All Forum Posts by: Account Closed

One thing that many landlords forget to do is plan for reserves and the cost of tax prep and filing (Income not real estate). You will also want to challenge your tax assessments every time those are done.

Then also plan for vacancy, marketing costs, utilities (if they are separate utlities) while the unit is vacant, etc.

Evictions in Cook County can be fun. Right now due to the "Polar Vortex" the courts stopped evictions and put the Sheriff even further behind.

The costs for evictions can really run up, let alone the TIME it takes in Cook County. These costs are not in stone, but are a general guide: (depends on the amount of damages and back rent you are filing for)

I don't know about being an "Angel" I just want to assist with accurate and correct information. I hate people getting some bum advice here and there, or worse being taken advantage of, and their first deal goes bad. Then they leave Real Estate altogether. That sickens me.

That is why the WCRT was founded on the idea of Education, Networking and Support with NO SALES.

I look forward to meeting you tomorrow night. The link to the forum post with the meeting details is here; Chicago Investor Meetup - WCRT You can also see the RSVP link there as well.

Good luck, hope you find what you need on the websites!

As it comes to how a building is Appraised or Value, there is a difference once you hit 5 or more units. Then the property is commercial and the appraisal is different

A commercial appraisal has 3 ways it MUST be done. All three have to be done.

1. comparable approach
2. income approach (how much it makes) and
3. replacement value (how much it would cost to rebuild if it blew up)

As to expensese, it varies. the landlord has to pay water, and sewer bills. That is a varied expense. Plus any common area electric and heat. Common areas vary in size, if any, by property.

In Cook County, and Chicago, there will probably be a ton of rental units in and around your building. You can gauge the rent from there. Size of the unit, # of Bedrooms, Bathrooms is there Central A/C, is there off street parking, etc.

In the end, you can ask what you want for RENT, the market will tell you if you are asking to much.

As to finding a local REI Club... well, I run one of the two that are mentioned here on Bigger Pockets in the REI Club directory.

Our Main meeting is in Elmhurst on March 6th.

But we have some smaller networking meet-ups prior to that. One is tonight in Wheeling, and another tomorrow night in Chicago. There are posts here on the BP for those. If you set up a keyword alert for Chicago or search Chicago you should be able to find them.

Keywords are great, SET THEM UP HERE

@Sharlisa Elzy You didn't find that information because Kyle gave you the wrong place to go. Even in Lake County, IN, the Assessor takes years to update their mailing addresses. The TREASURER is what you want. The Treasurer is the one that sends the bills, so they need to have the correct address.

If you are using the Assessor you will never get the name, just the assessed value in Cook County. Get the PIN and go to the Treasurer's site.

As to Lake County, IN, countless people are getting info from Kyle for homes they no longer own. They are doing a better job of integrating the two, but still slow. Not as slow as they used to be however.

@John Weidner yes three offers. Used that for years, still do on occasions, and it always seems to get the job done. Expansion.. let me just say somethings need to remain my "secret recipe"

@Bryan H. So you are limited in your current approach and personally liable. The insurance policy doesn't cover if willful negligence can be proven. So why risk it with putting things in your own name? The IRS doesn't care about an Umbrella Policy either.

I have stated this before and will state it again. This is a business. You will be capped at 10 to begin with. You will have to move to getting an entity and getting commercial funding.

Home Depot isn't called "Aurthur Blank's Hardware". You can have your name in the business, but it should be a business, treated and filed as such.

Congrats on #4, Happy Investing...

@Jeff Wagner Welcome to Bigger Pockets. I just saw a list today, I think it was on Fox Business, that Milwaukee is one of the highest taxed cities (top 5 at least) in the country. But that it could be changing since the state re-wrote its tax code since Walker has been the Governor.

Happy Investing.

@Nathan Grant if your property is near Oswego, connect with me I may be able to help you with a referral for that Refinance.

@Bryan H. now the key question, this is #4 you said, so is it owned and financed in your own personal name or in your entity?