Chicago Real Estate

Are you looking for a great buy on a Chicago condo on the north side? Here is a list of 9 condos under 30k! For the price of a car you can own your own condo. CLICK HERE for the list--> Chicago Condos Under 30K

Take advantage of today's historically low mortgage rates and low home prices. Now is the time to act...others are catching on...many of these great deals are receiving multiple offers because home buyers are realizing that now is a great time to buy real estate.

Remember that with increased demand comes increase in price...we are seeing slight increases now indicating that we might be at the bottom of the real estate market, and of course, the best time to buy is at the bottom just before prices start to rise.

Chicago Foreclosure Flips Case Study 22-Nov-2011

Great foreclosure rehab located at 3023 N Mason Ave. Bought as a foreclosure in the end of March 2011 for $111,000 rehabbed and sold in September 2011 for $242,000.

The rehab took 2 months to complete, actual days on the market was only 3 days!

Watch the video for photo comparison of the before and after.

Work included exterior front dormer siding changed, the storm door was removed, and the railing was painted white.
A new kitchen, floor refinishing, replaced all trim, the attic bath was relocated to one end of the attic which created a huge master suite with master bath.
The basement was completely remodeled with ceramic floor tiles, drywall, recessed lighting and bathroom remodeled. New HVAC system.
The yard stayed the same with the exception of adding sod and replacing the garage window.

This Chicago bungalow is a great home to use as a guide to what can be done in Chicago's Portage Park area flipping foreclosures for a profit.

TEXT: Chicago Rehab to 312-217-4354 for the PDF link if you would like to compare the before and after yourself.

For Great Foreclosure Fixer Deals like this one...Signup for the FREE Weekly Foreclosure List --> www.ILbankhomes.com

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What good is investing in Chicago real estate if you don't have the cash or financing to purchase the many real estate deals that are available? Check out these sources to see some of the options that are available to you.

Conventional Financing

There is the conventional route, This is a source that can be considered up front when a property is in considerably good condition. Most banks will not support the financing of a fixer upper until repairs are completed, due to the amount of risk involved. If one of your strategies is to buy, hold and rent, then using banks may be a safe bet for some of your investment properties. This is a source that can be considered up front when a property is in considerably good condition. Most banks will not support the financing of a fixer upper until repairs are completed, due to the amount of risk involved. Therefore, you may need to spend a little extra time searching for those diamonds in the rough. Traditional financing is extremely favorable, because you can usually get some of the best interest rates, terms and closing costs when approved. The process certainly will take longer than using cash buyers or hard money lending for example, but it can be worth the wait.

Hard Money Lenders

If your flipping a Chicago home or need to do major remodeling work to a home that you will later refinance, then you may want to consider building a relationship with a hard money lender. It is advisable to shop around to at least 2 or 3 in your area when possible to see which terms you find to be most favorable. These loans will come with much higher interest rates (typically 12% or more), points and some type of balloon payment near the end of the agreement. Hard money may be offered for 6 months to a year while the repairs are made, until the home is ready to be sold or refinanced for better rates. It is important that investors are prepared to either rent out or lease-to-own their property if perhaps the home is unable to sell on the market quickly enough. Also, newbie investors beware! Flipping houses can be more difficult than it may seem, and you must have a solid plan in place so that you are not forced into a tight financial situation.

Private Lending

Before ever considering this option, it is strongly encouraged that you talk with a local attorney that specializes in SEC policies. Laws can vary on a state by state basis, so it is important that you have a good understanding of those guidelines before building any relationships with private lenders. However, when done correctly this can be a powerful resource available to you, that doesn’t require credit checks or adhering to all the strict guidelines enforced on mortgage companies. Private lenders can be nearly anyone who has access to the necessary funds for your purchase (i.e. your doctor, friends, family, or investor club). Typically private lenders can receive anywhere from around 9% and up for their investment, which is secured by the property and can be a great investment for them based on today’s rates. Loans can be negotiated on a property by property basis so that each investor only funds the deals that they are comfortable with. With these 3 examples alone, you may have all that is needed to start funding Chicago real estate deals. Therefore, take action now and begin building the relationships and networks of lenders that you will need in order to start investing. Are you in need of referrals? Contact us today to access a list of preferred lenders that we will recommend for your investment business.