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All Forum Posts by: Philip Mahonie

Philip Mahonie has started 3 posts and replied 6 times.

Post: What would you do?

Philip MahoniePosted
  • Investor
  • Crestwood, IL
  • Posts 8
  • Votes 1

I have been mailing to probate leads and have gotten a very good response. I have four possible deals lined up. Just going to go over two.

1. 5bedroom 1.5 bath 3000sqft home (Frame) here in Chicago in a up and coming area. This property needs about a good 60k in work done to it. The problem with moving forward with this one is there is a existing mortgage of $247k loan the the father (who passed) had on the home. It's a reserve mortgage and attorney explain to my client that a short sale would be best in this case. My question is what would you do with a situation like this? Son wants to sell to me and be done with it and I do have experience dealing with short sales.

2. 3 bedroom 1.5 bath 1300sqft home (Frame) here the south suburbs of Chicago. This is a very nice area, good school district and around the corner from shopping. Home next to subject property was appraised at $175k and the owner of the probate lead wants 86k for the home. Home needs about 25k in work to bring it back to life. Administrator had investors offer 88k for the  property but she didn't like the arrogance of the investors she was dealing with. I came in listen let her talk and took it all in. Would would you do with this would you wholesale it or flip for huge profit's.

I would just like the input from the experience investors out there in the market doing deals.

Thanks in advance

Phil

Post: Subject to question

Philip MahoniePosted
  • Investor
  • Crestwood, IL
  • Posts 8
  • Votes 1

Thanks Dan,

its a conv loan and my exit strategy is lease with option to buy. i have a team that will work with the buyer if their credit is not the best. my goal is to be in and out after a year and a half.

Post: Subject to question

Philip MahoniePosted
  • Investor
  • Crestwood, IL
  • Posts 8
  • Votes 1

Hello Investors,

I am currently working with two homeowners who are very motivated and are willing to sale for what they owe. I have met with both owners and are they're waiting to receive the green light from me. I don't want to hesitate, both properties have more then 20k in equity. My question is what fee's are paid by assumes someone's mortgage and besides purchase agreement, disclosure form and Warranty deed what other paperwork should be included in these deals? Whatever advice would be appreciated. Thanks in advance

Post: If you had to start all over again

Philip MahoniePosted
  • Investor
  • Crestwood, IL
  • Posts 8
  • Votes 1

Thank you all for your Replies to the question.

Post: If you had to start all over again

Philip MahoniePosted
  • Investor
  • Crestwood, IL
  • Posts 8
  • Votes 1

Thanks for the advice and reply rob. Look forward to talking and working with you. Thanks again.

Post: If you had to start all over again

Philip MahoniePosted
  • Investor
  • Crestwood, IL
  • Posts 8
  • Votes 1

Hello BP Community,

This is for the veteran's, if you had to begin investing all over again and you had nothing (No money, no credit or bad credit). What Strategy would you use to get where you are now in your current state of success?