chitown83

Tony, please explain how that works. Jim

Is it possible to assign your position back to the original seller for say 1K and have them close directly with the end buyer? Meaning it would go something like this, "Hello Mr. Seller, I have my tenant exercising his option at a higher price than our option is for, would you be interested in making 1K if I could assign my option to you and you would pay me my profits after your closing with him?" I figure this way, you avoid having to close, and your original seller can make a grand. Just a thought. Tell me what you think. Jim

When doing an SLO is a double closing the only option or is there another way to complete the deal? Thanks Jim S.

Hey all. Im just wondering if any of you had websites to support your investing activities? Im in the process of creating one now. I figure that in todays e-world if im not on the web im missing the boat with potential leads/clients. Just wondering what you thought. Jim (chi-IL)

A quick question. I have been talking to a seller regarding her condo and she seems to be interested. Im wondering though, does the condo board or management company ever put up a fuss about leasing to own. It sounds like she is genuinely interested and I wouldnt want to lose it over a close minded condo board. Just trying to foresee pitfalls, thanks for the input. Jim (Chi)

I've read all the posts and this sounds like a great technique to use if you find a house that needs some work. But my observation is that I think it would be smarter to sublease the property to the investor with a balloon at the end because if he has an option to purchase he may not exercise. What would happen if you subletted to a supposed handyman and he was a hack and messed the place up even worse. I could foresee this giving someone a big headache when the original owner wonders what happened to his property. If you had a lease with a balloon after say 6 months then the rehabber would be forced to purchase the property, whereas with the option things may get a little harrier. Maybe im wrong. If this has no validity someone correct me, if it does im glad I could make a relevant point. Jim (chitown- USA)

Thanks Pete, Im not making excuses, im just someone who likes see the real thing before diving in. Also, I do have Michaels manuals and I do believe that it can work. Hopefully ill take the plunge soon. Jim

Well, no one has responded yet, but im pretty sure when I say that you can evict them just as if you were a landlord say in a regular apartment building or something of that nature. You have a contractual agreement with them and they are not holding up their end. As to how you exactly go about this, i can not say but im sure all the knowledge that floats around in here will have you an answer in a jiff. If im wrong about the first part, someone please set me straight. Good luck with that problem Barry.

Hello, I am looking for someone in the Chicagoland area that is familiar with LP and would have a few minutes to share their experiences as a creative real estate investor. My reason for this is that im looking to actually meet someone thats done a deal and also meet someone that operates in my market, for the simple fact that its higher priced and in my opinion somewhat hot. If there is anyone available out there that would be willing to talk please let me know. No offense to you others out there, im just hard to convince, especially when some members are pictured in their 6th grade halloween costumes. Just jokin. Thanks and take care. Jim (Chi-IL)

I just have 1 question. You say that you will offer he 122 cash and then possibly put a T/B in the property. If you have 122K cash why would you want to tie all of that money up in 1 property? Maybe I am missing something and am confused, if not it would seem that all that cash could bring you better opportunities. Good luck with what you do. Jim Schultz

Congrats Tony, its a great feeling to have "a live one" like you have. Hope it all works out for you, all here have your back for sure. For me its great motivation to read these kinds of posts. Go get 'em. Jim

I dont want to be mean but Schaumburg knows nothing of Chicago food. Schaumburg is about as much Sweet Home Chicago as Milwaukee is. Way too far, but they still claim Chicagoanism. Its just not. But anyway, ill stop posting these things here and save the neighborly chats for the old off topic room. See y'all, have a grand evenin' Jim

Thanks Michael, I knew you would say something of that so, which is good, and I fully understand. I have a lot to do in a week and a half and I dont by any means thing I have this in the bag. Its only a good start. Also, im buying the pizza, and Ill be serving you the best pizza and italian the the south side of chicago can cook up, that your Italian stomach will never want to leave. But until that point....... Jim "even keel" Schultz

Id just like to say that its getting closer to working for me. I have my first seller that wants to meet with me in a week. He owns a house near me and he is out of state and still making mortgage payments on the house, which are probably high (house lists for 309K). Seems like a perfect L/P situation. And the best part was that he even called me. I havent done anything yet and I feel like I succeeded, now I just have to get all my ducks in a row. Sorry if im boasting, just wanted to share with the people who have gotten me to this point, which is this network of people. Hopefully I can get this to turn into some dead presidents. I can only imagine how that feels. Happy Investing Jim Schultz

I have recieved a lead from someone on this site, props to them. The lead I have is near me in a nice area and the house is listed at 309,000. Is this a price that might be looked at as too high for an L/P? I know you could do it, but will it be hard to move a house at that price, I believe it would rent for somewhere between 2K and 2500/ month. All opinions accepted. I just ask because a woman in my area who has done several says she rarely ever goes above 200K. Thanks all. Jim