OfflineHi everyone my name is Star in Chicago ,This is my first deal and its an insane deal and i am too nervous i am going to screw it up. I keep going back to my books but its like it all went out the window, so I figure i need a partner for this deal before i screw it up.....
The DEAL.... 3 bed 2 bath detached single family home in the North Side of Chicago, 2 blocks west of the lake, 20 minutes to down town Chicago. It has 2 car garage ( and anyone living on the north side of Chicago will tell you street parking is a night mare),a fire place, it has a partial finished basement, granite counter tops, no appliances ( its a Foreclosure)... The average home in this area will cost around $ 394000 if you are lucky to 400,000 even higher 800,000. This home is in a great condition, hard wood floors great family community, schools and transportation ( the L)... The house is listed at $251,800. I did the research and the home's fair market value is $422,454, another house in the area two blocks down same street is also a foreclosure and they are asking for $488,000. My agent just sent me the history activity on the home and I see that the home March 2009 the price $427,000 and it has been dropping all this time... two weeks ago it was at $268,000 which makes me think they are very motivated. I already have an investor lined up... i need a partner not only will I learn the process but will be confident enough to do my second deal at ease...Also the average rent for a home like this is between $1600-2000 a month. I DON'T WANT TO SCREW THIS DEAL UP. I am so nervous I think with the patner.. PLEASE LET ME KNOW IF YOU ARE INTERESTED MY NUMBER IS: seven seven three, seven five six, seven eight two seven. Thank you everyone
Star Prosperity
starinvestmentproperties@
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Hi Star, has anybody contacted you yet on this? If not, what do comps show in that area for last 6 months. (homes sold)
Hi Billie
Thanks for the reply, no no one has contacted me yet. I am waiting for the comps from my realtor but I did do the research myself and discovered that single family detached homes in the area that sold were: just to name a few
same street as the property
3bed/1.5bath -$337,500
3bed/ 1 bath- $486,000
near by street:1 block north of the property
3 bed 2 bath- $745,000 (sold May 17, 2010)
3bed 1 bath- $555,000 (also May 17 this year
this one is a 4 bed/ 2bath same street as the above and it sold for $505,000 May 26,2010
I am still waiting for the comps my agent is researching for me then I will give you but he as also check that this property has a clean title and no liens.... I will get back to you Billie with the concrete info. looking at the whole 2 page list of the comps I found online I noticed that there were more condos sold in the area and I realized their prices are some even higher than this house (2 bedroom condo with a one bath.)
Thank you
Star
Star Prosperity
starinvestmentproperties@
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What about repairs? Are there repairs needed on the property?
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
Cathyb
By the looks of the pictures the place needs minor repairs, my agent told me the last investor who purchased it ran out of money on the repairs but had done so much work on the property. I am going to have a look at the property with a friend of mine who is a general contractor this week end and will get you a more sound report from a professional's point of view.
This property has been empty for over three years now I did talk to the neighbors and were very friendly. The community is a mix of young families with children and old folks.
Thank you
Star
Star Prosperity
starinvestmentproperties@
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The 3 bed/ 2.1 bath that are a 1 mile radius to the property range from $375,000 up to $740,000
Star Prosperity
starinvestmentproperties@
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a Harold's chicken, i'll write you a check right now
Elixbrown,
Harold's Chicken is only 0.8 miles from the property taking you only 4 minutes... just did Google map and the second location is only 6.8 miles from the property taking one 20 minutes to get there.
Please let me know if you are interested my contacts are 773-756-7827
Star Prosperity
starinvestmentproperties@
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but I may know someone who may have an interest in this deal
Let me ask around
Thanks, do let me know
Star Prosperity
starinvestmentproperties@
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My name is John my wife and I are Deans students as well and we are in the CHI have you made your offer yet? if not I can lend you some suggestions. This is my personal story below.
Name:
john st.cyr
Location:
Chicago Area
About Me:
My wife and I are very new novice investors to this Real Estate Game; Dean's Books have helped us get to a new level of personal living with the purchase of our dream home. We haven’t bought investment property yet but using his techniques we modified our existing loan and leased out our previous 2600 Sq Ft home which was built 2008 for us with a $500.00 per month positive cash flow. We then in late December 2009 bought a 4000 Sq Ft 6 bed room model home that was originally offered at $660,000 by the Builder. By using what we learned from Dean’s Think a Little Different, Be a Real estate Millionaire and Profit from Real Estate Right Now Books we got it with $30,000 down and at the price of $430,000 that’s 230,000 equity write off when the market goes back, with Builder Finance at 5.5% no bank or loan company involved. Thanks Dean now we are looking to form our LLC and start on income properties.
Real Estate investor