All Forum Posts by: Alan Dunlap

@Andre Jernigan

FYI

joe fairless has his own podcast. Certain days /topics are related to syndication- how to start, doing due diligence, etc

@Pat L.

Thank you for the link. Always good to have this type of information

@Pat L.

Those of you paying HC through LLC - does that mean it now counts as a business expense?

Thank you

@Asia Jones

Believe it or not, things could be worse:

Man, 93, shoots property manager over water damage https://www.bbc.co.uk/news/world-us-canada-51041426

@Jerry Wolf

ONLY IN FLORIDA FLORIDA FLORIDA

@Asia Jones

If you pay cousin 3k What assurance do you have they’ll move out?

Maybe you show up with 3000 and now they want 4000

If they’re willing to shakedown blood relatives, then I have little confidence they’ll be gone in February.

Property management made the mistake and somehow didn’t recognize it until a month ago. They shouldn’t call - they need to show up daily and figure this out. You shouldn’t have to handle cash for keys from out of state.

@Charles Simon

Why did you post if you didn’t intend to fire realtor/PM?

They are big in NW Indiana=what data are you using to come to that conclusion? Maybe it is a big time agent, but completely wrong fit for you as an investor.

@CL Tumlin

I purchased my first rental at 49 so I guess I can’t comment 😀

Warren Buffett became a billionaire in his late 50s. Now pushing 90 he’s worth 70 billion. Maybe it pays to stay in the game as long as you are willing and able.

@Jennifer Szoldatits

No line of credit on investment property may have been that bank’s policy. Shop around.

BMO Harris has it but you may have to talk to the bank manager. Also won't get 80-90% LTV like your primary residence. More like 65-70%.

@Saiqal Khan

There are plenty of South Side/South Suburbs/NW Indiana that have 30-50k properties.  As other posts mentioned, they may not be worth the effort.  Without having a better idea of your goal, our answers may be incomplete.  

-Are you trying to wholesale properties? Fix and Flip?

-Are you trying to get cheap properties, fix them up, then rent them out?

-How are you paying for these properties? Cash or financing? At that price point, you may not be able to do conventional financing.

As someone who has South Suburban property, yes, lower priced areas like Riverdale/Markham/Dolton can be block by block (not unlike inside Chicago neighborhoods).  Also your taxes can vary. They will be more than Chicago.  Sometimes a little, sometimes much more.

I think finding good tenants is an issue for plenty of landlords regardless of area.    That being said, if property is rehabbed well, in quiet area, etc.  you should be able to find someone.  

Also each city has different rules for landlords.  Some may not care, others basically require a yearly fee/license paid to the city. I believe South Holland has frozen the number of licenses, so investor would have to buy property from an existing landlord in order to not get in trouble with the city.

Hope this helps.