All Forum Posts by: Paul Z.

@Jerry Brown my first question is what type of attorney are you getting that advice from? If he/she is a specialist in residential deals I could see this type of response especially if they've never seen or even drafted a purchase contract from scratch. 

Just realize that there really is no law against creating a contract. Just because NAR provides a widely accepted and tried contract in a court of law doesn't mean a specifically drafted contract won't work as long as it meets the requirements to be binding.

I provided my attorney with the terms and issues that I believed to be important in addition to some other sample contracts that I liked the outline of. He in turn provided me a new contract fitting for the purchase of real estate in IL. I also had him draft me an Assignment Addendum document so I could assign my interest to the end buyer and avoid a double closing. This all came at a cost, however

@Tony Hardy I'll be in contact with you soon. Thanks for the response 

Just trying to gather some operations analysis. If there is any NWI investor's out there with stake in medium to large size (200 units +) apartment buildings or communities I'd like to hear what type of property it is and what kind of cap rate you're running at. Respond here or contact me directly. Thanks!

@Yvon N. yep that's a good way to get ahold of me ????

@Joseph Wilson I ended up closing a few deals last year and it ended up being easy. I simply relied on my attorney to designate the closing company that could process the deal. It was easier to communicate my needs through him and from there everything closed seamlessly. 

Hope that helps

@Yvon N. yep that's a good way to get ahold of me ????

@Joseph Wilson I ended up closing a few deals last year and it ended up being easy. I simply relied on my attorney to designate the closing company that could process the deal. It was easier to communicate my needs through him and from there everything closed seamlessly. 

Hope that helps

@Yvon N. yep that's a good way to get ahold of me ????

@Joseph Wilson I ended up closing a few deals last year and it ended up being easy. I simply relied on my attorney to designate the closing company that could process the deal. It was easier to communicate my needs through him and from there everything closed seamlessly. 

Hope that helps

Whose done it? What kind of "general process" took place? Who has insight. I'm considering a condo conversion on a 24 unit property in the western suburbs. 

Drop a comment in here if you've done it before and I'll message you directly. I'd like to pick your brain for perhaps 20 mins over the phone in possible.

I'm getting ready to close on a fairly large deal in the northern Illinois area. My company is not only part owner but also tasked with handling the Property Management. We're taking a "value-add" approach to the redevelopment of these properties and the amenities and services for the tenants. One of the obvious concerns that any property manager would have to control and/or improve is expenses. 

We are planning a re-alignment of our expense line items and I'd like to know what you think the reaction of a current tenant would be to sub-metering all utilities. This would be balanced with many other amenities and services being added with one of them being us providing free wi-fi and a basic cable package. This will also come with a re-branding of the buildings and one of our first steps being to update the exterior and common areas to create a perception of refinement and style. The units themselves will follow shortly after. 

So my question is, if you were a tenant and saw all these changes happening around you how would you react? 

I've never understood why there is such a stigma behind being an investor while also being licensed. Full disclosure and good record keeping is all it takes. If you are a buyer then act as one and never provide consultation as an agent would. If the conversation steers that way then a choice needs to be made. You either respond by recommending they seek counsel on what you're offering as an investor; Or you stop acting as an investor and become their agent with zero personal interest and seek a separate buyer for them. 

If they ask about what you intend to do with the property after they have been put on notice that you are an agent it is their choice if they want to move forward. They also have a choice to do their own due-diligence and uncover what strategies and options they have with their property, including rehabbing and reselling for a profit. They then also have the choice to figure out how to implement that strategy just as we do (raising money, using their own, taking out a loan, etc.) Wanting to sue you sounds more like an emotional reaction to what they felt they should have done but didn't have the commitment to completing. Disclosure stops that emotional reaction in it's tracks. 

If you feel safer investing by utilizing a required disclosure statement and release I'd say go for it. Having something in writing is always better than the dealing with the headaches and time lost later.