House-Flipping in Illinois – Where Are the Hottest Spots to Invest?

DuPage County real estate lawyersHouse-flipping has become somewhat of a trend in the United States – and for good reason. Financing options are more plentiful and far easier to obtain than they once were, and the housing market is finally starting to recover from the Great Recession. However, not all areas are profitable for investors. The following information can help point you into some of the hottest communities to flip in, and it provides you with details on what a seasoned real estate attorney can do to protect your investment portfolio and financial future. 

Chicago and Surrounding Cook County Areas

Of all the areas in Illinois, the most promising for flippers can be found in Chicago and the surrounding areas in Cook County. Experts say that investors are seeing as much as a 97.7 percent ROI, which is much higher than most areas in the nation. To break that down into dollar terms, the average purchase price for flipped houses is at about $88,500. Those houses have sold for an average of $175,000. While that is a decline of about 2 percent from last year (and thereby suggestive that opportunity in the market is slowly diminishing), homes can still be purchased at a deep discount in the area. 

Other Areas of Interest in Illinois

Most areas in Illinois continue to have a higher ROI than the national average. However, some areas throughout the state are more profitable than others. Lake County is one of the areas where investors are seeing the lowest ROI (47.8 percent). It also has a lower ROI than the national average. Yet investors are still making profits in this area – mostly because the savvy ones know you have to take the housing market block-by-block. Take the time to research the area. Know what houses are selling for in the neighborhood where you are thinking of buying, and analyze the trends for that specific area. 

Contact Our DuPage County Real Estate Lawyers for Assistance

While hiring a professional can cut into your bottom line on an investment, there are times when that added expense is worth the cost. The assistance of a seasoned real estate attorney is a prime example. Able to help with everything from performing your due diligence to negotiating better contracts, the right attorney could potentially save you thousands on your next deal. 

Stock, Carlson, Oldfield & McGrath, LLC is backed by more than 40 years of legal experience. Our skilled DuPage County real estate lawyers will work hard to ensure you get the best ROI on your next transaction. Schedule your personalized consultation to get started. Call 630-665-2500.

Source:

http://www.chicagotribune.com/business/ct-house-flipping-chicago-0602-biz-20160601-story.html

 

The Legal Side of Will Writing in Illinois

DuPage County, DuPage County estate planning lawyer, estate planning, Illinois estate planning, legal document, living will, will writingWill writing ensures loved ones are financially secure when a person passes. It is not always easy to find the motivation to write a will. It is an emotional experience. However, not taking this step can lead to a multitude of issues ranging from conflict among family members to high estate taxes and even lawsuits.

A will is a document that contains the terms by which a person's assets and money will be distributed after his or her death. Every state has a list of formal requirements that must be followed when a will is written. The Illinois State Bar Association has listed the legal requirements for those who live in Illinois. These requirements include the following:

  • Will writers must be at least 18 years old;

  • The will must be in writing;

  • The will writer must sign the document, along with two legal witnesses; and

  • A beneficiary of the will cannot act as a legal witness.

In the will, a person can name reliable people as trustees. After the person's death, these trustees would be called on to handle the person's estate and carry out any requests he or she had made. While the person is alive, he or she can revoke or change the will as many times as necessary. A change in the will is called a "codicil." However, there are strict legal requirements in order to execute a change in a will.

If you need to change or create a will in Illinois, Stock, Carlson, Flynn & McGrath, LLC can help. We can address any of your concerns or questions regarding estate planning and the writing of a will. Our DuPage County estate planning lawyers also offer advice regarding inheritance taxes. We assist clients in Hinsdale, Lombard, Downers Grove, Naperville and DuPage County. To schedule a consultation, please call us at 630-665-2500.

Having the "Talk" with Your Kids

estate plan, children, Illinois, DuPage County, lawyer, attorneyA recent article in Daily Finance highlighted just how important it is for adults to discuss with their aging parents what plans are in place should the day come with one or both of the parents become incapacitated. Failure to plan for that future can have devastating consequences for both the parents and their families. It's critical for parents to formulate a plan for the future and share it with their adult children.

It's not always comfortable for parents to discuss finances with their offspring. According to Tim Prosch, author of the book The Other Talk: A Guide to Talking With Your Adult Children About the Rest of Your Life, there are three reasons that cause the difficulty many parent have when it comes to discussing these matter with their children.

The first is a form of denial. Discussing serious illnesses and death of a parent can be upsetting for children, even adult children, to think about. It's also hard for many people to handle the role-reversal that takes place in these situations. Suddenly, the child is taking care of the parent. That can also lead to the parent feeling as if they are no longer in control of their own life.

Prosch suggest one of the best ways to initiate the conversation is to work together to create a binder where all important documents will be kept. He told Daily Finance, "You need to include all the expected items like a will, medical and financial powers of attorney, do-not-resuscitate instructions, and funeral preferences. But you should also include other critical documentation like life insurance policies, birth and marriage certificates, tax returns, and lists of medicines and the doctors who prescribed them."

Some of the items, besides wills and trusts, you may want to consider when planning your estate out for the future include special needs trusts, health care and financial powers of attorney and living wills. Contact an experienced DuPage County estate planning attorney to help you secure your future.