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60623 : Real Estate Advice

  • All17
  • Local Info2
  • Home Buying10
  • Home Selling0
  • Market Conditions0

Activity 14
Jonathan Bow…, Real Estate Pro in Chicago, IL
Mon Jun 13, 2016
Jonathan Bowman answered:
I generally charge $50 for exterior and $75 for interior (residential).
0 votes 1 answer Share Flag
cynthia, Home Buyer in Chicago, IL
Thu Apr 3, 2014
cynthia answered:
Santiago Val…, Real Estate Pro in Chicago, IL
Wed Mar 5, 2014
Santiago Valdez Relux answered:
Hi Felicia, there are too many ways to structure this to give you any reasonably good answer; contact your real estate attorney immediately if you are about to sign such agreement.
0 votes 3 answers Share Flag
Rob, Home Buyer in Chicago, IL
Mon Jul 22, 2013
Rob answered:
give me a call my name is robert and i can show you how to get that deal done thru a hard money lender or i wil negotiate the deal and collateralize it with one of my own deeds. rob 708-491-6921 i have been flipping houses since i was 19 and i'm 55 now i've seen it all ... more
0 votes 10 answers Share Flag
Gerard Carney, Real Estate Pro in Spring Hill, FL
Mon Sep 26, 2011
Gerard Carney answered:
Your tenet so what is the question, you want to have someone else rent your rent to own deal, then why would the seller just not offer your renter the deal and put you out of the loop. You seem to think you can rent to own investment property, that wont work nor would a seller want deal with you if there is a third party in the home. You as potential buyer and renter for now, make the seller comfortable in knowing you will treat the home as your own, since you hope to own it some day. You renters are just that renters and could ruin tomorrow with one good party, move out in the dead night and leave the place destroyed, you with only an option say yuck! what a mess, I don't want it and walk away! Seller has a ruined property and no one to buy it. This is not a working rent to own model ... more
0 votes 7 answers Share Flag
Tom Poziwilko,  in Arlington Heights, IL
Sun Sep 25, 2011
Tom Poziwilko answered:
Are you referring to rent with option to buy?
If so, you should be paying rent to the current owner (not a sublet tenant). Very basically, the renter pays cash for the “option❠to purchase the property from the current owner. An “Option” requires “consideration”. Consideration is monies.
Here’s a very important thing about these deals… The property owner is given the option money. If the renter chooses not to buy, the owner keeps the option monies. If it’s as simple as a part of rent monies going to the option, the renter isn’t financially hurt if they don’t buy. On the other hand, if the renter puts up cash up front for consideration and does not buy, the renter suffers a financial loss, as owner keeps the consideration monies.
There are problems with this for both owner and renter. First of all, how is value determined today following a 1 year lease? Value will probably be lower than today. How much lower? Realistically, I can’t think of a reliable way to determine property values 12 months into the future.
On a good note, I recently did a rent with option to buy. The property owner was honest. Realizing all of the above, he charged one dollar for the option to buy. We need more people like that.
A word of caution… Make sure you aren’t residing in a property with a financially distressed mortgage as your option won’t apply to a short sale, or worst, a delinquent tax sale.
... more
0 votes 6 answers Share Flag
Matt Laricy, Real Estate Pro in Chicago, IL
Thu Sep 22, 2011
Matt Laricy answered:
I wouldnt do the rent to own deal. It doesnt make much sense for either party, and one party usually ends up upset about the whole deal, and these rarely go through with the purchase. I would just focus on either renting or owning. Not the rent to own thing. ... more
0 votes 4 answers Share Flag
Matt Laricy, Real Estate Pro in Chicago, IL
Thu Sep 22, 2011
Matt Laricy answered:
Already sold.

If you are looking to buy, get a good buyers agent. This way you have someone to walk you through the buying process, at no cost to you. Interview two or three agents, and go with the one you mesh best with. ... more
0 votes 8 answers Share Flag
Michael Hobbs,  in Chicago, IL
Sun Jun 26, 2011
Michael Hobbs answered:
Good Afternoon Daniel,
You mention that you live in the area.
There is a lot of good housing stock in North Lawndale and based on the numbers you mentioned below about your investment parameters, I would encourage you to connect with Bardan Azari @ CPI LLC, www.cherrypickerinvestments.com
They are a foreclosure buyer service for investors, rehabbers and desiring landlords who want to get the right property at the best price. Also, his firm works in conjunction with Realtors, so you if already have a contractual agreement in place to be represented, you are in even better company because you can now have sets of professionals helping you identify the best investment real estate opportunities.

Based on some of our clients recent purchases in North Lawndale, they are acquiring houses for $30,000 to $60,000 and spending from $5,000 to $20,000 to fix them up for tenancy and then generating $1,000 to $1,300 / month in rental income. Depending on much cash versus financing you utilize, your cash on cash return can be from 15 to 30% which far outpaces what you can earn in the stock market. Lawndale and Garfield Park have been two of the harder hit neighborhoods due to the sheer volume of investor owned properties.

Granted, not everyone wants to be a landlord, but it seems you are committed to making the neighborhood better by being one of the accountable landlords!
Kudos to you!

Sincerely,
Michael Hobbs
President
PahRoo Appraisal & Consultancy
... more
0 votes 15 answers Share Flag
Seth Captain, Real Estate Pro in Chicago, IL
Wed May 25, 2011
Seth Captain answered:
If you are willing to live in a studio, you can choose from several neighborhoods in the city from Rogers Park to Humboldt Park to even a couple of spots in Lakeview for 550. Several hoods in the South Side will also have studios for that price. And even have a small separate kitchen.

If you go around neighborhoods, and check out for rent signs, especially in Little Village area/Back of the Yards area, and honestly in most parts of the South and West Side, you can find people who rent basement/attic apartments with separate bedrooms for the 500 dollar range. These are not generally 'legal' with the city but if you are comfortable living there, tens of thousands of them are rented throughout Chicago.

If you want an actual home your only choice is to by a foreclosed property of which there are many in Chicago now that will have a total monthly payment under $550 a month. Just be 'flexible' on the neighborhood you want to live. It won't be Lincoln Park but it will be a house. Inquire with IHDA or chicagonsp.org for more info.

Come to the city. There's always options here. Avoid the hustlers and trust your instinct. Good luck
... more
0 votes 5 answers Share Flag
Accurate Ins…, Real Estate Pro in Chicago, IL
Tue Oct 19, 2010
Accurate Inspections & Consulting answered:
To some degree that depends on who you are going to market your services to. Assuming banks and realtors that is a difficult barrier to break into. Many of those folks have their favorites that they like to use. You aren't exactly getting in on the front end of this work. Can you answer why they should use you instead of their existing company?
Another very important and overlooked consideration is where are you going to do this work. In the City or the Burbs. Many of the foreclosures in the City are in rough neighborhoods. If in the City are you capable of handling yourself in an urban environment, Do you have a vehicle that doesn't scream 'target', can you handle roaches, rats and the occasional flea infestation, are you comfortable making police contacts, do you know not to run when that dog is looking at you like it's next meal, do you know what colors not to wear, can you interact with people without coming off like a snob, do you know not to stare at the guys standing on the street corner?
You won't be able to just 'send your laborers' out to every site and stay home. You will have to go out to some properties. The questions may seem a bit rough but the answers will keep you safe. Dogs, guns, violence and sickness are all potential hazards. Not trying to dissuade you, just pointing out a few things.
Good luck
... more
0 votes 2 answers Share Flag
Kurt Clements, Real Estate Pro in Schaumburg, IL
Wed May 27, 2009
Kurt Clements answered:
Josie:

A couple of years ago, GSF Mortgage and Home Buyers Realty formed SuburbanRTOHomes.com to help those individuals looking to Rent to Own. Here is more about our program:

SuburbanRTOHomes.com is a division of GSF Mortgage and Home Buyers Realty. We buy foreclosed properties throughout the Chicagoland area. Once we purchase the homes, we send in our work crews to totally gut and rehab them. On our most recent home, we put on a new roof, replaced some of the siding, replaced landscaping, put in new carpet and padding throughout the interior, replaced the kitchen and put in tile flooring and stainless steel appliances, and of course repainted and repaired the walls. We also installed a new washer and dryer. The rehab usually takes around 30 days and the property is basically a new property when we are completed.

Once the rehab is complete we put the home on the market rent to own. Our rent to own program is a short term program. To move into the home you would have at least a $1,000 security deposit and the first months rent. Your rent payment would be the equivalent of your mortgage payment (including the escrow for your property taxes and home owners insurance). We credit you 100% of your security deposit and 100% of all your rent payments towards your down payment. Once we determine you have the necessary down payment we close on the mortgage loan with our sister company, GSF Mortgage. Your mortgage will be a 30 year fixed rate mortgage at market rate with your property taxes and home owners insurance escrow included in your monthly payment.

What are we looking for in our applicants? We know that the credit is going to be bruised - especially in this economy. We expect that and are able to work with that. However, we are going to run a credit check. We want to make sure that there have been no foreclosures in the last 3 years, and no chapter 7 bankruptcies in the last 2 years (if your bankruptcy happened within the last 2 years, but has been over 1.5 years since we still encourage you to apply). We also want to make sure their are no open judgments, or that you have the ability to satisfy them before closing. Of course, we also want to make sure you have enough income to make the monthly payment on your new home!

Our Rent to Own homes are located throughout the Chicagoland area, and our monthly payments average between a low of $1,350/mth, and a high of $1,800/mth - it all depends upon the market value of the property.

I look forward to hearing from you to discuss your particular situation! Please contact me at 630-806-7016 (office) or my cell at (630) 430-1091!

Sincerely,

Kurt Clements
GSF Mortgage
3933 75th St
Aurora, IL 60504

Office: 630.806.7016
Cell: 630.430.1091

kclements@gsf-mortgage.com
www.suburbanrtohomes.com
... more
0 votes 2 answers Share Flag
Christian Ch…, Real Estate Pro in Naperville, IL
Thu Mar 19, 2009
Christian Chase answered:
Check out our website. We have many rent to own homes available and owner financing homes.
0 votes 5 answers Share Flag
Scott Godzyk, Real Estate Pro in Manchester, NH
Wed Sep 24, 2008
Scott Godzyk answered:
You should hit the report button to report it to trulia, as well you should contact the listing agent. good luck sandy
0 votes 2 answers Share Flag
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