#Cash Home Buyer In Illinois

[novumtimes]

The most affordable cities to live in (and why the West did the worst)

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Wisconsin doesn’t just have cheese curds and craft beers: it’s also home to the most affordable city in America. MarketWatch, a financial and business news site, analyzed 223 of the country’s largest cities to determine the top 10 most affordable cities. Green Bay, Wisconsin – the state’s third largest city located 120 miles north of Milwaukee – topped the list. With a median monthly rent of $870, grocery costs 15 per cent lower than the national average, and a median home price of $245,000, the medium-sized city proved the least inexpensive. Groceries in Green Bay cost 15 per cent less than the average — so more cash left over for tickets to a Packers game (The City of Green Bay) The midwest dominated the rankings, taking six of the top 10 spots, while the south took three and the northeast just one. Most affordable cities Median Home Price Groceries vs. National Avg. 1. Green Bay, WI $245,000 −15.0% 2. Wichita, KS $210,000 −7.7% 3. Rapid City, SD $300,000 −7.4% 4. Springfield, IL $139,000 −8.1% 5. Broken Arrow, OK $293,000 −5.8% 6. Jackson, MS $120,000 −7.6% 7. Alexandria, LA $64,000 −1.3% 8. Iowa City, IA $300,000 −11.1% 9. Manchester, NH (Tie) $385,000 −10.1% 9. Sioux City, IA (Tie) $202,000 −9.9% The west did comparatively poorly, with the highest-ranking western city – Ogden, Utah – coming in at 18. The ranking was calculated from seven metrics: median household income, unemployment rate, median home sale price, median monthly rate, grocery cost of living index, transportation cost of living index, and miscellaneous goods and services cost of living index. The report assigned each city a score from 0 to 100, with the latter being the most affordable score. Wichita is the largest city in Kansas (Getty) In second place was another midwestern city: Wichita, Kansas. Nuzzled in the south-central part of the state, Wichita is known as the air capital of the world and birthed fast food chains like Pizza Hut and White Castle. Its low average monthly rent of $971 and low-cost transportation, including gas prices and public transport options, gave the city its number two ranking. “Prospective home buyers in Wichita can also appreciate the low median home sales price, which was $210,000 as of March 2023,” the report wrote. A panorama view of South Dakota’s Rapid City, located just down the road from Mount Rushmore (Getty) Rapid City, South Dakota rounded out the top three, with the lowest county unemployment rate in the country, at 1.5 per cent, and a median household income of $81,183. Known as the “City of Presidents”, with life-sized bronze statues of every U.S. president scattered throughout the city, it is located just 23 miles from Mount Rushmore. Springfield, Ilinois, grabbed the fourth spot on the list, the highest of any state capital (Getty) Only two capital cities made the top ten list. Springfield, Illinois – which nabbed fourth place – is located in the center of the state and is known as the home to Abrahm Lincoln’s tomb. The median cost of a home there is just $139,000. Main Street in Broken Arrow, Oklahoma, an affordable town in Tulsa County (Doncow/Flickr/CC BY-SA 2.0) Rounding out the top five was Broken Arrow, Oklahoma, a manufacturing city which had the highest median income across the top ten cities, at $102,700. And the other capital city in the top ten is Jackson, Mississippi, which landed in sixth place. The state’s most populous city was named after former U.S. President Andrew Jackson. For those suffering with New York City or Bay Area property marketes, the report found that the average rent in 22 of the 223 cities analyzed was less than $1,000 a month. Source link via The Novum Times

[kmrealtygroup]

Helpful Negotiation Tactics for Today’s Housing Market

If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.

Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.

What Can You Negotiate?

Most things in a home purchase are on the negotiation table.

Here’s a list of just a few of those options, according to Kiplinger and LendingTree:

Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price.

Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves.

Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place.

Closing Costs: Closing costs typically run about 2–5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table.

Home Warranties: Buyers can also ask the seller to pay for a home warranty. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties.

Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise.

One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says:

“Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”

They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table.

Bottom Line

Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer.

Want to chat more about what to expect and the options you have? Let’s connect with real estate professionals at KM Realty Group LLC in Chicago, Illinois.

[worldtopic6]

Sell Your House Fast in Chicago with Braddock Investment Group Inc

Are you looking to sell your house fast in Chicago, Illinois? Look no further! braddockinvestmentgroup. is your trusted partner for a quick, hassle-free home sale. We buy houses for cash in Chicago, IL, ensuring a smooth transaction and immediate financial relief. Discover why selling to cash home buyers like us is your best option and learn about the exceptional services we provide.

Why Choose Braddock Investment Group Inc.?

1. Speedy Transactions

At Braddock Investment Group Inc., we understand that sometimes you need to sell your house quickly. Whether you're facing foreclosure, dealing with a divorce, or need to relocate for a job, we are here to make the process seamless. Our efficient processes allow us to make a fair cash offer and close the deal within days, not months.

2. No Repairs Needed

Selling a house traditionally often requires costly repairs and upgrades to attract buyers. When you sell to us, you can skip the hassle of fixing up your property. We buy houses in any condition, saving you time, effort, and money.

3. Competitive Cash Offers

We pride ourselves on providing fair and competitive cash offers for your property. Our team of experts evaluates your house's value based on current market conditions, ensuring you get a reasonable price without the lengthy negotiation process.

4. Zero Fees or Commissions

Traditional home sales involve real estate agent commissions and closing costs that can eat into your profits. With Braddock Investment Group Inc., you won't pay any fees or commissions. The cash offer you receive is the amount you take home.

Our Services

Cash Home Buying

Our primary service is buying homes for cash. We simplify the selling process by handling all the paperwork and closing details, allowing you to focus on your next steps. From the initial consultation to the final sale, we are committed to providing a stress-free experience.

Customized Solutions

Every homeowner's situation is unique. We offer personalized solutions tailored to your needs, whether you need to sell quickly, want to avoid foreclosure, or are dealing with an inherited property. Our team works closely with you to understand your goals and deliver the best outcome.

Professional Guidance

Navigating the real estate market can be overwhelming. Our experienced professionals provide expert guidance every step of the way. We answer your questions, address your concerns, and ensure you feel confident and informed throughout the process.

Why We Are the Best

Local Expertise

As a local company based in Chicago, we have an in-depth understanding of the city's real estate market. Our knowledge of Chicago neighborhoods allows us to make accurate assessments and offer the best possible deals for your property.

Trusted Reputation

Braddock Investment Group Inc. has built a strong reputation for integrity, transparency, and customer satisfaction. Our clients' testimonials speak to our commitment to providing exceptional service and achieving outstanding results.

Customer-Centric Approach

We prioritize your needs and work diligently to exceed your expectations. Our customer-centric approach means we listen to your concerns, offer flexible solutions, and strive to make the selling process as convenient as possible for you.

Get Cash for Your Property Today!

Selling your house in Chicago doesn't have to be a stressful experience. With Braddock Investment Group Inc., you can get a fair cash offer and close the deal quickly, without the usual headaches of traditional home sales. Visit our website at www.braddockinvestmentgroup.com to learn more about our services and start your journey to a fast, hassle-free home sale.

Don't wait—contact Braddock Investment Group Inc. today and discover the benefits of selling your house for cash in Chicago, IL. Your ideal buyer is just a click away!

[elitehomecrystallake]

Elite Home Buyers

Elite Home Buyers specializes in providing a fast and hassle-free process for selling homes in Crystal Lake, IL, and surrounding areas. They cater to homeowners looking to sell their properties quickly by offering fair all-cash offers, without the need for realtor commissions or closing costs. The company prides itself on buying houses in any condition, eliminating the need for repairs or cleaning by the seller. Their process is straightforward: homeowners provide property details, receive a no-obligation cash offer, and choose a convenient closing date. Elite Home Buyers addresses a variety of challenges, including foreclosure, divorce, unwanted inheritance, and more, providing personalized solutions for each unique situation. Their approach emphasizes privacy, speed, and convenience, making it an attractive alternative to the traditional house selling process. For more detailed information, you can visit their website directly at https://www.elitehomebuyersmchenrycounty.com.

Address : 135 Erick St, Unit F, Crystal Lake, Illinois, 60014, United States

Phone : 224-267-9324

Business Email: toby.dalton@elitehomebuyersmchenrycounty.com

[mastermindxsl]

Illinois Real Estate Buyers

Illinois Real Estate Buyers: Your Trusted Partner for Quick Cash Offers in Chicago

In the bustling real estate market of Illinois Real Estate Buyers, navigating through the complexities of selling your property can be overwhelming. From finding a reliable buyer to securing a fair deal, the process often comes with its fair share of challenges. However, with Illinois Real Estate Buyers, the journey becomes remarkably streamlined and hassle-free.

Located conveniently at 5669 N Milwaukee Ave in Chicago, Illinois Real Estate Buyers is spearheaded by the visionary business owner, Eli Goodman. With a steadfast commitment to providing unparalleled service, Eli and his team have cemented their reputation as the go-to experts for those looking to sell their properties swiftly and seamlessly.

At Illinois Real Estate Buyers, we understand the urgency and importance of selling your property promptly. Whether you're facing foreclosure, dealing with an inherited property, or simply looking to liquidate your assets, we've got you covered. Our streamlined process ensures that you receive a quick cash offer for your property, enabling you to move forward with confidence.

One of the key advantages of partnering with Illinois Real Estate Buyers is our ability to make swift cash offers. Unlike traditional real estate transactions that can drag on for months, we pride ourselves on our ability to close deals in as little as a week. This unparalleled efficiency not only saves you time but also alleviates the stress associated with prolonged waiting periods.

Moreover, our commitment to transparency and fairness sets us apart in the industry. When you choose Illinois Real Estate Buyers, you can rest assured that you'll receive a fair offer with no obligation attached. We believe in providing our clients with peace of mind, knowing that they're making a well-informed decision.

What truly distinguishes Illinois Real Estate Buyers from the competition is our unwavering dedication to customer satisfaction. We prioritize open communication and strive to address your unique needs and concerns every step of the way. Whether you have questions about the selling process or require assistance with paperwork, our knowledgeable team is here to assist you.

Furthermore, Illinois Real Estate Buyers caters to a diverse range of properties, including houses, duplexes, mobile homes, and commercial properties. Regardless of the type or condition of your property, we're prepared to make you a cash offer and facilitate a seamless transaction.

When considering your options for selling your property in Chicago or the surrounding areas, it's essential to choose a trusted partner with a proven track record of success. With Illinois Real Estate Buyers, you can sell your property with confidence, knowing that you're in capable hands.

In conclusion, if you're ready to sell your property quickly and efficiently, look no further than Illinois Real Estate Buyers. With our commitment to excellence, transparency, and customer satisfaction, we're dedicated to helping you achieve your real estate goals. Contact us today at 773-305-6373 or visit our website at https://www.illinoisrealestatebuyersinc.com/ to learn more about how we can assist you. Sell your property with ease - choose Illinois Real Estate Buyers.

[seotask99]

Home Sales Chicagoland

Discover the Quickest Way to Sell Your House in Chicago with Home Sales Chicagoland

Selling a house swiftly in Chicago, especially when you're looking to sell it as-is and for cash, can be a daunting task. However, amidst the myriad of house buying companies vying for trustworthiness, there's one name Home Sales Chicagoland that stands out: Home Sales Chicagoland. With years of experience paying cash for houses across Illinois, they have established themselves as the go-to solution for homeowners in need of a quick and hassle-free sale.

Located at 105 Canterbury Lane, Suite 1995, Bolingbrook, IL 60440, and owned by Alphonso Dormun, Home Sales Chicagoland prides itself on its commitment to providing a seamless selling experience for homeowners. Whether you're facing foreclosure, going through a divorce, inheriting unwanted property, or simply need to sell your house fast for any reason, Home Sales Chicagoland is here to help.

One of the key advantages of choosing Home Sales Chicagoland as your house buyer is the flexibility they offer. Unlike traditional real estate transactions that can take months to close, Home Sales Chicagoland allows you to close on the day of your choosing. This flexibility is particularly beneficial for homeowners who need to sell their house quickly due to time constraints or other pressing circumstances.

Another major benefit of selling your house to Home Sales Chicagoland is the elimination of the need for real estate agents and costly repairs. When you sell your house through a traditional real estate agent, you often have to pay hefty commissions and fees. Additionally, you may be required to invest time and money into making repairs and renovations to make your house market-ready. However, with Home Sales Chicagoland, you can sell your house as-is, without having to worry about making any repairs or paying any commissions.

One of the most common concerns among homeowners considering selling their house for cash is whether they will receive a fair offer. At Home Sales Chicagoland, fair offers are guaranteed. Their team of experienced professionals conducts thorough evaluations of each property and provides homeowners with competitive cash offers based on market value and condition.

If you're pondering, "Who will buy my home for cash?" look no further than Home Sales Chicagoland. With their proven track record of helping homeowners sell their houses quickly and hassle-free, they are the ultimate solution for anyone in need of a fast and reliable house buyer in the Chicago area.

To get started on selling your house to Home Sales Chicagoland, simply reach out to them promptly at (773) 663-4505. Their friendly and knowledgeable team is standing by to provide you with expedited assistance and guide you through the selling process every step of the way.

In conclusion, when it comes to selling your house quickly and hassle-free in Chicago, Home Sales Chicagoland is the best choice. With their years of experience, flexible closing options, fair offers, and commitment to customer satisfaction, they are the go-to solution for anyone in need of a reliable house buyer in the Chicagoland area. Contact Home Sales Chicagoland today and take the first step towards a stress-free selling experience.

[starckre]

Investing in Palatine, IL Real Estate: Is Now the Right Time?

Palatine, a northwest suburb of Chicago located in Cook County, Illinois, has long been an attractive area for families and professionals looking for affordability, good schools, and proximity to Chicago. With a population of just under 70,000, Palatine offers a small-town feel while still providing easy access to big city amenities. For real estate investors, Palatine presents an interesting opportunity. Here we'll examine the current real estate market in Palatine and consider whether now is a good time to invest. So, get ready for contact with certified relocation professional.

Housing Market Overview

The housing market in Palatine remains strong, though it has cooled slightly from its peak in 2021-2022. Home prices continue to rise, but at a slower pace than earlier in pandemic-fueled seller's market. The median home price in Palatine as of July 2022 was $385,000, up 11.6% from the previous year according to Redfin. While bidding wars are less common, homes are still selling quickly at just 12 days on market. Inventory remains tight, with only 1.5 months of supply available. This persistent shortage of homes for sale will likely keep upward pressure on prices.

Rents have also been rising steadily, making Palatine an attractive area for investors. As of July 2022, average rent for a 1-bedroom apartment was $1,395, up 15% year-over-year, according to Apartment List. Occupancy rates have rebounded to pre-pandemic levels above 95%. With rents rising faster than home prices, Palatine remains affordable relative to other Chicagoland areas, offering investors opportunity for cash flow.

Drivers of Demand

Several factors suggest demand will remain strong in Palatine real estate:

Job growth - Palatine benefits from proximity to major employers like Zurich North America, Weber-Stephen Products, and GE Healthcare. Unemployment stands at just 3.1% as of June 2022. New developments like the $300 million Sterling Bay warehouse project on the former Motorola campus will bring more jobs.

Population growth - Palatine's population grew 4.2% from 2010 to 2020, nearly twice the Cook County rate of 2.3%. New residential developments will accommodate demand.

Highly-rated schools - Palatine School District 15 is consistently ranked top in the state. For families, this is a major draw.

Transportation access - Easy access to I-90, Route 53, and two Metra stations make Palatine a convenient suburb. A new proposal to extend Route 53 north could enhance accessibility further.

Potential Headwinds

Despite the positives, some factors could dampen real estate outlook:

Rising mortgage rates - Rates above 5% reduce buyer affordability and dampen demand. Sales may moderate.

High property taxes - Typical property tax rate is over 2% in Palatine, among the highest in the metro area. This could deter some buyers, especially if home prices moderate.

New construction - 2,000+ new residential units planned could boost inventory, moderating price growth. However, construction costs may delay projects.

Overall Assessment

Fundamentals remain generally favorable for residential real estate investing in Palatine. Though the market has cooled slightly from its peak, tight inventory, strong demand drivers, and increasing rents continue to make Palatine attractive. Investors should monitor mortgage rates and new construction closely, but opportunities currently outweigh risks. Taking a long-term view, Palatine offers stable population growth, a vibrant local economy, and accessibility that set the stage for continued real estate demand. For buy-and-hold investors or those considering new development, Palatine offers promising upside potential.

[heartlandfundinginc]

How to Buy a House After Foreclosure in Peoria

Facing foreclosure is tough, but it doesn’t have to be the end of your homeownership dreams. Our new guide outlines the steps to buy a house after foreclosure in Peoria, from rebuilding credit to saving for a down payment. Read the full article here and start your journey back to homeownership:

[whobuysmobilehomes]

The Family Home Investor

Sell my mobile home

Selling your mobile home might seem like a no-brainer – but with so many different options out there, it’s easy to get confused about the best course of action. There are two main options for selling your mobile home: selling it as is or selling it on rent-to-own terms. Let’s take a closer look at both of these options to see which is right for you.

sell my mobile home fast

Selling Your Mobile Home as is The biggest advantage of selling your mobile home as-is is that it’s a quick and easy process. You can get your home sold quickly, without having to worry about financing delays or having to wait for a lease to expire. The downside to selling your mobile home as-is is that you won’t get as much money as if you sold it on rent-to-own terms. This is because buyers will see the home as a risky investment – there’s no lease in place to ensure that the buyer will make their payments. This can make it difficult to sell your home for the price you’re hoping for. You might have to settle for less money or take a lower offer because you can’t wait for the right buyer to come along.

Selling a Rent-to-Own Mobile Home

Rent-to-own agreements are becoming more common. In fact, many buyers now turn to rent to own to purchase the home of their dreams. There are a few things to keep in mind if you’re thinking about selling a mobile home on a rent-to-own terms. First and foremost, you need to find the right buyer. This can be easier said than done. You don’t want buyers who are going to drag their feet on the lease. Your best bet is to find eager buyers who want to sign a rent to own agreement. This way, you know that you’ve found a buyer who’s eager to take ownership of the home as soon as possible.

Tips for selling your mobile home

There are a few things you can do to make sure your home sells as quickly as possible. First and foremost, clean up your home. Make sure it looks as presentable as possible. This can help you attract more serious buyers who are looking to buy property. Next, price your mobile home properly. If you price it too low, you might not get any offers. If you price it too high, you might not get a quick sale. You can use a free online calculator to help you determine the right price for your home. Finally, keep an eye on the local market. Mobile home sales happen quickly, and you don’t want to get caught off guard if a nearby sale suddenly brings your home into demand.

The Final Word

If you’ve got an old mobile home, now’s the time to get rid of it. There are a number of different ways that you can sell your mobile home – but be careful about choosing the right option. If you want to sell your mobile home quickly and for the best possible price, you should sell it as is. You won’t get as much money as you would from a rent-to-own sale, but you’ll get it off your property quicker. Whatever you do, don’t let your mobile home sit idly on your property. It’s an eyesore and can drive away potential buyers and renters. Now that you know the ins and outs of selling your mobile home, there’s no reason to keep it on your property any longer.

Contact Us:

Phone:

760-539-0490

Website:

[kmrealtygroup]

Questions You May Have About Selling Your House | KM Realty Group LLC

There’s no denying mortgage rates are having a big impact on today’s housing market. And that may leave you with some questions about whether it still makes sense to sell your house and make a move.

Here are three of the top questions you may be asking — and the data that helps answer them.

1. Should I Wait To Sell?

If you’re considering waiting to sell until after mortgage rates come down, here’s what you need to know. So are a ton of other people.

And while mortgage rates are still forecasted to come down later this year, if you wait for that to happen, you may be dealing with a lot more competition as other buyers and sellers jump back in too. As Bright MLS says:

“even a modest drop in rates will bring both more buyers and more sellers into the market.”

That means if you wait it out, you’ll have to deal with prices rising faster and more multiple-offer scenarios when buying your next home.

2. Are Buyers Still Out There?

But that doesn’t mean no one is moving right now. While some people are holding off, there are still plenty of buyers active today. And here’s the data to prove it.

The ShowingTime Showing Index measures how frequently buyers are touring homes. The graph below uses that index to show buyer activity for March (the latest data available) over the past seven years:

You can see demand has dipped some since the ‘unicorn’ years (shown in pink). That’s in response to a lot of market factors, like higher mortgage rates, rising prices, and limited inventory. But, to really understand today’s demand, you have to compare where we are now with the last normal years in the market (2018–2019) — not the abnormal ‘unicorn’ years.

When you focus on just the blue bars, you can get an idea of how 2024 stacks up. And that gives you a whole new perspective.

Nationally, demand is still high compared to the last normal years in the housing market (2018–2019). And that means there’s still a market for your house to sell.

3. Can I Afford To Buy My Next Home?

And if you’re worried about how you’ll afford your next move with today’s rates and prices, consider this: you probably have more equity in your current home than you realize.

Homeowners have gained record amounts of equity over the past few years. And that equity can make a big difference when you buy your next home. You may even have enough to be an all-cash buyer and avoid taking out a mortgage altogether. As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“ . . . those who have earned housing equity through home price appreciation are the current winners in today’s housing market. one-third of recent home buyers did not finance their home purchase last month — the highest share in a decade. for these buyers, interest rates may be less influential in their purchase decisions.”

Bottom Line

If you’ve had these three questions on your mind and they’ve been holding you back from selling, hopefully, it helps to have this information now. A recent survey from Realtor.com shows more than 85% of potential sellers have been considering selling for over a year. That means there are a number of sellers like you who are on the fence.

But that same survey also talked to sellers who recently decided to take the plunge and list. And 79% of those recent sellers wish they’d sold sooner.

If you want to talk more about any of these questions or need more information, let’s connect with top-rated real estate agents in Chicago, Illinois.

[notebooknebula]

Flip Real Estate Virtually with Paul Lizell & Jay Conner, The Private Money Authority

https://www.jayconner.com/flip-real-estate-virtually-with-paul-lizell-jay-conner-the-private-money-authority/

Jay Conner and his special guest Paul Lizell talk about how to utilize systems and processes that simplify the buying process of real estate.

Paul is the founder of The Virtual Investor, JP Homes, Inc & www.housedealsamerica.com He has been flipping properties since 2001 and is the original virtual wholesaler having purchased all over the U.S. since 2009. He has bought and sold properties in 44 out of 50 states and will continue to look at expanding into new markets.

Paul is a graduate of Drexel University in 1998, holds a degree in Finance and a minor in Economics, he now teaches at www.ReoAuctionAcademy.com. He focused exclusively on online auctions, bank REO’s, buying off the MLS and wholesalers across the country since 2013.

Timestamps:

0:01 – Get Ready To Be Plugged Into The Money

1:42 – Jay’s New Book: “Where To Get The Money Now”- https://www.JayConner.com/Book

3:20 – Today’s guest: Paul Lizell

4:57 – How Paul Lizell gets started on the real estate business.

6:58 – What is wholesaling?

8:01 – What is the advantage of buying a house vs getting it under contract?

10:28 – When you buy a house in today’s market are you primarily selling them to other real estate investors at a profit or are you selling them to the people who are going to live in the property?

11:16 – What kinds of profit are you seeing in today’s market while doing your business virtually?

11:57 – Wholesaling vs. Wholesaling

13:01 – Do you think that Wholetailing is more popular now because of the lack of inventory?

13:58 – When you’re wholesaling a house to an end buyer, what’re your criteria for pricing that home versus a complete rehab?

14:52 – In today’s real estate market as long as it’s clean and smells good that property is okay.

15:34 – How do you find your buyer?

16:07 – How do you find deals given the low inventory in today’s real estate market?

17:35 – How do you get the leads?

19:29 – How to connect with Paul Lizell: https://www.REOauctionAcademy.com & https://www.FlipRealEstateVirtually.com

20:30 – How do you manage your people on the grounds to inspect the property?

24:21 – Do you give additional compensation to your bank-owned real estate agents?

25:23 – How do you find your REO agents?

26:56 – When you become the winner in the online auction how long do you have before you got a close? Do you make a house inspection before you take it down?

28:34 – Paul Lizell’s parting message: In my business model my time is my only marketing cost.

Private Money Academy Conference:

https://jaysliveevent.com/live/?oprid=&ref=42135

Have you read Jay’s new book: Where to Get The Money Now? It is available FREE (all you pay is the shipping and handling) at https://www.JayConner.com/Book

Free Webinar: http://bit.ly/jaymoneypodcast

Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.

What is Real Estate Investing? Live Private Money Academy Conference

https://youtu.be/QyeBbDOF4wo

YouTube Channel

https://www.youtube.com/c/RealEstateInvestingWithJayConner

iTunes:

https://podcasts.apple.com/ca/podcast/private-money-academy-real-estate-investing-jay-conner/id1377723034

Listen to our Podcast:

https://realestateinvestingdeals.mypodcastworld.com/11279/flip-real-estate-virtually-with-paul-lizell-jay-conner-the-private-money-authority

Flip Real Estate Virtually with Paul Lizell & Jay Conner

Jay Conner

00:02:57

My guest is a good friend. We’re in a mastermind together. Well, he is the founder of The Virtual Investor. That’s right. He is a virtual investor and virtual wholesaler. He’s been flipping properties all the way back since 2001. And he actually is the original virtual wholesaler. And he’s purchased all over the US since 2009 virtually. In addition to that, my guest has bought and sold properties in 44 out of 50 states and continues to look at expanding into new markets. Now, in addition to that, he contributes his success to utilizing systems and processes that simplify the online buying process. He’s focused exclusively on online auctions bank REOs, buying off of the MLS, and wholesalers across the country since 2013. I’m so excited to have my friend and fellow mastermind member, Paul Lizell. Paul, welcome to the podcast.

Paul Lizell

00:04:32

Thanks for having me, man. I really appreciate it.

Jay Conner

00:04:34

Absolutely. I’m excited to have you on here, Paul. And of course, we’re going to be seeing each other again here pretty soon at one of our upcoming mastermind meetings. And today we want to hear all about what it’s like to be a virtual wholesaler. What in the world does that mean? And what’s that process look like? But before you get started on all that, tell us, how’d you get into real estate?

Paul Lizell

00:04:58

Interesting story. So let’s go back to the 1990s when I was in college. I was working for my uncle who’s a general contractor and he bought a quadplex, a 4-unit building. We fixed it up, renovated it. He turned around and rented it out. He was making pretty good profits on this property, too, and still had a lot of equity in it. So that kind of stoked my interest in real estate. And that point on, after he bought a few more and we renovated them and I was going through college, I decided this is something I got to get into. It’s gotta be my long-term goal. So I did and basically in 2001, I started my first property. Unlike his, it was a fix and flip. I got into that so I could build up some cash. Eventually, I did build up, got some rentals as well, but stuck with the wholesaling, the fix and flip game owner-finance game, and I’d been doing that ever since.

Jay Conner

00:05:46

That’s awesome. So, were you doing fix and flips a while before you started doing wholesaling? Or were you doing wholesaling and fixing flips simultaneously, like right out the gate?

Paul Lizell

00:05:59

Well, I really started in the fix and flip game and then when I had too many flip deals going on, I did a couple of wholesale deals. And I started to realize it was kind of easy doing these wholesale deals. So after the crash of 2008, 2009, when all the marketing was just tanking, and you probably remember that well, I’m sure, I decided, all right, let’s go more to the wholesale game and turn them and burn them, and we did that. And we still did fix and flips, don’t get me wrong. We kept those good deals, did fix and flips on them, kept some good deals, rentals, some owner-financing, but we basically became virtual wholesalers at that point. We started expanding. We started in Pennsylvania where I was originally from. I just moved here to Florida this past month, but originally I’m from about 45 minutes north of Philadelphia. And so I started in that market, expanded out, went to Pittsburgh, New Jersey, Delaware, Ohio, Indiana, the Carolinas, which I love and where you’re from. And then I started going down to Florida, Texas, before you know it, I bought and sold in 44 to 50 states.

Jay Conner

00:06:57

First of all, let’s make sure everybody understands what we’re talking about when we say wholesale a deal. There’s more than one way to wholesale a deal. So, what’s your definition of wholesaling? And what’s that look like?

Paul Lizell

00:07:11

So for most people, they think wholesaling is getting a property under contract from a seller and assigning that contract and collecting assignment fee. So for us buying bank-owned properties, and we do a few of those, don’t get me wrong. We do a few of those deals, we get some of those referrals. But, primarily, what we do with auction properties or bank-owned or HUD properties, we have to buy them, take them down and then resell them. So, it’s a wholesale, it’s just we actually have to take down the property. So we do need the funds to be able to purchase it, whether we use transactional funding, private lending, as you’re great at, at raising money, we do as well. We love the raising money game and using private lending for that. But yeah, it’s kind of the same deal as it is with assignment of contract, it’s  just we actually take it down so we show ownership at one point.

Jay Conner

00:07:59

So, what’s the advantage of actually buying the house instead of getting it under contract and then collecting an assignment fee?

Paul Lizell

00:08:09

You know in certain states there’s been a crackdown, I think Tennessee and Illinois have had a crackdown on wholesalers where they’re making them become licensed realtors. So I think this kind of negates that because you’re actually purchasing the property, right? You’re showing you have the vested interest, not just the vested interest or equitable interest, you actually purchased it and took it down. So you have the right to do what you want to afterwards, and nothing can come back. So from a legal standpoint, we’re probably the safest and best. I am licensed in Pennsylvania. I probably will get licensed in Florida. And occasionally we’ll do some of those assignment deals, but for the most part, we just take them down, resell them. And in this market, as you know, wholetailing has been unbelievable, just getting the property in decent enough shape to be mortgageable reselling it, not sitting on it for 6, 7 months while the rehab is getting done, while the showings are going on. It’s much quicker, you’re in and out 30 days at the most, and you’re hopefully selling it in 30 to 45 days in this market right now.

So, it’s been much quicker and better.

Jay Conner

00:09:08

Right. So the reason you actually buy the house and take ownership of it is, that way, regardless of where you’re doing business, you don’t have to worry about there being issues with just collecting an assignment fee. Am I hearing you right on that?

Paul Lizell

00:09:27

Yeah, absolutely. I mean, we would prefer to do it without having to have all the cash and buy it, but the banks don’t allow you. So if you buy a property from the bank, you can’t just assign it to another buyer, you must take it down in your name and you can do things with it. We’ve done things in trust. You know trusts are great. But the problem with that is, unless it’s an investor that’s a buyer investor, that trusts in you and understands what you’re doing, that they know what you’re doing, they usually don’t want to buy your trust, or if you put it in an LLC and sell them that LLC, they don’t usually want to buy it. And I totally understand that, they’re going to want to put it in their own name. We’ve run into that in the past with Fannie Mae. Fannie Mae had that anti-flipping where you couldn’t sell it for more than 20% of what you paid for. I think it was 90 days after the deed was recorded, not when you purchased, but when the deed was recorded. So with those properties, it either had to do something off the HUD, or we just had to wait those 90 days and then just sell it to them at that point, which has other risks. But, overall, if you’re making profits, I’m alright with that.

Jay Conner

00:10:26

There you go. So when you’re buying the houses in today’s market, are you primarily selling them to other real estate investors at a profit? Or are you selling them to people that are actually going to move in and own the home themselves and live in it?

Paul Lizell

00:10:44

In this market, we’ve done more to end-buyers. More people are going to live there than in the past. Typically, we sell to other investors for the most part, but in this market, the way it’s been and the kind of properties that we targeted, we’ve kind of pivoted and go on into less of the trainwreck properties, the ones that need everything and more to the ones that just need a little bit enhancing to get it back to become mortgageable and then resell them. So we’ve kind of pivoted a little bit just in this market to try to take advantage of what’s there. Go after the low-lying fruit rather than everything else.

Jay Conner

00:11:14

I got it. I know it’s going to depend on the market. I mean, you’re in all kinds of markets all over the nation, but what kind of profits are you seeing in today’s market doing the business the way you do it?

Paul Lizell

00:11:26

So our wholesale profits are generally around $12,000 per deal, and that’s your standard wholesale. If we’re wholetailing it, we’re around $32,000 and the full-scale fix and flip we’re into anywhere from probably close to your number, the $67,000, but we’ve had plenty of that have been $80,000, $100,000, even $120,000, especially in this market over the past year. So it’s been nice, but those are your full-scale rehabs. And those were the home runs, obviously, they’re not your average.

Jay Conner

00:11:55

Right. And we’ve already said it, but I want to make sure our audience understands it. Tell everybody what wholetailing is versus wholesaling.

Paul Lizell

00:12:05

Yeah, great point. So wholetailing is more or less where you’re getting a property and it just needs some paint, some carpet, it doesn’t need a full kitchen gut. Maybe you just repaint the cabinets. Maybe you put new cabinet poles on them, or maybe put countertops on them. With bathrooms, you’re okay with them but maybe you just put a new toilet in, or a new vanity or even easier sometimes, just a new faucet on a sink. And then you’re reworking your painting and carpeting. Usually, you don’t have to do roof siding, windows, things like that. So wholetailing has really just been super profitable. It’s more so than the fix and flip, believe it or not, for us. When you look at it from a time standpoint, we’re selling those so quickly, as quickly as our full-scale fix and flip, but we’re putting less effort in, and our holding costs are so much lower. It’s been worthwhile for us and less management of contractors because it can be one of the most difficult, taxing things in this business.

Jay Conner

00:13:00

Do you think that wholetailing, or in other words, “not doing a full rehab,” but you just make it okay and nicer? Do you think wholetailing is so much more popular now and working so well because there’s just no inventory?

Paul Lizell

00:13:16

That’s it. You hit the nail on the head with that, Jay. We go back to 2009 when I was doing fix and flips. If I didn’t do a full-scale, redo everything, you didn’t have that many buyers interested in the property unless it was the first-time home buyer. But as the market has gotten hotter and hotter and has lesser and lesser inventory, people are being less picky figuring they’ll do some of the work themselves. So it’s really just kind of taking what the market gives you. We follow it in our business. We follow the “Keep it simple, stupid” theory, and I think that’s the best thing to do in any business. Whatever the market is giving you, take that, right? If you don’t need to do the full-scale rehab, don’t, unless it’s going to warrant you getting an additional $50,000 or $60,000 where it becomes worthwhile, just take what the market gives you.

Jay Conner

00:13:56

Yeah. So how do you determine how to price? Like if you’re wholetailing a house to an end-buyer, what’s your criteria for pricing that home at the stage you got it in versus a complete rehab?

Paul Lizell

00:14:15

So basically what we do now with the wholetailing, we’re discounting it at 10-15% off what the normal end, full-scale rehab would be, which is still giving some equity to the buyer, should they want to do something there. And still it makes them fly off the shelves, I tell you, they don’t last very long when you’re just doing the basics and people see it’s clean and easy. I can change the carpet. I can change the paint color or whatever, I can do this or that. So people aren’t as picky as they used to be because there’s just no inventory. It’s hard to be picky. You take what’s there, basically, more or less.

Jay Conner

00:14:50

So in this market, as long as it’s clean and it smells good, if it’s dated, that’s okay, right?

Paul Lizell

00:15:03

Yes, dated, okay. You go do the ’80s, ’90s style. People can live with that as long as things aren’t broken, right? As long as you don’t have holes in the roof and things like that. Roofing is definitely a big issue, HVAC system for people. We just did one in Laurinburg, North Carolina, and unfortunately it did need a new HVAC system, so we did install that. We’re still gonna do pretty well. His property is still gonna net around $32,000, even though we had to do the roof and the HVAC system and the rest of it was a wholetail.

Jay Conner

00:15:32

Gotcha. So when you’re wholetailing to an end-user, are you finding the buyer by listing it with a real estate agent in the MLS?

Paul Lizell

00:15:42

We are. So, 90% of the time we do that. And occasionally like we did in one in Charleston, Tennessee, which is a very rural area, I had my disposition manager reach out to a bunch of agents in that area to just let them know we have a property and we offered them 2% commission. And the only thing we had to do was put it in a hot water heater in that one. That was literally it.

Jay Conner

00:16:05

That’s amazing. So first of all, to be virtually wholesaling, you have to find these deals and there ain’t no inventory to speak of. So everybody wants to know, well, if there isn’t any inventory, how in the world are you finding the deals?

Paul Lizell

00:16:27

Well, we got a little bit of an advantage over a lot of other people in the market. Most real estate investors out there stick with certain territories, maybe one or two markets out there. Occasionally somebody does three or four, but for us, the whole country is our oyster, really. That’s what we look at. We got inventory anywhere. We have preferred states where we’d like to do business, don’t get me wrong, but if there’s a great deal in another state where we don’t typically do business, we will go there. Just to give you an example, we’ve done 5 deals in New Mexico this year. We hadn’t done a deal in New Mexico in I think the previous 6 years before that, so we just kind of take what the market gives you. If there’s a deal there, we’ll take it. And we also hit those tertiary markets, and the second-tier markets that if you’re looking at a town or a city like Charlotte, go an hour outside, like a town like Kannapolis, Gastonia, and then go another hour outside that loop there. And then you’re in like a third-tier market. We target those markets because people do want to live there, especially now with what’s going on with the pandemic and everything. People are looking to be more and more rural. So it kind of fits right into what we’ve done all these years, which is a big advantage for us.

Jay Conner

00:17:33

Right! So how do you get the leads?

Paul Lizell

00:17:35

So for us, it’s our own time. So we pay no marketing fees, right? We don’t have any marketing costs whatsoever. I had turned off the direct mail marketing in 2013 and I just buy exclusively off of these auctions. For me, it’s really looking at what’s on the auction sites right now. We use VAs. We have several VAs that do this for each different auction site, whether it’s Auction.com, Xome, the Hudson & Marshall, Hubzu, Realty Bid, Auction Network, HUD Home Store, Fannie and Freddie. We have them go through and they do what I call “First-level fig.” They look at it and we give them the criteria of what we look out for – square footage, repair amount – and then they’ll send me a spreadsheet on Excel. Yes, yes, no, no, no. So, let’s say there’s 250 properties on this particular auction that’s coming up.

We might weed that down to about 20 to 25 that we’ll actually bid on. And then as the bidding process goes, if we’re getting out there and we just let those go off and again, we pick the low-lying fruit there. We’re not going to get into a bidding war. Today, for example, there’s a property in Florida that was in Sarasota, which is a red-hot market. It’s a nice market. My maximum allowable offer is 141 because there’s a buyer’s premium on this property. So the most I would spend was 150 because the ARV was 350 tops. This thing ends up getting bid up to 203 with a buyer’s premium. It was over 210 that that person is purchasing a property for, plus it needed everything. This thing needed at least 125 and work. So basically whoever bought this is probably an end-buyer, but they’re going to be upside down when all is said and done. So we fall off that, we have our maximum viable offers that will go up to, and you can’t get emotional with it, right? That’s a nice market. I would have liked to have been in there, but it didn’t fit our criteria. So I let it go.

Jay Conner

00:19:27

Paul, in case we’ve got some listeners that need to leave the show a little early, go ahead and let folks know how they can get in contact with you and continue the conversation.

Paul Lizell

00:19:38

Sure, absolutely. So we have a couple of different websites. www.REOAuctionAcademy.com is one of them. And also FlipRealEstateVirtually.com is another one. Both URLs work. You can contact us, and if you want to learn more about our coaching program, which we teach people how to do exactly what we do. As a matter of fact, we teach a lot of other investors who do direct mail, postcards, and PPC. They want to learn this aspect of the business. They actually hire somebody or have somebody who doesn’t have as much going on and let them handle this whole new arm of the business for them.

Jay Conner

00:20:13

Again, those 2 websites are REOAuctionAcademy.com, and the other one is FlipRealEstateVirtually.com. All right, so you got the leads coming in. You got your VAs researching all the houses that are coming up on all these different auction sites. How in the world do you have boots on the ground, eyes on the ground, in all these different markets, taking a look at these houses to even know what a close estimation of repairs would be that you need to do? Because, obviously, you don’t want to bid on a property until you know what kind of repairs you’re looking at.

Paul Lizell

00:21:02

Absolutely. And this is one of the most important things. So how you develop these kinds of relationships and these relationships end up blossoming and give you more deals throughout the years. I’ll give you an example of it. So in Tucson, Arizona, there was an REO agent who I bought a bunch of properties through over the years from 2010, all the way through now, we still currently do. Basically, he saw I was a serious player in Tucson, Arizona. We wholesaled a bunch of them. And then he was starting to bring me deals and bring me leads and bring me properties. So he was my boots on the ground. And how that started was I just reached out to him initially after I was bidding on some properties, and this is what you need to do if you’re entering any new market, you need to contact the realtor or the REO agent for that property.

If it’s a bank-owned property, get some details. You’re trying to get the BPO, which is the “Broker’s Price Opinion” of the property. And if you can get that, that’ll tell you basically what they think the “as is value” is, the 30-day sale price, the 90-day sale price,  the 120-day sale price. And they’ll show comps on there, and that’s like, that’s gold. That’s gold when you get that. So you utilize them for that. You also try to get additional pictures from them. And then you’re trying to get what kind of repairs are needed because they generally know, again, the utilities usually aren’t on, but they know what repairs were needed. They know if the roof’s leaking, they know if the air conditioner or heater looks really bad and it looks like it needs replacing, the hot water heater. They’ll tell you if the kitchen needs to be replaced. And the best referrals I get for contractors, hands down, is from these agents.

And the big reason is these contractors who work for these agents get referrals and they get a lot of referrals. So they do not want to screw over these agents when they’re giving them, basically, free marketing. So the guys that we’ve used from all the agent referrals have all been good, and I’m going to knock on wood when I say that, the ones that I run into that have been bad are ones that I picked on my own. I’ve also gotten great ones, but the best referrals from people who are there, who have boots on our ground and have local people, you know how to do those repairs. So we relied big time on the agents on these properties. If there is no agent, we use a company called BPO Photo Flow that’ll go out there and take some pictures of the property.

And if we have a lockbox, they can usually get inside, take more pictures. And we kind of tell them what to look for, like take pictures of the exterior, make sure there’s no cracks in the foundation, take a picture of the basement, the systems, make sure the HVACs are right, hot water heater, kitchens and bathrooms are important. You know, anything that they noticed cracks or issues with flooring, whatever, anything off-level. We want to know that kind of thing. If there’s moisture in the basement, just so we know what we’re in for an aid, generally do a pretty good job and they’re fairly inexpensive to utilize.

Jay Conner

00:23:49

And what’s the name of that service? One more time.

Paul Lizell

00:23:54

It’s BPO Photo Flow, like “Broker’s Price Opinion.” BPOPhotoFlow.com. And they do a really good job. They’re not in every market, so sometimes we actually have to reach out to other local agents and send them out there. And then we just pay them basically more or less to go out there and take some pictures for us and then tell them if we buy it, we’re going to list it through you. We do offer that. And if we do buy, we do end up listing it with them or having them help us sell the property if they know some investors.

Jay Conner

00:24:20

So these REO real estate agents, also known as bank-owned real estate agents, have the listing for these properties that are going up for auction. So obviously if you buy it, you don’t have to pay them anything for the purchase because the bank, the REO, is paying their commission. But do you compensate these agents in any additional way other than when you make a purchase, the bank pays them?

Paul Lizell

00:24:46

We do at times, like if we know they’re going to be doing above and beyond, and they’re not going to get the listing, we will definitely pay them. We’ll say, “What do you want for this? Or what free one for that service?” They usually are very, very fair with the prices and we’re glad to do it. We just Venmo them most of the time. I’ve never really run into any issues with that. Most of the time, they’re really happy to just hand the listing for you. I even have thought of them managing my rehabs for me because they know the contractors, they kind of manage, oversee, and take pictures. They’re happy to go do that. They see the progress and they want it listed so that they can get their permission when all is said and done.

Jay Conner

00:25:21

Awesome. And how do you find these REO agents? I suppose one way you could find them is, well, your VAs are looking at auctions coming up. They go research the property and right there, they see who’s got the real estate listing on it. Right?

Paul Lizell

00:25:37

Absolutely. And you get a lot of these agents who will have 5, 10, 15, 20 different properties. And they’ll cover a huge geographical region, which is crazy. I mean, they’re running around all the time. Nobody works harder than an REO agent, that I can tell you. Those guys and gals, they work their butts off and they are good. Their numbers are so spot on. For example, on a property we had in Ohio a few years back, I was talking to the agent, “What do you think the value of this property is, as is?” And she’s like, it had to be somewhere between 17 and 20. Sure enough, we picked it up for like $7,500. We sold that for $17,500. She was just right on the money with it. And that happens time and time and time again, the only time, if you’re in with a newer agent, that’s where you want to be careful.

If it is a newer real estate agent, they’re not going to be as experienced. You’re going to want to try to lean on a secondary agent. Hopefully somebody that’s in one of these towns that has their own brokerage that’s been there for 10, 20 years and really knows the market. Well, those have been our best sources. Far and away, the people that are in small mom & pop shops, they just know the market. They know everybody in town. They usually know who lived in that property, especially if it’s a smaller town, like you live in, Jay, they know people, right? And they’ve been our greatest source all over every market that we’ve ever been in.

Jay Conner

00:26:55

Let’s say that you make a bid and you win the bid at the auction and all these auctions are online, right?

Paul Lizell

00:27:04

Yes. They’re all online.

Jay Conner

00:27:05

So you win the bid. So now you’re the winning bidder. On average, how long do you have before you get close? In addition to that, do you sometimes, or always get a home inspection before you take it down?

Paul Lizell

00:27:22

So, Jay, I’ll answer the first question first. 30 to 45 days usually is what you got, time-wise. Sometimes a little bit longer. If the title is a little cloudy or there’s past issues or where something wasn’t done right at the Sheriff’s sale. That’s the answer to the first question. The second one, we never get a home inspection. We’ll just send a contractor out there. I don’t have too much faith in the home inspection field, business, people. Most of these guys learn out of a book and never swung a hammer a day in their life. So the people I rely on are the contractors. I try to find general contractors that really know everything, as many aspects of it. And yeah, if they miss some stuff, sure, they’re gonna miss some stuff here and there, but they’re going to see the big stuff. And they’ve been a great source for me and are far less expensive because you’re just gonna pay $400 or $500 for these home inspections when I can send a guy out there for a hundred bucks to give me a pretty good inspection, you know.

Jay Conner

00:28:14

And again, as you said, you find these general contractors by referral from the bank-owned real estate agents, right?

Paul Lizell

00:28:21

Yup. And about 95% of the time, they don’t charge you a penny to go out there. They’re hoping to get the work.

Jay Conner

00:28:26

That’s fantastic. Well, this is a fantastic business model you’ve got, Paul. Any parting comments?

Paul Lizell

00:28:35

I love it. It’s a great business model. The one thing I really like about it is that I can turn a business on or off anytime I want, unlike the direct mail marketing or the PPC where you gotta be on those calls right away. On a PPC lead or direct mail, it’s constantly going. If I want to go on vacation, I shut down for 2 weeks or a month. If I want to go overseas, I can do that and just stop operations and start right back up when I get back. So I do love that. That is my favorite aspect of the business. I also don’t have to deal with home sellers 99% of the time. So those are 2 facets. I really like how it’s really simple. It’s not turnkey, but your time is your marketing costs, right? Your time and energy, which is your most valuable asset. Your time is all your costs involved.

[seotask99]

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[lunarr-rrose]

44 - What happens to the tenant of a property that sells?

https://u109893.h.reiblackbook.com/seller6/effortless-home-buyers/44-what-happens-to-the-tenant-of-a-property-that-sells/

What happens to the tenant of a property that sells?

This depends on the state. In Illinois, this is a tenant accepted state. What this means is regardless if the property changes hands, if there is a lease, it supersedes the sale.

So for example, if the tenant has 6 months left on the lease when the property is sold, they have the legal right to stay.

To find out more about this, you can visit our website at: 

https://www.effortlesshomebuyers.com/

Fernando O. Angelucci is Founder and President of Titan Wealth Group. He also leads the firm’s finance and acquisitions departments. Fernando Angelucci and Steven Wear founded Titan Wealth Group in 2015, and under his leadership, the firm’s revenue has grown over 100% year over year. Today,

Find out more at

https://www.TheStorageStud.com

https://titanwealthgroup.com/

Listen to our Podcast:

https://thestoragestud.podbean.com/e/effortless-home-buyers-what-happens-to-the-tenant-of-a-property-that-sells/

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So what happens to a property when there are tenants and the property is going to sell or does sell? Well, this really depends on the state that you're in. We're in the state of Illinois, which is a tenants accepted state. So what that means is regardless if the property changes ownership, if there is a lease in place that lease supersedes, anything else. So say for example, a tenant has a one year lease and they're six months into that lease when the owner decides to sell to an investor. Well, regardless of what the owner says, or regardless of what the investor says, that tenant is allowed to live out the rest of their one year lease, regardless of what happens. Now, maybe the tenant doesn't want to stay. Maybe the investor needs to rehab the property. So they're willing to offer the tenant cash to move out or help them find a new place to live. But if the tenant wants to stay, then they are legally allowed to stay in the property and there's nothing the owner or the buyer can do about it.

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Are you struggling to sell a rundown property? Our latest article provides essential tips for selling your home quickly and profitably. At Heartland Funding Inc., we offer solutions to help you navigate the selling process with ease.

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Your Equity Could Make a Move Possible | KM Realty Group LLC

Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now. Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move. Maybe you’re in the same boat.

But what if there was a way to offset these higher borrowing costs? There is. And the money you need probably already exists in your current home in the form of equity.

What Is Equity?

Think of equity as a simple math equation. Freddie Mac explains:

“. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.”

Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home price appreciation we saw in recent years, you probably have a whole lot more of it than you realize.

The latest from the Census and ATTOM shows more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below):

That means the majority of homeowners have a game-changing amount of equity right now.

How Your Equity Can Help Fuel Your Move

After you sell your house, that equity can help you move without worrying as much about today’s mortgage rates. As Danielle Hale, Chief Economist for Realtor.com says:

“a consideration today’s homeowners should review is what their home equity picture looks like. with the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. this means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.”

To give you some examples, here are a few ways you can use equity to buy your next home:

Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates.

Make a larger down payment: Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much at today’s rates.

The First Step: Determine How Much Equity You Have in Your Home

Want to find out how much equity you have? To do that, you’ll need two things:

The current mortgage balance on your home

The current value of your home

You can probably find the mortgage balance on your monthly mortgage statement. To understand the current market value of your house, you can pay hundreds of dollars for an appraisal, or you can contact a local real estate agent who will be able to present to you, at no charge, a professional equity assessment report (PEAR).

Once you’ve connected with a trusted local agent and run the numbers, you’re one step closer to making a move you may not have thought was realistic — all thanks to your equity.

Bottom Line

If you want to find out how much equity you have and talk more about how it can make your next move possible, let’s connect with real estate experts in Chicago, Illinois.