Hi 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