All Forum Posts by: Skip Reath

Thanks for your input. Would I have to contact the management company for the HOA for the details on the delinquencys? i.e. How many 30,60,90 day %. I would be selling to owner occupants. Any idea of credit score a buyer would need, down payment etc. what parameters would a lender be looking at as far as the HOA delinquencies go? Thanks again for your help.

Curious to know if there are any lenders who would finance a non-warrantable condo? Here's my situation. I own 11 units in a 35 unit building which does have some delinquencies in HOA assessments which the HOA is currently dealing with. The complex is under the owner/rental ratio but since I own more than 10% they become non-warrantable. Also b/c of the delinquencies they are no longer approved for FHA, however the management company tells me they should be approved again for FHA within the next year as the delinquency issue gets resolved. I have seven of my units currently rented (which is the limit) but would like to finish the rehab on another unit and list it for sale. But only if the buyer could find financing. Would be open to lease option but would want to insure the TB could get financed if the FHA didn't get approved for some reason. Any ideas or suggestions? Thanks

They are east of Jackson Park and North of Oakwoods Cemetary on Kenwood.

A few more pics.

Figured out the upload. :-)

Nick could I e-mail them to you?  Not that tech savvy to upload on this forum. Let me know an e-mail address and will send them over.

Thanks

Yes Nick I have pics of them.  Where would you like me to send them?

Hi all first time on BP so hope I do this correctly.

Have a situation on a fix n flip deal that has turned into a nightmare. Purchased 13 condo units in a south Chicago complex in 2012 hoping to fix n flip. So far I have only sold 2 units due to the Condo Asssociation losing its FHA financing. There are several delinquencies in the complex which led to this. Currently I am allowed to rent 7 of my units which I am in the process of doing (3 rented and 3 applicants being processed). The management company for the HOA tells me it could be a year before the FHA is restored. My question is it possible to sell w/o FHA? If so do I need to discount the price? Would a lease/purchase option be viable? I had them listed for $125,000 for a 3 BR 2 bath and $115,000 for a 2 BR 2 bath.

Also was wondering if it's possible to sell all of them to another investor who might better be able to handle the issues with all of this as the carry costs are becoming a burden.

Thanks for any suggestions!

Skip