i guess im confused, i thought you were looking at a lot on the upper chain as well, near antioch or something
🏡 Better Homes OFFICIAL real estate bs discussion
- Thread starter OffshoreDrilling
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i guess im confused, i thought you were looking at a lot on the upper chain as well, near antioch or something
right on, 10 years ago I took a full agents course just for the knowledge and possibility of side work or going after broker status but the time couldn't be further divided up to pursue it further.
I'm in a position where I'm more or less hedging my bets. When the market is good, traditional real estate is good. When the market is bad, we're buying and flipping a ton of foreclosures(we do this when the market is good too, the supply just dries up a little)
But yeah, the market is solid right now. I've had no issues getting good money for all of the properties we've rehabbed, save for a few that sat on the market a little longer than expected.
This being an election year will screw things up a bit, it always does.
i wonder if it was harder, or just a different type of sales, that paid out differently.
When looking at property tax on homes in IL, I would suggest to not just look at the tax history as the assessor's value could be way off. So estimate future taxes yourself. Take 1/3rd of what you're going to pay for the property (assessed value), subtract 6,000 from that (homeowner exemption), and then multiply it by the most recent tax rate for that house (western burbs at like 7-11% IIRC). Maybe increase the tax rate 3-5% as rates usually increase.
Then you have a better property tax estimate as it's the value of the house that drives the tax more. And what you're paying for it is a good, quick estimate of value for a home.
Bingo.
When the average red-lipstick/nametag Realtor was freaking out and refusing to adapt, we were buying and selling HUD homes like they were going out of style. Totally different process than traditional real estate, but more lucrative.
HUD is completely dead now. All those red-lipstick realtors jumped in too late and now they're fighting over the scraps.
2012 was our last good year for that, and we flipped just over 100 houses.
Looking into houses right now rather unexpectedly, lease not being renewed in June, so the fiancé and I are exploring buying. Already looking at a few places this weekend in Wheaton and Downers Grove so we'll see how that goes. Biggest concern is finding the right mortgage, closing costs, fees and all.
funny, I was on Redfin earlier and se
a house for something like $60k, $9000+ in taxes
Yeah between me and a guy I work with. Now we work with a handful of cash investors and have been rehabbing ~150 houses per year for the past few years.
I think I'm one of the biggest buyers in Cook/Will county aside from the hedge funds, but they've slowed down tremendously in the past year.
There have been a ton of flips in my hood recently, but its a good thing for values. I've been getting a small itch to sell, but I really like my location. I bought 2009 during the dip, comparable homes are selling $70-80K more than what I paid. I've dropped some coin in updates and renovations, so the other side of me says enjoy what I've made ours. Pay $5K/year in taxes, Cook county too.
You'd be amazed at how many towns try to fight us tooth and nail. Fees, inspections that lead to fees, trying to get us to rewire the entire house just because(which leads to permit fees and inspection fees
).Someone's taking an often-times dilapidated house, turning it in to one of the nicest on the block, and selling it for top dollar....And the city wants to stop it.
You'd be amazed at how many towns try to fight us tooth and nail. Fees, inspections that lead to fees, trying to get us to rewire the entire house just because(which leads to permit fees and inspection fees
Someone's taking an often-times dilapidated house, turning it in to one of the nicest on the block, and selling it for top dollar....And the city wants to stop it.
I can see that, im guessing the towns just want their cut for inspections and you're meeting code/ordinances. In my area, most were built in the 60s, of course codes have dramatically changed. Most of them well kept and just need basic cosmetics updates... but some of the things that passed inspection back in the day is
and the city knows that.
Ohhhhh, yeah that! Sorry, the FRG property right by Panda's I put an offer in on in October.
I never really pursued that lot because there were some restrictions I didn't think I was going to have the capacity to meet. Essentially they wanted me to break ground on putting a house there within 6 months of the closing on the land. I didn't think I'd have my shit together to do so within that time frame.
oh alright cool
Yeah, no worries. It was a cool lot, but for a first time home buyer actually BUILDING a house was going to be one hell of a task. My goal at this point is to buy a house that needs a decent amount of work and fix it up over the course of a year or so, sell and move on to the next one. I like working on houses and have a fair share of knowledge (pretty much able to do anything except heavy electrical) and think it would be a fun way to own a few places and see what I really like before settling in to a house/area for more than a year.
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