All Forum Posts by: Raj Kumar

I am interested in joining the meetings as well. Are these NWI meetup's still happening regularly?

Thanks,

Hello Everybody,

                          I am looking at a property for flipping in Hillside, IL. I see that there are lot of rules for permits and inspection looking at the website of village of Hillside, IL. Each sale is subject to inspection. Does anyone have experience of flipping in Hillside, IL. Please let me know your experiences with respect to permits and inspections in Hillside, IL.

Thank you!

-Raj

Thank you  @Eric M. and @Josh Mitchell.

Good Morning Everyone,

    I am seeking a real estate attorney in Chicago west suburbs (Aurora, Naperville area). If you have any suggestions or recommendations, I will greatly appreciate.

Thanks,

@Tom T.,

                 Thank you for your advice and providing another perspective.  This is 55 yr old house. Will take another opinion with local agents and take a decision. Will keep you all posted.

Thanks,

@Greg H.,

                 I have given permission in general for submission of any investment property. He forfeited his selling commission upfront as a listing agent for the flip. I will do some research and take opinion from another agent and will decide on this one.Thank you for your advice. 

Hattie,

          Thank you for your response.Sorry for not being completely clear in the first post.

He is not doing joint venture. He does not have any financial stake other than commission. He also said that he will be listing the property without any commission. I think he said "we" to make it feel like I and him are on the same team.

This is 4 bed room house. Two bed rooms, Master and 2nd bedroom are on the 2nd level and 3rd, 4th are on the 1st level. When I saw that 2nd level does not have any bathroom, I first thought exactly the same way that I am not going downstairs in the middle of the night to use bathroom.

Thank you for offering to help. How much does BPO from another agent cost ?

@Greg H.

Thank you for your advice. I want to be cautious because this is my first flip and first time working with this realtor. He was mentioning that I have 48 hrs to send the earnest money and has to send the check overnight to the Asset Manager. If he has HUD contract and wholesaling, would he be still sending the check on my name? I would take another agent or appraiser opinion today and walk away if it still does not convince me. Thank you for your advice.

I started working with a investor oriented realtor on my first flip. He sent me a property in Alsip, IL (Chicago Suburb) saying a HUD property which he bid for me as it got re-activated and he thinks its a good deal. I have no knowledge of Alsip, IL until now

House price: 117K

I saw comps on zillow ranging from 140K to 225K. He sent me some comps which are properties in 0.5 to 1 mile radius around 200K-250K. He says that this property should be easily sold between 200 to 225K.

I asked him that some comps are around 140K and he mentioned that we will do some high end rehab with some modifications(adding extra bed room) which should give an ARV ~225K. His quick estimate for rehab would be around 35K.

Master bedroom and 2nd bedroom on the second level. There are 2 bathrooms in the house and both the bathrooms are on the first level. Some of the comps around 200k price range also has bathrooms on the 1st level based on info 

Given this scenario, I have two questions:

1. Realtor says that this property is a HUD property and I do not see this in www.hudhomestore.com . I am assuming that the subject property should be on the HUD homestore even when in the pending state. Do I have to be worried that it is not in HUD home store and realtor claiming it is HUD property?

2. Even if we make high end rehab, if 2nd level does not have bathroom, would this property still be desirable at high price?

It seems there is an opportunity but I want to take steps with caution. Please advice.

Thanks,

I am interested, please send me details.