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From acquiring, to investing, to repairing, to staging, to appraising, to inspecting, to putting it on the market, to open houses, to listing, to contracts, to actually selling… the process of investing in and selling a home from start to finish can be confusing and a daunting task. We want to make it easy! We are working with a new home that a private lender has invested his money in to yield a great percentage. We are the experts in the field of home acquisition and investments. This particular home has just been acquired and is in the process of getting repairs and getting ready to go on the market… SO we have decided to do a series of blog entries following this home and it’s investors from the beginning to the day it sells. 

Here is our first entry. ENJOY! 


Henrico County Home - Stage ONE

Henrico County Home - Stage ONE/Before

Here is some background on this adorable little home in Henrico County: This home is a 3 bedroom/1.5 bath located in Henrico County, Virginia. The last recorded sale on this home was in 1994 and it was sold for $53,000. One year ago it was put up for sale and listed on the MLS (Multiple Listing Service) for $109,900 and did not sell. A few months later this adorable home was foreclosed on and introduced, once again, to the market at $95,900.

What we are doing: My companies, Cheap Richmond Houses & Just List ‘Em negotiated with the bank to purchase the house for $66,100 and to close in 45 days. As time went on, we continued to watch a leaky roof do significant damage, in addition to other problems around he house. Therefore, we worked with the bank to renegotiate our contract to include a credit of $5,850 for roof repair bringing the total price of the home down to $60, 250. We did this knowing that we can put around $22,000 in repairs into the home and deliver it to the market completely renovated in about 15 days. 

What is the next step?: Our next step was to determine the financing on the acquisition of the negotiated price of $60,250 to also include the $22,000 in repairs. We have decided to use a private lender’s IRA (Individual Retirement Account). Using real estate as an investment for your IRA is a GREAT way to succeed financially. This private lender was truly sick and tired of losing money in the stock market, therefore he loaned 100% of the cost of acquisition and repairs at an interest rate of 8%. For us, we were able to receive very easy funding, including no bank fees, and no mortgage payments since his interest in accruing until we pay him off. For the investor, he is very happy to finally enjoy a yield on his money. He has not earned anything close to 8% in a very long time, making the decision to loan us the money very easy for him.

The key to all of this is to create and foster a win-win scenario for both the private lender, borrower, and/or investor. We customize the lending solution directly with the private lender to be sure he receives an acceptable return on his investment.  His funding is then secured with a first position deed of trust and promissory note on this house.  We have been able to create a very easy transaction to satisfy the both of our needs on this property.

We are so excited and honored to be working with this particular investor and we are so eager to work on this home and get it ready for sale. 

Please contact us if you would like to work with us as a financial partner and put your money to work at a great yield. We ARE the experts in real estate investing. Let us know what you need and we will be HAPPY to help! Contact me at: Jim [at] Cheaprichmondhouses [dot] com or call me direct at 804-270-7377.

Our next entry on this home will highlight the renovations we are doing! Check back. 

-Jim Ingersoll



This blog post is courtesy of Just List ‘Em: a Flat Fee MLS real estate company geared towards helping YOU sell YOUR home.
We love them. You should too.


Although we do business in many parts of the country, one of our featured locations right now is the Windy City: Chicago, Illinois. Right now, the housing market in Chicago is on the upturn and really beginning to boom.

The Chicago market is UP, just like the Spyre.

The Chicago market is UP, just like the Spire.

Do you live in Chicago? Are you looking to move and/or relocate altogether? Are you IN Chicago looking to sell your home, townhouse, loft, or condo? Looking to purchase property in and around the city? Now is the time to really get the ball rolling.

Are you a sports fan? If so, then you probably like stats. Here are some recent Chicago housing market statistics:

  • The Illinois Association of Realtors reported that home sales in Chicago were UP 40.6% in March over February. 
  • There were 840 homes sold in February of 2009. There were 1,181 homes sold in March of 2009.
  • The median price for a home/condo in March of 2009 was $220,000. This is an increase of 0.8% from February 2009 where the median price was $218,125.

Now, let’s crunch numbers. If you sold your home with a realtor at the median price of $220,000, you would pay, on average, $6,600 just in listing commission. If you sold your home through Just List ‘Em, you would pay the $299 flat fee to list your home on the MLS (Multiple Listing Service). That is an average savings of $6,300!

So the truth is, the Chicago market is almost hotter right now than Susan Boyle. Ultimately, why is that? Well, a few reasons.

  1. The $8,000 first-time-home-buyers tax credit. This is quite possibly one of the most important catalysts for the upturn of the housing market right now. This tax credit, included in the final version of the stimulus bill passed in February 2009, goes to ALL first-time-home-buyers. It will not be taxed and it does NOT have to be repaid. It is, in essence, $8,000 handed to you by the government. (It will show up when you file your 2009 tax return). So, because of this awesome financial opportunity, many potential home buyers who were on the fence about purchasing in 2009 have now been persuaded to the other side and are jumping at the chance to buy a home. ESPECIALLY in and around the Chicacgo-metro area.
  2. Short Sales & Foreclosures. A short sale is essentially the stage in which a home is on the verge of foreclosure and the seller REALLY wants to sell the house but no one is buying. A lender would rather list is as a short sale, sell the home at a very low price and lose a little money versus listing it and having it on the books as a foreclosure. Therefore, short sales are extremely attractive to buyers because buyers can save a TON of money on a potentially awesome property. Foreclosures are also attractive in that a buyer can save an estimated 10%-30% on the actual price of the property. In some cases, buyers can buy a great home and pay less than the tax value on it at closing. Now THAT is a deal! Just be wary when purchasing a short sale or foreclosed home, as these homes can come with a serious need for repair. And when in doubt, always speak with a real estate professional and get their advice.
  3. Record low mortgage rates. According to, the average rate for a 30-year-fixes mortgage in Chicago is at 4.93% today, even down .03% just this week! And that percentage is still dropping. These mortgage rates are astonishingly low and make for an incredible money-saving opportunity for buyers. This is below the national average and significantly lower than the mortgage rates in past years. What does this mean, exactly? Well, when you buy a house, just like you would a car, you are going to pay interest on that item. The lower the mortgage rate, the less money you pay. The less money you pay, the more money you save. Awesome. RIGHT?

These three things create a powerful housing market in Chicago and really encourages buyers to buy and sellers to sell. If you want to sell your home, now is the time. Just like a pendulum, the market goes back and forth. It’s almost like playing double dutch. You have to jump in at the right moment or you might miss your opportunity.

Don’t forget though, if you are looking to sell your home in Chicago, don’t go through a traditional realtor or broker. Sell your home with us! Just List ‘Em. We will list your home on the MLS (Multiple Listing Service) for a flat fee and we guarantee we will sell you home quickly and efficiently and save you THOUSANDS of dollars on commission. That means more money in your pockets and big smiles on your faces.

-Jim Ingersoll

Jim Ingersoll

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