All Forum Posts by: Steve B.

I just discovered that a property which I successfully bid on and won through auction.com is now also listed on the MLS. As an outcome of the auction process, I received a contract which I signed and the seller signed and it is still valid. However the seller has twice extended it and appears to plan to do so again. It would appear that either auction.com or the seller is continuing to shop this property around.

Has anyone encountered this in situation before?

I am looking at a property that will require a structural engineer inspection to be submitted to the town before occupancy will be issued.   Can anyone recommend an engineer in the Chicago area?

I looked at a house today that seemed to be a pretty normal brick bungalow from the outside, but the inside was a total disaster.  it was about 100 years old but nothing on the interior was salvageable.   Most of the walls were crumbling, the floors were warped and broken.   Both floor and ceiling joists were exposed and barely holding on.   At a minimum this would be a total gut rehab.   But where should I draw the line on this.   At some point it is better to knock it down and start over, right?

@Ivan Oberon thanks this is really helpful.

Your tax accountant should be able to answer this specifically for you.   I am not an accountant, and this is not advice, but it seems to me that if the management company was a member of the holding company then you would loose the tax benefit of having them separate.   I have seen an arrangement where the two companies are not part of each other instead there is a contract between the two that defines the fees and responsibilities.  Basically like hiring a property manager and putting a contract in place with that firm except that instead you would own both companies.

@Dan Ward Thanks again, this is really helpful!

@Dan Ward  thanks for the offer.   Let me run this by you:  It looks like someone has previously painted over walls that had cracked paint on them.   Their prep seems to have been 'hasty' and now the underlying cracks are starting to come through.   I am trying to get a sense of the problem I have on my hands.   The house was build in the 50's so I am assuming that there will be lead in there.   What would you do with this?

Check out this recent NPR story about tiny houses:

http://www.npr.org/2015/02/26/389263274/living-sma...

@Ruthvik B. nice to see another Chicago area person on the site - welcome.   We have got some really great REA groups around the area so be sure to check those out.   

@Brandon Turner - Hey Brandon, that is an awesome post about flipping which I had not previously seen. Thanks man!

@Sam Sav Welcome!   Burbank (IL) is practically my old neighborhood - I grew up around Midway.   My opinion is keep the tenant where they are at and find another place to buy  - a 2 flat makes a great wedding gift.

Good luck and congrats