All Forum Posts by: Thomas Kelly

@Thomas Kelly - I'd say there is only one way to find out ;-) I would go ahead and lock the property up under contract and blast it out to see what sticks.

Having a tenant in place isn't ideal but even if you could make the bare minimum of $5k or something that is still a win, especially if it's your first wholesale deal. You can also always work on getting the tenants out with cash for keys if you find a buyer that doesn't want them, now is definitely a better time to move than in the winter.

Just curious what Chicago suburb is the property in?

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He is referring to the new law that repeat wholesaling is considered a licensed activity. i.e you need a license if you plan to do more that one wholesale deal a year in IL.

Originally posted by @Jennie Berger:

Originally posted by @Will Barnard:

" Lock it, blast it, and hope is not a good business practice and this advice likely violates RE licensing laws in the state...Advising someone to violate laws is never a good idea."

While I agree with you that it 'might' not be the best business practice, I'm genuinely curious-- which law(s) you are referring to that would be violated by the actions you mentioned above? I'm not currently aware of any and it would be helpful to have some clarification.

PS: I don't see how @Jonathan Klemm was advising anyone to break any laws. Insinuating that he was, however, is what I would consider 'not good business practice.'

Just some food for thought.

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Wholesaling a property in IL. I can get it under contract for $196K, the (as is) comps are selling for about $240. The property its self it pretty turnkey for a rental property, although 5-10K could make it look nicer (landscaping, repainting etc). The property is located a few blocks away from a downtown chicago suburb with a (Metra) train station that'll take you downtown.

The major complication is that it has tenants with 6 months left on the lease at $1500 that is managed by a professional property management company. Property management can be terminated, but lease cannot.

Is it realistic that an investor will buy it for $30K below market, with that lease in place?

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All Forum Posts by: Thomas Kelly

Thomas Kelly has started 1 posts and replied 3 times.

Post: New to wholesaling. Is this a plausible deal?

Post: New to wholesaling. Is this a plausible deal?

Post: New to wholesaling. Is this a plausible deal?