All Forum Posts by: Brian H.

Hey folks, does anyone know how much a typical board up costs in Chicago? Say, a one story (with basement and attic) SFH with 3 exterior doors and 9 windows. Something like 6939 S. Laflin.
I'm curious how much a typical board up costs, just to put plywood over everything and secure it, vs. using something like DAWGS with their operable steel doors. I assume DAWGS is an install fee and then a monthly fee? 
Anyone have some rough estimates they could share here? 

Thanks

@Hemal Patel you may want to check these guys out.

Hi Jeanne, looks like you may already have this info, but: 
https://www.chicago.gov/dam/ci...
I would look for an architect or historical consultant first, though if you look for an architect, check their residential historical work history to see if they've done something similar to what you need. A good architect with that experience should be able to answer a lot of those questions. Same for a historical advisor. When I was at Farr Associates, we worked with MacRostie Historic Advisors, but only on large projects, not sure if they do residential.

Hello,

I'm hoping to make my first real estate purchase in the very near future, and am trying to understand the benefits and disadvantages of having lenders vs. having investors in my business. I have an LLC and will likely use the money either as a downpayment for a hard money loan, or (if I get enough) do the purchase/rehab outright. I have a list of friends and family that are willing to monetarily support the business in this way.
Initially I was planning to have them lend me (the LLC) money with 10-15% ROI interest paid back to them, probably after one year. Recently I've been hearing about having them as investors in the business instead (as opposed to lending me the money). I'm trying to understand what the advantages and disadvantages are of these two options both for myself and for them. My background is architecture and construction, and I feel I most need to learn more on the business/legal/tax side of the process. Translation: keeping the business structure simple as I start out is helpful for me so I can learn the business, and hopefully keep costs down.

It seems like I may want to start off with the lending for simplicity, and then switch to investors once I have things more established.

Thoughts?

@Hemal Patel

I'm learning all this stuff right now. Start the LLC, get EIN # (if needed), register with state, get Chicago business license (I think?), etc.
https://www.llcuniversity.com/...

Curious how this has been working out for you @Brent Paul. I have similar ideas for how I want to engage with my future tenants. 

If all you want to do is start a basic LLC (in IL), you can do it online in ten minutes for $150. I just did it recently. Lawyer was like, yeah you can pay me to do it, but for your needs it's so easy, save the money and do it yourself. I think 10 biz days to process and like another $50 to expedite it. Sounds like you may be doing something more complicated, S-series or something, though.

Interesting info. I think on BP folks tend to look at this as an opportunity for investors, but as was noted, I think it’s perhaps more important to consider what is happening to these communities and the folks who are not able to pay their bills. Solutions that don’t involve only evictions may require larger scale efforts. I agree that some context/comparative data would be helpful.

@Steven Vance

@Carl Broadwater are you selling stuff in that are?