All Forum Posts by: Rob M.

View more pictures here:  https://goo.gl/tQsQjt

I am a licensed Illinois Realtor. Co-op commission for other licensed brokers is 2.5% of Gross sale price (-$295) 

INVESTORS - CASH FLOW all year long with this property! Section 8 rent is $1350/month on this unit! 

Huge 2 story, 3 Bedroom, 3 Bathroom house on deep lot on a nice, quiet block in desirable location behind solar farm very close to the Kroc Community Center! Close access to shopping, I57, and public transportation! 

Has basement, deck, shed, newer 2 car garage, newer windows, newer wood floors throughout entire house, roof recently replaced, fresh paint, AND owner will give $1500 credit for all new appliances!

Rents are typically pretty strong in that neighborhood (estimate: $1350-1500 a month for a 3/2), so you can still make money if you buy right. You can also appeal the taxes, although you won't get the homeowners exemption as an investor, so that hurts. I would say you can definitely make money flipping if you're careful, but be sure to figure an extra $10k for holding costs for the bond. It looks like it did pass: http://www.thereporteronline.net/newsx/local-news/436-evergreen-adopts-flip-ordinance

Yes, both great points mentioned by @Vishal Gadhia. I'll add my two cents on those topics. 

As far as property taxes go, our state is in the middle of a financial crisis, so it makes it hard to budget how much taxes will actually go up. One thing is for sure, with the unfunded pension liabilities, no state budget going on 2 years, and the massive debt the state has incurred over time, taxes will most definitely continue to rise. It's a real problem for both homeowners and investors. 

As far as evictions, it's not uncommon that they take 4-6 months here in Cook County. It may take even longer, depending on the time of year/how cold the weather is. Here is some more info for you on evictions: http://www.illinois-attorney.com/practice-areas/ev...

Hi @Stephanie Polydoroff. I know it well - I've lived next door to the town for most of my life, and I have friends that live in the town so I go there frequently. As far as 'good' resale, you probably to stay east of Kedzie avenue (between Kedzie and Pulaski) and south of 95th street (between 95th-103rd street). If you want to rent you can look in all areas, but that area has the strongest resale value, in my opinion. It's a working class community, so rentals would probably do pretty well in that town. Obviously, this is only my opinions and you should look online and do the proper due diligence to make a decision. PM me if you have any other questions. Hope that helps. OH, and one more important thing. Be sure you check into the new ordinance about putting up a $10,000 bond if you're a flipper. I heard rumblings that an ordinance was being proposed (due to the influx of hedge funds coming in and swooping up hundreds of houses and renting them), but I can't say if it was passed. 

@Demetrius Davis - I would skip the attorneys and do the appeal on your own if you decide to go that route. I've appealed my own personal taxes on my residence (also Cook County, not the towns you mention, but County makes the decisions on all the towns you listed) and I've won the past 4 times on my appeals. It's a very simple process and anyone that has an internet connection can do it. They will base the decision on other similar properties and what they are paying in taxes, and compare it against your property. Any lawyer that tells you they have some magic connection or formula for lowering them is probably stretching the truth. PM me if you have questions. I've held off buying in the towns you list for this exact reason. Someone has to pay the towns bills no matter how you slice it. With the levels of accepted mismanagement in government in IL, I don't see them going down. You might be able to appeal once or twice, but at some point they have to raise money so that they can continue to feed their addiction to overspending.  ;) 

I would be more worried about where you get your list of numbers and not violating the Federal Do Not Call guidelines. I'm not quite sure that it is legal to cold call these days. Typically you need a prior business relationship to call someone if you're going to solicit services. I could be wrong, but something you definitely want to look into before you start. This page should help guide you: http://www.realtor.org/field-guides/field-guide-to-do-not-call-and-do-not-fax-laws

HOBO is typically the cheapest, but I usually find it hard to find something that matches what I need. I found Schilling's to be the cheapest the last time I did cabinets in a flip (about 9 months ago): https://schillings.com/departments/kitchens/. FYI - I have no affiliation with them, just checked around quite a bit to find the best deal for decent cabinets. Hope it helps. 

Be sure to double check the tax numbers if you consider a building in Oak Lawn. I've lived here my entire life and have seen 5-9 unit buildings in the $10-12K property tax range (annual). Connect and PM me if you have specific questions about those areas. I know them very well since I've lived here most of my entire life.