All Forum Posts by: Chad S.

Thank you so much, everybody for all these great responses. I'm definitely gaining a better understanding of what's out there and what's feasible. I understand this thread is in the Las Vegas category, but does anyone know where a multi-family strategy is working well, in a 'warm-weather' area that is safe and at least some-what in or around a mid to large city? Maybe Phoenix? 

I live in Chicago in my owner occupied 3 flat, and am looking to move/invest in the Vegas area. 

I began looking at multi-unit buildings to do another 'house-hack' by living in a unit and renting the others. However, every multi-family home that I see on Redfin appears to be in a moderate crime area or worse, no matter what price parameters I search. Is it possible to find multi's in good areas in Vegas? I'm wondering if what I'm looking for is possible, or if I should focus on SFH/condos. Perhaps I could try to get 2 different SFHs, live in one and rent out the other either long or short term. My goal is to break even living in Vegas or better.

Vegas appeals to me for two reasons: no winter, and I can see value going up with the addition of a NHL and NFL team. I'd probably be open to any warm weather area with a mid-large city feel in a safe area.

 Hey Tony! There is one dome light in the area and they said they would piggy back from that to create the other 2 lights, that's the only electric being ran.

Hi! I just bought a triplex in Chicago and would like to pay a contractor to build 3 storage "lockers" in the basement. They'd be about 8x6', big closets essentially with a light, door w/ lock, etc. I got a referral for some contractors in my neighborhood who quoted me at $3,300 total. Does this seem like a normal price?

Thanks for your input guys. Sounds like Since I already have one and there's zero liability attached to the current use, I'll just get a DBA set up and keep using my business Chase account. Any excess funds I'll transfer over to my Ally account where I can at least get 1% interest. Thanks @Curt Davis , @Jonathan Wilks, @Christopher Leon

I just bought my first property and will be closing next week. I currently have an LLC here in IL that I gave a vague name to and planned on using it to make consulting money. Now, I don't do any consulting any more and only use that LLC for my Amazon Associates affiliate website. Which is basically a zero liability 'business' where I send people to amazon and get a small % of their revenue. I really don't need an LLC for it. Could I just create a DBA for my REI company?
A 2nd question I have is about organizing bank accounts. My LLC has a Chase business account/credit card, and my personal bank is Ally. Could I create a new checking/savings accounts under Chase or Ally for my REI business? I really like the 1% interest I get with Ally checking and would like to utilize that to store excess rental income.

@Brandon Turner Did you decide to go with Ally Bank or something else? I had the same question you did. I use Ally for my personal checking and savings. My favorite part is the 1% interest in savings and generally user friendly site and app. 

It would be easy for me to create new checking/savings acct within my main Ally acct. What would the downsides be to using Ally for real estate investing?

 Hey Robert! No, the basement is not completely below grade, there are windows at the top. Also I wouldn't want to add a kitchen, maybe a mini fridge and microwave or something.

I am looking to purchase my first property, a 3-flat multifamily in Chicago, and live in one of the units. I ran it through the calculator and I will have to pay about $550/mo extra to cover the mortgage and all expenses, not living there would cashflow $700. It's an amazing building and every single thing has been updated. 

Fast forward to the basement. It is semi-finished, has concrete floors, heating, a separate room to add laundry and a separate room to add a bathroom. Because the hot water tanks and furnace/ac are in the 3 units themselves, the basement is huge and empty.

I see a lot of garden units used as airbnb properties, and sectioning off some space and turning it into a little furnished apartment wouldn't be too difficult. Technically in Chicago I've heard you can't rent out garden units, but they are available to rent long and short term and it's no secret.

Has anybody ever used a garden unit as a vacation rental before? With me living there on the first floor, I think it would be a great way to turn the -$550/mo into a positive cashflow situation.