All Forum Posts by: Christina Torres

Hoping someone else has had to do this and can help. My dad is an old school landlord and huge DIYer, his work is amazing so I don't knock it!, BUT he recently injured himself (he's all good thankfully) and unable to finish the work he was doing on a vacant rental. We need to get folks in there asap to finish up this work but he's got a ton of tools all over the apartment and I need to get them out and organized. I'm pregnant so I can't do any heavy lifting so we'll need to hire folks to help us and it will probably entail some organizing of the garage to fit everything in there. 

I was thinking of doing task rabbit or something to find people but my worry is someone getting hurt while moving heavy and potentially dangerous stuff (like various types of saws) so I'm leaning towards getting pros instead. They'll also need a large van to be able to move things... so my questions are 

1. would you hire a company to do this/what are these called so I can find one?

2. if you'd hire folks from task rabbit or similar site, how do handle liability?

2a. what is the going rate for something like this? My guess is between the organizing and such it will likely be a full day. would $15/hr/person (I'm thinking at least 2) be sufficient?

This feels like the simplest task, but the potential for someone to hurt themselves in the process and us be on the hook for it has got me pausing. Properties are insured of course but not in any type of LLC or anything like that.

TIA for sharing your experience and insight!

@Calvin Ozanick thank you!

@Michael Reilman thank you!

@Erik Whiting hadn’t thought about it that way, that’s super helpful, thank you!

Husband and I have been working primarily in the SFH market in Chicago and are going to go into the commercial market. We're trying to set a goal for 2019 but could use some help! We're looking at a 2-unit with a storefront, what would be a good number to increase the value by that we should start with? We were thinking 60k at a minimum in order for it to be worth the effort, thoughts? We know there's no right or wrong as long as the numbers work but what's a good place to start for our first? Thank you in advanced!

My husband and I are looking to buy a portfolio of properties. Given the sellers are my parents and they just want a monthly payment (they don't want us to get financing and pay them the full amount because then they will be taxed heavily) we are looking at 2 options- leaning towards the second.  

1) Seller financing - the downside to this is that at some point we will refinance because BRRRR..... and they will get the remaining money owed in one lump sum

2) Joint Venture- in this scenario my parents put up the properties and we put up the rehab costs and ongoing management. BUT how do we determine how much equity our contribution and work gets us? if the prop is currently worth 200k and we're going to spend 100k, I think it seems fair that we would have 33% equity and from there 50/50 on any increase in the value. Should we ask for additional equity for the management of the property and how could we determine the value of that? Also what professional would be best able to advise on the ins and outs of setting something like this up (and if you know of anyone in the Chicago area please send me their info!).

Anything else in regards to either of these we should be thinking of as pros or cons? TIA!

I'm in a similar situation now and there's definitely no way to pass property on without paying capital gains between relatives. Someone will have to pay them at some point unless you wait until they pass.

If you haven't already, something you might look into is an irrevocable trust. There's a quite a few details to it so you should definitely speak with a lawyer who does estate planning (and who ideally is also a real estate investor so they can structure it in a way that is beneficial for your goals).

Sounds awesome! Can't make it this time around but would love to be kept in the loop for future meetings!

Would be interested in attending. Can you provide location info?

You can also look at Trulia and Redfin and use the filter parameters to look at places sold within a certain period of time to get an idea of the market. I'm not very familiar with Zillow but I'm weary of it since it tells me my condo is worth about 100k more than its actual value- But not sure if that's the case in other markets. Also, are you working with a Real estate agent?