New Blog. . .JolietHomesOnline.com

Hello All — I am continuing to write about Joliet real estate at a new blog –follow me there and join in the conversation!

JolietHomesOnline.com

Looking for Affordable Living in Joliet?

Joliet has some fantastic options available to the first time home buyer or someone looking for a great place to live with a reasonable price tag.  I just recently listed a condo on Heritage Drive in the city limits of Joliet.  Located near the corner of Essington and Jefferson, this place is in the center of the action.  A short drive to I-55 and I-80, travel is a breeze.  If you are craving a great meal, dozens of restaurants are just minutes away. 

Check out what $129,900 will buy in this great west-side location. 

Not your dream home?  There are lots of other possibilities out there. . .as of this writing, there are 66 listings for Joliet Condos and Townhouses priced at $150,000 or less!  If you are considering owning instead of renting, this is a great market.  Prices are good, interest rates are low and sellers are flexible.  And, throughout Will County, choice is abundant.

A peek at what you missed. . .

If you were unable to stop by during the recent open house held at the Auditorium Condos @ 150 Chicago, here is a peak at what you missed. 

Thank you to those who took a moment away from the Chicago Bears game and toured this lovely building.

joliet-real-estate

Luxury Living is coming to downtown Joliet

 The opportunity to own a piece of historic Joliet is here.  Limestone walls, stained glass windows, soaring ceilings. . .historic buildings make great places to live!    The auditorium building is being converted into 17 luxury condominiums and preconstruction reservations are underway! 

This iconic building is located in a fantastic central location mere blocks from Union Station and the grand Rialto Square Theater. 

Check in often and get updates on construction progress, see the fabulous businesses and events in downtown and meet those that are involved in this amazing project!

To find out more about this unique residential opportunity, give me a call at 815-207-9703. 

Friday’s Investor Tip

With the increased popularity of TV programs like “Flip That House” and Property Ladder” there is increased interest in real estate investing.  Now, I admit to being slightly addicted to these programs.  A bowl of popcorn and an idiot on TV trying to renovate a house with a hammer and duct tape is my idea of an entertaining evening.  But what about the real world of flipping houses?  Can we look to these programs for any advise?

By and far, one of the best lines I’ve heard is from Richard Davis of “The Real Estate Pros” — He is indeed an investor who has built a successful real estate company and is now capitalizing on that success with a show of his own.  The line I love?   “Get in, get out and move on.”  This is business folks.  Run the numbers, buy well, know the market and don’t waste time.

Renovate quickly, hire professionals, get it done!  Holding on to a property for too long can eat away at your profit.  Trying to “do it yourself” can take valueable time and can cost money if you botch the job and are forced to hire someone to fix your mistakes. 

In the business of investing numbers are king.  What can you buy for, what can you sell for, how much will it cost to get there.  If there is no profit, move on and find another project.

If you are looking for an entertaining hobby, by all means pull out the hammer and duct tape — Just don’t be surprised when your hobby costs instead of pays!

Ok. . .so in reading this over, it sounds like more of a rant than a tip — Hey, we’re all entitled!

If you are looking for investment property in Will County, IL including Joliet, Crest Hill, Plainfield, Lockport or New Lenox give me a call, I can help.  815-207-9703

Forclosure Fears? Take Action Now!

The Joliet Herald News recently ran an article about a young homeowner who is facing forclosure.  As I read the article I knew that he was one of many local residents who had purchased homes in the past couple years using a sub-prime loan.  These marginal borrowers are now struggling to make payments.  Many have watched their adjustable rate mortgages adjust to a point that they can no longer afford the monthly payment.  Others had overextended themselves from the onset and have experienced some life event that caused a financial set back.  Whatever the reason, these individuals and families are now dealing with a dire situation.

The worst thing to do when you are behind on mortgage payments is to do nothing.  Doing nothing will surely lead to foreclosure and eviction.  Doing nothing will harm your credit and make future borrowing even more difficult.  Doing nothing will solve nothing.  So what should you do?

1. Don’t ignore the problem.

Though it might be painful to face the situation, you must.  The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through difficult financial times.  Call and explain you situation. 

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems.  Later mail may include important notice of pending legal action.  Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can’t make your payments.  Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.  

5. Understand foreclosure prevention options.

Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.

6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide.  Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.Review your finances and see where you can cut spending in order to make your mortgage payment.  Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage.

8. Use your assets.  Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income?  Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.  

9. Avoid foreclosure prevention companies. You don’t need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender.  While these may be legitimate businesses, they will charge you a hefty fee (often two or three month’s mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don’t lose your house to foreclosure recovery scams! If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home!  Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney or a trusted real estate professional.Remember. . .You do have options.  If you have questions, or if you are facing foreclosure and want assistance, please feel free to call me at 815-207-9703.  Don’t let the American Dream turn into a nightmare. . .there are solutions.

Friday’s Investor Tip

I am a huge proponent of owning investment property (surprised?) and want to do my part to encourage others who are interested in the world of real estate investing.  In this buyer’s market, I am beginning to get more and more inquiries from investors and have decided to create a post each Friday aimed at helping those who desire to purchase investment properties and or are already managing rental units.

Today’s tip applies to those that are landlords.  Ah yes, you are no stranger to phone calls about plugged toilets or broken faucets.  Being a landlord can be a fabulous experience or a frustrating battle.  One of the keys to success lies in finding and keeping great tenants.  When renting out my first home, an experienced landlord gave me a great piece of advise that I will now pass along to you.  When taking applications from tenants always get contact information from the last two landlords.  Instead of immediately calling the current landlord, call the one they rented from previously.  Here is where you will get the real scoop on the type of tenants you will have to deal with.

 The reasoning?  If these tenants are a problem, the current landlord will tell you anything to get rid of them.  The previous landlord will probably tell you the truth!

My experience — I put this tip into action when collecting applications for new tenants.  One particular couple got glowing reports from the current landlord.  “Yes, the rent is pain on time”. . .”Yes, they keep the place spotless”. . .”Oh, they are fabulous renters!”

What did the previous landlord have to say?  Well, it seems this lovely couple had painted the entire house a very glaring shade of green and had taken it upon themselves to seal up a door from the living room to the kitchen and move it down a few feet!  Not anyone I want to entrust my investment to! 

Needless to say, even though this couple called me multiple times and begged for an opportunity, I chose to take a pass and find better renters!

Happy Friday and happy investing!