudith.  Thank you for responding.  I am looking to wholesale, fix and flip and buy and hold.  I am looking to get into all three areas, for different reasons.  I am interested in the Schaumburg, Oak Park and the Naperville area.

I am a rookie wholesaler, purchase and hold investor. I was a broker/realtor from 2006 until 2018. During that time, I formed an llc to be used for real estate investing. After a long layoff from real estate, I am interested in re entering the real estate market. However, this time I want enter the market as a real estate investor. I am very familiar with the Chicago/Surrounding suburbs, areas of the city. Looking for someone who can lead me in the right path. I can put in the time and effort that I am aware that it will take to make myself a very successful real estate investor. Looking for someone who be able to assist me in avoiding some of the pitfalls that usually occur with newbie investors. Looking for someone in the Chicago market, since I am sure that I will have many questions and will require regular contact.

I'm interested.

Hi Kuba.  You list so many ways to find wholesale houses and motivated sellers.  What is missing are how do we approach these clients?  It would not be possible to call or visit all of the sources that you list.  So, is there a letter that can be used, by us investors, that we can send to all of the businesses and companies listed? 

That you Evan for your analysis.  Yes, $8000 is a bit low for a rehab budget, however, rehab on property was already being performed.  It's my guess that the person who purchased the property and was doing the rehab ran out of money somewhere along the line.  So much of the rehab has already been completed. There are some updates that I am estimating, however, even with most of the rehab already completed, I still see a rehab budget somewhere in the range of $12,000 - $15,000 which will change the other numbers. 

I would like to make this deal work, so thank you for your feedback.  With the information that you provided, I can reevaluate the property and get a better idea of whether or not it's a deal or no deal.