Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

60074 : Real Estate Advice

  • All17
  • Local Info2
  • Home Buying8
  • Home Selling0
  • Market Conditions0

Activity 11
Thu Jan 17, 2013
Terry McCarley answered:
In Florida agents can work single agency with the signed permission of the client. This doesn't apply in most cases to in office listings but with so many real estate offices here it usually isn't an issue.

Are you licensed in Florida John? I am but I an not licensed in IL so I don't know anything about real estate laws in your state. My only intent with my original comment on this question was they should work with an agent that will show them properties they have interest in.
... more
0 votes 16 answers Share Flag
Sat Mar 31, 2012
Peggy Cobrin answered:
HI Maria,

What is the address of the property you are inquiring about?

Kathy Diegel
The Peggy Cobrin Team
Coldwell Banker
0 votes 2 answers Share Flag
Thu Dec 22, 2011
John Walin answered:
Carol
I just looked up your address in realist tax resource, and see your last name is Bolivar. The condo is pending foreclosure, lis pendens status. A sheriff sale must be being planned. From your other question i gather the circumstances of your situation. If R Almanza is the only person on the mortgage, doesn't mean you are off the hook for the liability when condo goes to foreclosure. Talk to a real estate attorney, I think no matter what you cannot waive your homestead responsibilities without permission from your co-owner. I am not a lawyer, but unless there is a divorce decree separating you from that property you are liable in Illinois. In order to protect yourself speak to a lawyer.
I saved a copy of this report i can email to you no strings attached. I promise not to bug you!

If you like my answer, best answer me and thumbs up, thx!
... more
0 votes 2 answers Share Flag
Thu Dec 22, 2011
John Walin answered:
Carol
I just looked up your address in realist tax resource, and see your last name is Bolivar. The condo is pending foreclosure, lis pendens status. A sheriff sale must be being planned. From your other question i gather the circumstances of your situation. If R Almanza is the only person on the mortgage, doesn't mean you are off the hook for the liability when condo goes to foreclosure. Talk to a real estate attorney, I think no matter what you cannot waive your homestead responsibilities without permission from your co-owner. I am not a lawyer, but unless there is a divorce decree separating you from that property you are liable in Illinois. In order to protect yourself speak to a lawyer.
I saved a copy of this report i can email to you no strings attached. I promise not to bug you!

If you like my answer, best answer me and thumbs up, thx!
... more
0 votes 3 answers Share Flag
Mon Jul 18, 2011
Don Tepper answered:
There are some drawbacks:

**The land lease (or lot space). That can bump up you total costs to the point that you're not making any money on the rental.

**Park restrictions. Some parks don't permit rentals. Others permit them only with a satisfactory background and credit check.

**People's preferences for apartments versus mobile homes. Lots of people are willing to pay a bit more (10%, 20%, etc.) to have an apartment versus renting a mobile home.

There is a strategy that can work. It's nicknamed a "Lonnie Deal" after an investor named Lonnie Scruggs who developed/refined and popularized the idea. (I'm sure you can look his stuff up online; he's got a couple of self-published books on the strategy.) Basically, it involves an investor buying a mobile home cheap for cash. Then the investor does whatever rehab is needed, then sells it on terms to someone else. Here's a real quick example: You find a mobile home that you can acquire, all cash, for $6,000. You put $2,000 into fixing it up. You find someone who wants to buy it. Your terms: $2,000 down and $180 a month for 7 years.

The buyer pays the lot rent.

Sound reasonable? You, the investor, are into it for $6,000. (You put $2,000 into rehab, but got that back as the downpayment. $180 a month for 7 years repays an $8,000 loan at 20,49%. So the price you've charged the buyer is $10,000, $2,000 down, 20.49% interest. (Watch out for any state usury laws.)

But it gets better (for you). Remember: You're only into the deal for $6,000. But you're getting a return on an $8,000 mortgage. What's your return? You're getting $180 a month for 7 years on a $6,000 investment. That's a 32% return on your $6,000.

What makes the deal work? Lots of folks selling mobile homes will take a deep discount for cash. And lots of buyers can't afford all cash. They're looking for affordable terms. The "sweet spot" is being in the middle. Buy low with cash; sell for more on terms.

And what makes it so attractive for investors? It's not just that you're getting a good return on the sales price, but that your investment (thus, ROI) is less than that sales price.

That's how you make money by purchasing a mobile home.

Hope that helps.
... more
0 votes 4 answers Share Flag
Mon May 2, 2011
John Walin answered:
Hi
Bank owned condos have a hard time getting financing due to under water HOA's and lender underwriting. I posted a blockshopper link to that subdivision and they allow rentals in there. That is a big no no for FHA loans and even conventional financing. Ask your lender if claremont ridge is on the approved FHA list, almost 100% positive it is not and check to see if standard underwriting is OK with it if tenant occupancy, % of owners 30 days delinquent, HOA cash reserves.
If you like my answer, thumbs up and select best answer. Call me if you care to discuss
... more
1 vote 4 answers Share Flag
Fri Jun 25, 2010
Jim Starwalt answered:
Hi Julie, it does not sound as if there are multiple offers on the property, what happens is the seller accepted your offer, the bank countered and said they would accept the $213,000, as you know, but then the offer usually goes out to a third party ( the end investor on the properties loan) they are probably the ones that countered with the new price of $225,000. I understand it is quite frustrating on your side, but I hope you get a good house in the end. ... more
0 votes 3 answers Share Flag
Tue Nov 10, 2009
Heidi answered:
This subdivision is a townhome community. The major difference between a townhome and condo community is that a townhome will have it's own private entrance, whereas a condo will have a central entrance for all units in the building.

Visit me at http://www.exclusivelypalatine.com
... more
0 votes 5 answers Share Flag
Wed Jun 24, 2009
Richard Lecinski answered:
What is the market value of these properties? Also many and I do many forclosures need lots of work. You must that into consideration as well. A good Realtor should be able to answer these questions and show you comps of similar homes that have recently sold. ... more
0 votes 3 answers Share Flag
Mon Mar 17, 2008
RCWessel & Associates, Ltd. answered:
total of 29 units. Depends on makeup of your family. You should have no problem if unit is three bedrooms. Before you buy, PM me for rebate info.
0 votes 1 answer Share Flag
Search Advice
Search

Followers

135