All Forum Posts by: Dhru Das

I also received City registration number recently..its valid for one year..I heard they sent out 4000 approvals and 2500 waiting to be denied notifications...not sure if people who got denials can appeal or not...

Having good success so far with individual bedrooms. I am not interested on whole house AirBnB due to stories I am hearing...

I think the whole LLC thing is overrated...to start with you can get a good umbrella insurance policy to cover you from liability issues...there are lot of insurance companies out there.

I think you are talking about Series LLC. You set up one primary LLC and then set up as many series LLCs you want with few properties in them. It varies from person to person with all these talks about protecting entities..but to start with you need to find good deals and then later form as many LLCs you want...but again, this is just my thought. You will need an attorney and a CPA to guide you to build a LLC proper way.

I got one that does portfolio under LLCs...PM me if you need more info.

@Hope Louisse Montenegro since your condo is in good location, have you thought about AirBnB? I would think that will bring you more money to cover all your expense including HOA and give you strength to hold it for sometime until you decide to sell...Just a suggestion.

@Colin Hudson...welcome to BP!

I have recently closed on a 3 unit building in Albany Park area with FHA 203k loan to house hack. 3.5% down. yay!!

I also looked into the areas you are looking. But due to current market being as it is now, its hard to find properties which are not over priced at least not on MLS...off market properties sure if you can find one...

I would suggest looking into areas which are still a bit affordable like Albany park, North park, Jefferson/Portage park and may be even Irving park...FHA 203k loan process was long but I was able to close the loan. I have started rehab already. Feel free to PM me with any questions, happy to help as I can.

@Adam Sporinsky..may be you can ask them to have someone in their family with SSN to apply? But yeah with valid visa I would think they have passed immigration screening at the US consulate already. I would think they have to have valid visa to stay in the country. And if they work here then they will have a SSN. So make sure to ask for copies of passport, visa, I-94 etc..again, I'm not an immigration attorney, just few things to consider I guess.

@Nishant Patel..welcome to BP!.

For books, definitely check this link out...

https://www.biggerpockets.com/renewsblog/wp-conten...

I bought the books recommended there by @Brandon Turner and they are awesome books..learned a lot from them.

Also read the blogs, listen to podcasts..all free!..try going to local REI meetings as well. You can visit the events page on BP to find out about local REI meetings.

cool...please send me commercial MFR deals my way via PM.

@Alexander Chavez I used one during my flip for builders risk coverage and then property insurance during holding period when property was vacant. I will PM you.

@Suduk N. it depends on which area of Chicago your properties are in....areas in Chicago varies a lot in terms of management hassle, and based on that companies charge differently. high crime areas of course will be more management cost...I have seen managers charging anywhere between 5% to 12% based on areas.....BP is a good source, also going to local REI meetings would help getting references on good property managers.