All Forum Posts by: Brandon K.

I am working on a plans for a 4-unit retail development in Bourbonnais. I am wondering how people go about placing quality big name tenants like Starbucks for example. I have searched high and low for information on this and I ended up here unable to find any real information on the subject. I want to know if the BiggerPockets community has any insight or experience finding and leasing to NNN tenants. Is a NNN broker the only option?

So I was just doing a google search for why I am getting different data from ListSource and PropStream for the same criteria since both vendors are supposedly using CoreLogic data. Propstream returns more records (nearly 40% more), but I find that they are only ~50% accurate. ListSource returns less records, but appears to be more accurate and needs less scrubbing. 

Propstream does have a nicer interface, but definitely needs user experience adjustments. I am a software guy so I have an eye for these things. I often search for off-market preforeclosures and the data coming from PropStream typically shows me a ton of properties that are no longer in preforeclosure (based on court records showing it being dismissed) or that are actually listed on MLS. Not sure how often this data gets updated, but doesn't seem to be often enough.

I am closing on a foreclosure property that is occupied. How do I go about getting the keys and getting the people out in a legal and fast manner? I am uncertain if the occupants are the owners or if they are tenants. Does the standard eviction process take place or is this a special circumstance where other actions need to be taken? Thanks in advance.

@Dustin Kooy They should do it for 10% of collected rents only. There shouldn't be any extra charge to fill a vacancy. This is all part of managing properties and it's in their best interest to keep the properties occupied to increase their bottom line as well as yours.

I have a pre-application on my website that I make potential tenants fill out before showing any property. This is not a full rental application and asks no real personal questions. It has basic background yes/no questions along with contact info and monthly income. This is to prevent tirekickers and to prevent people from wasting time looking at a property they know they won't qualify for.

I keep my properties in land trust. I am interested to know if deeding a property from one land trust (with one LLC as trustee for flipping deals) to another (with a different LLC as trustee for buy and hold) is a taxable event. I am beneficiary on both land trusts. No real money is changing hands. My assumption is that there is no taxable event. Please advise (especially attorneys and CPA's). 

Form an LLC to run the business-side of your rentals (collecting rent, work orders, paying back security deposits, etc) and keep the real property in a land trust. This provides anonymity to you, the owner, from prying eyes in county records. You never want your personal name on anything of value. Keep everything in a trust with an arbitrary name ( i.e. Trust #873241 ). Of course, this does not take the place of having adequate liability insurance.

This guy's time must be worth peanuts if he is going through all of this detective work because someone else got the deal instead of him. Even if they moved to Massachusetts before refi'ing their DC loan as a primary residence, that doesn't mean the DC house can't be their primary residence. People can have more than one place to live. Life isn't fair. You can either dwell on it or get out there and find a better deal. 

I am from Illinois and I currently own a company to manage properties that I own, but want to start managing properties for others. I understand that I need to have an active Real Estate License to do this. I am not interested in representing others in buying/selling properties. With this comes a few questions:

1) Can I still buy/ sell properties for myself without having to pay commission to managing broker?
2) Can I run my own property management company without having to pay commission to a managing broker if I don't use any of their services?
3) Is there a way to keep my REL active without having a managing broker? Illinois requires you to have an active license for 2 of the previous 3 years before becoming a managing broker, which is my end goal.

4) Are there any other caveats to being an investor and having a REL?

Thanks!