Buyer Success Story
Mario called me from a RE/MAX For Sale back in 2011. He asked about a property my office listed for sale. Mario was preapproved and ready to invest in real estate. I recall meeting at Panera to discuss the home buying process. I explained in detail the steps to buying a property and what I can do to help him as his agent. He discussed what he was looking for in his first property. From the beginning, he talked about buying multi-unit properties. At the time, short sales and foreclosures were dominating the market and I did my best to prepare him for the market challenges.
We viewed several properties in the Humboldt Park area. We found a property listed in short sale on Kedzie near Armitage for $175,000, with 3 units and fully tenant occupied. Due to the exterior porch condition and roof, Mario considered an FHA 203k loan to do some repairs to the building after the purchase. The short sale approval took 3 months and shortly after, Mario purchased the building for only $140,000, in August 2011. After the closing, he did his repairs with the rehab loan. He lived in one unit and rented out the others, which covered his mortgage payment, and allowed him to save money for his next property. Little did we know back then that Mario’s building would be 3 lots away from the now famous 606 Trail.
Mario is a teacher in Chicago and really loves his career and his students. He called me one day to ask if I would take time to give a few presentations at his school during their annual career day. I was honored to be asked and spent the day talking with many students about my business and how I help people in my career. I had an amazing time sharing my love of real estate and how people build wealth by owning properties.
In 2015, Mario reached out to me again to state he was ready to buy another property in Humboldt Park. Without hesitation, we started the search again in hopes of finding another gem like the first one. This time the market shifted and prices increased from 2011. There were less short sales and foreclosures, too, but that didn’t deter Mario from looking again. We found a 2 flat brick building for sale at $200,000 with less than a month on the market. We offered full price since the buildings were selling quickly in that location. Mario closed on this 2 flat in January 2016. He’s referred several clients to me, including his cousin, who purchased a large 2 flat Brick building in Humboldt Park in 2015, as well. You see, real estate is not about timing the market, it’s about TIME IN THE MARKET!