Good luck on your adventure - whichever way you choose.
You'll need two invaluable team members.
1. A good contractor. You will need someone who is dependable, does quality work and will work for a fair price. In Chicago, these guys are hard to find. If a contractor has all these qualities, frequently he is already overwhelmed with work. Or he has decided to buy, remodel and sell buildings for himself.
2. A good lawyer. You will need a pro to guide you through the process of setting up your corporations that will be the entities that own your buildings. You will also need someone who can create the documents for your condominium associations.
Optional Team Member #3 A good tax accountant. For the following reason...
You should examine the distinct differences between buying and selling real estate short-term versus long-term. If you truly wish to become a real estate developer you need to be aware of the tax consequences for selling real estate for a profit in a short period of time.
One of the strongest benefits of owning real estate is that if you hold it long enough, your postpone your tax liabilities. And if you hold it long enough, your long-term gains are considerably lower than short-term gains. If you buy and hold - you'll be building wealth over the long term.
Plus, buying and holding pretty makes the process a no-brainer. If you hold onto real estate for 5 years, 10 years or even longer, it's nearly a certainty that your property will have appreciated dramatically. This is not always the case for properties you intend to sell quickly.
A good real estate agent *wink* should be able to connect you with competent vendors in all the areas I mentioned above. Other resources available include Angie's List website, the Building Owners and Managers' Association here in Chicago (BOMA) and talking to contractors you see working in your neighborhood.... more
You write an offer to the seller. If they accept, they submit your offer to the bank with their harship package. If the bank feels it is to their advantage to sell it to you for less than the outstanding note, rather than paying the costs of foreclosing on a property, they move forward with your offer.
It is a little more complicated than that, but that's the process in a nutshell.
Email or call me if you want to discuss a particular property or if you want to setup a search.
Ryan Gossett... more
Your assumption most likely is correct and they were looking for an excuse the cancel your deal which you gave them. It is imperative that deadlines are met to avoid these situations and your agent should have been on top of this. Its not normal but these things do happen... more
YES ! pets ok but no dogs :(
Pet Information CATS only
Pets Allowed: Cats OK, Deposit Required, Pet Count Limitation
Max Pet Weight:
I love dogs i have a dingo from Austrialia , that i bring from Australia To Spain and from Spain to Chicago with an European Passport and She is Bilingue too :)... more
You will find that we Realtors hate per-occupancy. You are taking a big risk that the bank might not allow the sale to happen, then you are in there with no chance of buying it. If it goes to foreclosure then the new owner might allow you to stay or kick you out. It's risky on your part. What is your lawyer saying?... more
I would be happy to discuss your options and strategize with you via phone or visit. My office is conveniently located at 2125 W Irving Park Rd.
Feel free to contact me at your convenience.
John Gall ABR SFR
Realty Executives SourceOne
Winnemac Park is a rather residential neighborhood and there are few, if any, furnished units ever offered. You will need to look elswhere, but you will also have a problem for just a 2 month term. 99% of rentals in Chicago are 1 yr terms or maybe 6 months. You need to look for sublets/temporary housing/corporate suites/motel accomodations for that short term.... more
I don't know af any statistics on this. My clients with garden units have never had safety issues but I know safety is a general concern of garden owners. I highly suggest purchasing an alarm system with a monitoring service just to be on the safe side.
If you ever want to check out crime statistics for an area go to www.chicagocrime.org. They have stats block by block.... more
I don't mean to sound pessimistic, but I don't know if the term "hot neighborhood" hasn't gone the way of the dinosaur. I believe that the new mortgage guidelines will prohibit any neighborhood from extreme levels of appreciation. Hot neighborhoods were created with the "cloud a mirror, get a mortgage" guidelines that led to an over funded, over heated marketplace. Those days are thankfully over, although as in physics, every action has an equal reaction, and so we are stagnating in a morass of over restricted lender requirements.
But I digress. . . Look at West Town, particularly those areas between Kinzie and Chicago Aves, west of Western (Smith Park a.k.a The Patch) and just west of Western Ave between Chicago and Division and North to Fullerton. Edgewater Glen, Magnolia Glen are also noteworthy if you want to be close to the lake. I still think Albany Park and especially Avondale is affordable.
Good luck in your search!... more
Your building may be eligible for spot approval and (for your immediate purposes), you may not need to wait for the entire building to be FHA approved. However, you may elect to start that process as an association.
If you are not sure if the building is FHA eligible, I would contact a good mortgage banker. Rubloff works with Wells Fargo quite a bit and I work with one of their mortgage bankers on FHA loans named Brian Cumpton. His contact info is at www.ChicagoLender.com (don't have his number in front of me at the moment).
He is an expert in both helping your immediate situation and can lead you in the right direction on getting the whole building approved. Several changes have just taken place in mortgage financing that will make many more building FHA approved... things are changing daily!... more