All Forum Posts by: Sean B.

Hello,

Looking at a 2 flat deal right now in Chicago. Seller has both units rented out for $950mth and there is an illegal basement unit that rents for $550 mth. There is about $100k left on the mortgage and mortgage payments run $1000 mth and taxes are $6300yr. Retail value is about $375k and I was thinking a cash offer around $250-275k. I would like to go the route of offering a couple different options to the seller, maybe something having to do with a land contract to wrap current mortgage, but not sure how to best frame it up. This would be my`first real deal, so I would appreciate any feedback!

Thanks.

Oops my bad...

Principal $186.95

Interest $ 726.24

Escrow $791.58

....Taxes are about $5200....It's Chicago.

The loan is for $260K

After a harrowing battle with the bank to get a modification on a rental prop, they finally came through...Or did they? Bought the house as a flip that flopped in 08 and paid 260K. Current value is about 150k and it brings in $1900mth in rent. The bank modified the terms from 30 to 40 years at a locked 3.5%. The current mortgage + taxes are $1700 so there is about a $200 upside. Is the cash-flow enough to support this as a deal or not? Would love to hear some thoughts as my partner is ready to short sale the home as he thinks there are not enough funds for repairs when needed. I would love some advice or thoughts out there...

Thanks

Thanks for all the info!

Hello,

Looking to see if anyone in the Chicago area would have any referrals for a company that would take care of the general maintenance of my buildings. I'm really just looking for the interior cleaning, lawn care and handyman services.

Let me know,

Sean

Being a novice, I had some issues with the construction plans. The inability to negotiate on the 203k construction prices sent me for a loop. Most likely I'm thinking I should close with hard money and then refinance out....If I can get it done before Monday.

Update: Was able to get a hard money for 9 months including rehab. I will need to move quick as the interest is through the rooF... At the end I should have about 309k on the high end and the ARV should be around 485k on the low end. The next step should hopefully be to exit the hard money with a simple refinance, right? Or am I missing somthing?

Being a novice, I had some issues with the construction plans. The inability to negotiate on the 203k construction prices sent me for a loop. Most likely I'm thinking I should close with hard money and then refinance out....If I can get it done before Monday.

Hello,

In a little bit of a pinch, as we have had some setback on our 203k loan and the closing date is next week. The loan is about 30 days out and we've asked for multiple extensions already, and the seller is ready to cancel the deal. Is there some form of transactional funding that could be used to close the loan and then settle it with the 203k in 30 days??

Thanks in advance,

Sean