THEY DON'T HAVE JOBS NOW RIGHT.......There are properties and strategies you can use to obtain property in your area, within an hr radius of you, I almost did it during what would have been the bottom of the crash nationally but the peak of the boom locally - I just didn't end up entering the Douglas market.

We are also members of the National REIA.

The better areas of Chicago just like the better real estate markets of the nation have quickly bounced back towards peak prices, so the equity bet is risky.  

He has become a friend of mine and is someone with a lot of knowledge on not only the DC market, but the national markets as well.

I appreciate what everyone has to contribute and hope to contribute myself.I am a law enforcement officer and NJ National Guard Member.

just goes to show you can be an Island nation in the south pacific and get rich on bird poop..

GO CELEBRATE EMOTIONS WHEN YOU SCORE THE BIG PROFIT AT THE END OF SALE OR REFI AT THE BAR etc etc lol.The bank will go lower, they always will go lower.Banks are down right retarded about money when it comes to an REO - they make bad choices financially from our perspective looking in, but that is what creates opportunity for people like us.A good deal......... depends on the ARV and trends in that area (comps) I don't know any markets in Illinois but nationally in compact areas if you can still get it bought 25-30% below the comps then that seems to be good.

Hell BP Nation!                       

You should start speaking to some local and national lenders to see if they are interested in helping you buy this property.

It may be on the national or local level.