All Forum Posts by: Don Koss

Hello BP members,

I am looking for a building inspector reference who could inspect a couple of multi-unit buildings (each building has 10 - 2 BR units) I am purchasing in the Chicago suburbs (Elmhurst, Villa Park area). I mainly need someone who can inspect the outside structural integrity (walkways, elevated porches, concrete, etc.) and the common mechanicals (i.e. boilers). I do not need to have each individual unit inspected.

Thanks and let me know if you have used anyone in the past that has done a good job for you via my email below.

Hope this is okay to be asking on BP - and if it is not, let me know and I will delete.

Best Regards,

DK

Welcome David!

Sounds like you've figured out the magic sauce to make it in Cook County (Cook County frightens and confuses me!). Glad to see another Chi-town brethren on the boards!

Best Regards,

DK

Michael,

I agree with Andrew - if you can afford a manager. What I did in the early days was to have a list of service providers I could count on before I left on vacation (handyman, heating/ac contractor, etc.). Heck, I once had a central furnace replaced in a 6-flat in Illinois (on the coldest day of the year) while I was in Florida watching the Bears get crushed in the Super Bowl - all over the phone. Build up your service provider network and you should have no problem leaving town for a week or so, as long as your tenants can contact you via phone or email.

DK

Welcome Joe (and Kevin), Happy to know there are others who still are looking to invest in our miserable, pension under-funded state.

Best Regards,

donko

J Scott,

Thanks for updating everyone on the project and good luck. Doing a project that far from home has to be stressful but exciting.

I'm near Chicago and go to Milwaukee often. One piece of advice for you to get great deals from local contractors that has worked for me, is to start every conversation with "The Packers suck." Then tell them you are a Bears fan. Works every time.

Best Regards,

Don

Scott L. ,

I put your #'s into my analysis spread sheet I've been using for years (with estimates for unknowns) and it looks like your deal is pretty good. Make sure you screen your tenants real well - as it is harder than re-enforced concrete to evict someone in Cook County. For that reason, I've been sticking to DuPage, McHenry and DeKalb counties. Don't want to scare you - because the City is great place to live - just be tough on your tenant screening.

Best Regards,

donko

Agree with all of the above, but one big thing that I have seen dissolve strong partnerships is marital instability. This is the one item that is hard to predict, but can ruin and dissolve a partnership quickly. RE is not easy to liquidate, even in the best of times, and when someone is going through divorce - they generally need cash fast. Not sure as to how you can insulate yourself from this, but my partnerships allow one partner to buy the other out at a deep discount.

As Dave Ramsey one said "A partnership is the only ship that doesn't sail." That said, all of my RE is in partnerships.

Best Regards,

donko

Hello Everyone,

My name is Don and I am relatively new to the site. I am looking to network with folks to gain knowledge and avoid mistakes. I've been investing for about 5 years - mainly in DeKalb, Ill on the NIU campus (see profile). It's been good, but I'm looking to diversify into non-college housing in and around the Illinois I-88 corridor (for ease of management purposes).

Thanks and looking forward to interacting with you all.

Best Regards,

donko