All Forum Posts by: Zoran Stanoev

@Zak Marinko

It’s an Illinois law, so it applies to the entire state. Nothing special or different about Chicago in this instance.

If you don’t have a written lease, she’s month to month. If she’s offered to pay you, but you want to evict, you have to give her notice that you’re terminating her tenancy.  If she refuses to leave, you’ll have to evict her. In the post COVID world, I’d suspect that’s going to be either difficult or take a long time. Unless you’ve got an extenuating circumstance.  But you definitely need to talk to an attorney so you can do things right and not waste time. Good luck. 

I’d be leery of the comments by people that have only 1 post, and it’s a positive review. Red flags! 

If your goal is income producing properties, I’d recommend starting there. Wholesaling is difficult to do. It’s basically finding deals, which is the hardest part of investing. There are professional, full-time wholesalers that you’re going to be competing against and it’s going to be a lot harder than you think. Save that time and energy and start working on income producing properties if that’s your goal.

It sounds like you're trying to be a broker and not a wholesaler. Be really careful with how your represent this deal to your end buyer. He needs to know that you're not representing him and that he can't rely on anything you say. 

Your statement that you have a lot of questions about the property concerns me. If it's being sold "as is no disclosures" you DEFINITELY need to have a contractor or inspector look at it. You're asking for a lot of trouble if you don't. If it upsets the seller, that's a clear sign that you should run away from this and start working on the next deal.  Be careful not to get caught up to do anything just to get this deal closed.  

There are a lot of red flags here.  

Be sure you read all the terms. I looked into one and they charged a lot of points, I wanna say something over 10%, of whatever amount i was approved for. So if i was approved for a credit limit of 30k, I’d have to pay them 3k. Also be sure you know when the clock starts for the 0% rate, when you use it or when you’re approved. If you get approved but don’t get a deal to use it on, you’re out 3k and have a monthly percentage you have to pay.

He's not being unreasonable.  Unless he has refused a reasonable request for access, he's not being unreasonable.  He has every right to be there and can deny your request to put a lock box on the door.  It's still his property.  The contract does not permit you to have unlimited access to the property as you see fit.  You're a wholesaler, if this is going to cause a problem for your "business," you need to look into how you're doing business.  Also, he just told you that a previous potential buyer screwed him over.  Be careful, because it looks like you're going down the same path...

Do you have a more specific question?  Your question is super broad and someone can type 5000 words and still not address what you're actually looking for.  If you're just trying to wholesale, go ahead and wholesale.  Being licensed doesn't change your strategy or mechanics.  

I'd recommend starting your own post if you have a question like this rather than high-jacking someone else's post.  You're more likely to get a response. 

Almost all of the “advice” in this thread is from non-attorneys. Please speak to an actual attorney about your issue. Although someone may have gone through something similar, the law is nuanced and although they think their situation was similar, I doubt it was identical. I know BP is supposed to be a great resource, remember that the advice is worth what you paid for it. And if it’s keeping you up at night, please don’t rely on what a broker or “specialist” from Idaho or New Hampshire thinks you should do. Good luck.