I have sold one of my apartment buildings and was going to have a large tax liability unless I purchased another property. It was 2006 and the market prices were already coming down. My dilemma was: take a loss paying the tax liability, or take a chance on buying a property in a down market and possibly lose even more money. I posed this question to Gary and Ivona and they showed me a property in Lincoln Park on which they did a lot of research and convinced me, that if I buy it, I will not lose money. I felt that I was taking a big chance, because I had to hold on to the property for 18 months to 2 years, time required by law in order not to have the tax liability.
When I bought 1119 W. Drummond Place at the end of 2006, I paid $1,200,000.00. I sold it at the end of 2008 for $1,281,000.00. I spent very little money on maintenance, because it was in very good condition and the difference between the sales price and the purchase price covered all my closing costs.
If you are looking to purchase a property in this down market, which is a great time to buy, Gary and Ivona will help you find the right property.