Jul
14

To RECAP: Invest in Foreclosures With Help

July 14, 2010

A Tinley Park redeveloper has launched a program aimed at helping investors successfully buy and own foreclosed Chicago homes.

Mack Companies, which buys, redevelops and leases out bank-owned properties throughout the south and west suburbs, has introduced RECAP, the Real Estate Cash-flow and Appreciation Program.

Mack's headquarters at 16800 Oak Park Avenue in Tinley Park. This 153-year-old home originally belonged to Tinley Park founder father John Fulton.

Under the program, RECAP investors can choose from Mack’s extensive inventory of homes around the Chicago area, each guaranteed to be in pristine condition and structurally sound. Mack will help you secure financing on the property.

Then, for a monthly fee, the Tinley Park company will manage your property, performing such duties as property maintenance, rent collection, screening prospective tenants and dealing with tenant issues.

In return, Mack says the investor will get a rental check each month to cover mortgage, management, taxes and insurance, with an extra $200 to $300 per home in positive cash flow.

Mack claims to be the largest redeveloper in the Midwest. Through their redevelopment process, the company buys bank-owned older homes and converts them into newly built single-family residences in features and appearance.

Among the improvements Mack implements:

*Replace HVAC units

*Remodel kitchens and baths

*Install new plumbing

*Rewire electrical circuits

*Upgrade flooring

*Replace roofs and windows

*Beautify with landscaping

*Paint the interior and exterior

According to Mack, because their properties are in such excellent condition, demand by renters for RECAP homes is extremely high and there is a waiting list.

Sounds interesting.

For more information, call (708) 532-9243 or visit www.mackcompanies.net.

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Tracey

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