All Forum Posts by: Sean B.

Hello,

I am hoping someone has a good investor friendly attorney in Chicago.  My current one is unaware of how wholesaling works and is not much of a creative thinker...Any referrals would be greatly appreciated!

can I put a preforclosure into a land trust in Illinois?

even if I took the deal subject to?

So I recently bought a foreclosure duplex that was built in the early 1900's for $260k. Went thru the rehab process to bring the building up to date and spent about $120k on the renovations. Now the identical sister building is going to be up for So I recently bought a foreclosure duplex that was built in the early 1900's for $260k. Went thru the rehab process to bring the building up to date and spent about $120k on the renovations. Now the identical sister building is going to be up for sale. I spoke to the owners and he's looking to do a deal with me for $475k. He paid $445k 4 years ago and since did some minor updates including a new garage. While upfront it seems to be no deal, I'm wondering if I took the property subject to and keep his financing in place if I could make this work. Rental commands about 1400-1500 per mth I could also add a unit in basement for 10k that would return an easy 900-100. I spoke to the owners and he's looking to do a deal with me for $475k. He paid $445k 4 years ago and since did some minor updates including a new garage. While upfront it seems to be no deal, I'm wondering if I took the property subject to and keep his financing in place if I could make this work. Rental commands about 1400-1500 per mth I could also add a unit in basement for 10k that would return an easy 900-1000 mth. I'm guessing that the mortgage plus taxes run $2800. Thoughts.?

My confusion is what if there is a rider that stipulates it can't be sold for a certain amount of days.  The loan is Ocwen and I have heard there can often be a no flipping addendum.

just negotiated my first short sale deal with the bank through the seller. Bank tentatively accepted an offer for $120k and I already have found an end buyer for $145k , my question is can I still do a simultaneous close using an option contract or do I need to start an LLC or land trust. I keep finding conflicting legality issues that are confusing me regarding the short sale.

Thanks for all the feedback, I really appreciate it!

@Sharad M. there is always a deal...I just need to uncover it.

So, I would need to be more in the $200-225K range. This should leave a little more meat on the bone to help with everything else. I am sure that throwing a low offer coupled with the seller finance would be a stretch, but you never know...

In Chicago, I would estimate at least 70% of the multi-unit buildings I see have the basement/ in-law units. No, they are not legal, but they are there and they do bring in income.

So after the advice, the only way to make this work would be to run the seller finance scenario. Should I look at something like a land-contract to wrap the existing?

Thanks again for the guidance.

@John Weidner it's the west ridge neighborhood. Either looking at wholesaling the deal or buy/hold.