plbandito


All About plbandito

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Name: 
Peggy Bandy

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Getting my feet wet. How should I proceed?

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Just finished Profit From RE Right Now! And finished reviewing the EDGE 2012 1st CD. I'm eager to learn the process, and understand everything in theory;but, have few people interested and many doubters surrounding me.
I have been looking for deals in the traditional manner to find outdated units in great buildings, update and re-sell. I just started this month.
Currently, living in Chicago and stumbled upon an estate sale--5BR / 3.5 Ba unit, 2400sq ft unit, owned by one couple until they moved on. This unit is along Lake Shore Drive / Belmont Harbor area. It is currently listed at $350000, but after looking at the unit, the agent noted motivated sellers (ie the children) and that any offers should be submitted. It has been well-maintained and really only needs updating or a motivated / experienced rehabber could modernize it any which way. Lives like a house. It's been on the market for 1 year. My realtor suggested offering $225K. I would love to lock it in at $175K-190K, but I'm afraid they might say yes and then I'm stuck with carrying cost / assessments and won't be able to turn it or re-sell despite all that I've learned.