All Forum Posts by: Kyle Cortez

Hi Josh, 

A little late to the convo. Did you end up investing over in La Salle County? I do the majority of my business there and have picked up several units in Streator in particular the last couple of years. 

Hi @Jeremy Klein (and everyone else), 

Sorry, I am late to the conversation! I'll be moving to Peoria shortly. Bought a single family home that I was intending to rent out, but have since decided to move into it myself to save myself the commute I currently make from Bloomington. I am still planning on continuing to invest in the Peoria area and would love to find the right 3 or 4 unit property!

Just reviving an old forum and am hoping to hear some new ideas. 

Everyone already knows the basics such as coin-laundry (I already do for an extra $75-100/month), furnishing apartments, etc. What else have you done to make a few extra bucks every month? 

I personally added a quarter-candy machine to our laundry room that makes me an extra $5/month in quarters every month. (Don't laugh! That's a couple loads of free laundry!)

Can't wait to hear all of yours!

Hey @Thom S., being a young property owner in my early-20s I also wanted to distinguish myself as the property manager. I did not want to be the owner or landlord - an even worse name in my opinion that I absolutely hate being called. The property is owned by an LLC, I always sign my emails as "Property Manager," and I often remind residents that I have to run larger decisions by my boss. Yet, I still get called the "landlord" by several people. In the end, I don't think it makes a huge difference. Tenants will call you what they themselves are used to.

Good luck, 

Kyle

@Lora P. who knew sending a message on here would be so difficult, so this will have to do. My email is kyletcortez @ outlook.com 

Thank you very much! 

-Kyle

Thank you @Nathan Gesner I appreciate all the advice!

I know I should have hired a lawyer, but I'm young, assumed my tenant would not show so now I am representing myself Pro Se in an eviction case in McLean County Illinois. 

Here's the backstory:

Currently in the middle of an eviction lawsuit against my tenant for non payment of rent. I followed the basic steps thus far. I served a five day pay or quit (which I had notarized), I waited until the 6th day and began eviction proceedings at the county courthouse, and filed for "forcible entry and detainer."

After getting my paperwork approved by the county clerk, I took the copies of the court summons and of the complaint to the sheriff to have the tenant served. 

At the court date, we appeared informally in front of the judge who basically asked if we could work it out on our own, or if it needed to go to trial. I assumed that at this date I would prevent evidence for non-payment, etc. but instead a trial date was set.

So what next? Does anyone have any experience with this? Will this "trial" be just as informal and will we just stand at the bench and not sit at the tables like in Law and Order? What evidence should I bring and do I need to submit paper evidence beforehand?  (So far I've collected a copy of my deed, bank statements, and accounting.) Any advice (other than to go get a lawyer) would be immensely appreciated. 

Thanks,

Kyle

So then there're different methods to do the actual gifting? 

@Brandon Hall, Thank you so much for the suggestions! Ironically, I just listened to your show probably two weeks ago or so and I learned so much from it. 

Regarding the gift, does this need to be done after the commercial loan is either paid off or the student is eligible to acquire one in their own personal/own business name? I'm assuming there is something similar to a mortgage's due on sale clause.

They could potentially wait until the parents pass away, but there are siblings and the parents are only in their late 40s so that might be too long of a route.

Without being too specific, here's the scenario for a friend:

A young college student wants to buy an investment property; it's a small apartment building with 11 units. Since it's over 4, a commercial loan is required. Guess who doesn't qualify for a commercial loan with limited business history? 

The result is that the LLC, which will own the property, ends up in the student's parent's name, along with the commercial loan since the student is ineligible (for at the time at least another 2+ years.)

When it comes time to refinance/sell/etc. how can the property belong to the student instead of the parent, without "rebuying" the property from the parent? Open to any all suggestions!