All Forum Posts by: Drew Millard

Absolutely and if you've done something wrong with the deposit, which its probably likely you have, then you'll end up paying her.  Its amazing.  If you need legal advice I can recommend an atty tbat helps us.   Just pm me.

To answer your earlier question we do $250/applicant but I've seen $350/applicant if you want to remain competitive in the market.

Have you tried commercial banks in which you can buy through your LLC but personally guarantee the debt? We do this quite often for construction loans and I'd be happy to make some introductions for you. The loan rates are a little higher than market but not much.

Kevin, 

We do a ton of work in Wicker Park, Bucktown, UK Village, Noble Squre (50+ buildings). Our construction company is solely based on investment properties as we leverage our other business lines in leasing, management and investment brokerage to help you understand your ROI of construction. What type of building are you renovating? If you'd like to have a conversation off line regarding your asset please feel free to private message me your information.

We structure our JV deals in an LLC. We form each LLC when we get the deal under contract. We raise 100% of the funds but put our name on the debt. The money partners are silent investors with no control. We then give a 50/50 split of the deal with the investor(s) getting paid in full prior to us getting any money. That said, we do get management, leasing, GC and brokerage fees.

If you are putting money into the flooring to prepare the condo for your tenant you can absolutely write that off.  Go ahead and do that now so you can realize the most rent.  We gut rehab buildings constantly and write the expense off prior to actually having a lease.   

Couldn't agree more with Brad.   Do not take security deposits as its not if you are going to get sued its when.   Another good point by Brie is read and understand the RLTO b/c Chicago tenants know it well.  We manage about 1000+ units in the city and have had success in doing so by understanding our legal bounds very well.  We manage in other geographies and other than security deposit laws I don't see a huge difference in Chicago vs other areas.  Just mitigate the security deposit risk by going to a non refundable move in fee and you'll be fine.  

I use Bob Dickinson at Greater Illinoise Title and he's been great.  Send me a private message and I'm happy to share his contact info.  

We use Chad Poznansky of Clark Hill for our JV docs. He does nothing but great work. If you'd like to send me a message I can give you his contact info.

Avondale and Irving Park are two of my favorites. Low turn over, great tenant base, relatively low cost and solid rents.