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Real Estate Lobby
Are you A.) Interested in investing? B.) Experienced and willing to share some knowledge? C.) Just starting out and don't know where to begin? If you chose at least one of these options, you’re in the right place. This community exists to help people become successful. By all means, contribute your ideas and questions, techniques and tools. Introduce yourself and we’ll keep you updated.
 What Can I Do Here?
Our “RE Wanted” area can help you find the finders, wholesalers, rehabbers—even bird dogs—that have deals available.
Our “RE Available” area can help you find a buyer for your wholesale deal, nonperforming loan, or headache property.
If you’re an experienced investor, how did you learn to do it? Our “Training” area is intended to help newbies get the knowledge and direction they need to get started.
If a free society cannot help the many who are poor,
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Incentive Lending for Real Estate Investors
The Chicago Investment Corporation is Chicagoland's leading neighborhood revitalization lender. This not-for-profit mortgage lender provides financing to buy and rehab multifamily apartment buildings with 5 units or more throughout the 6-county metro area.
This article is a good primer on the various types of distressed property (and distressed ownership thereof). It describes how each type works from the point of view of the seller as well as the investor. Knowing how they work will foster greater awareness of your opportunities to buy them.
Read the article for more information.
The Chicago Residential Landlord and Tenant Ordinance (RLTO) requires the city comptroller to set rates of interest to be paid on security deposits held by landlords. The rate is calculated annually based on a formula tied to actual market rates. The new rate for 2007 of 1.68% applies to all residential rental agreements in which the lease term begins from January 1, 2007 to December 31, 2007. The amount of interest paid on security deposits is determined by the rate in effect on the date the lease term commences. Owner-occupied buildings of six or fewer units are not required to pay interest on security deposits.
City code requires a general summary of the RLTO and a separate summary on security deposits, including the required rate of interest be attached to each lease. Read the Institute of Real Estate Management's memo for details.
Illinois Governor Rod Blagojevich has directed the state’s Department of Financial and Professional Regulation (IDFPR) is withdrawing the designation of the 10 zip codes that had comprised the “Pilot Program Area” as directed by HB 4050 (60620, 60621, 60623, 60628, 60629, 60632, 60636, 60638, 60643 and 60652) and designates the Pilot Program Area as no zip codes or areas whatsoever. Read the Governor's press release for details.
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