All Forum Posts by: Edward Mccracken

WHAT!!! I just had a meeting with my attorney. I was sooo set on getting a LLC in Indiana. I forgot the details but he said something to the extent of you have to be licensed in the state of Illinois in order to evict someone. He is in court all the time. He sees this brought up every once in a while. What are the chances of this happening? I don't know but its not worth the case getting thrown out and then starting all over again.

Hmmm.... You just gave me an idea Jeff. I haven't opened up a LLC for 8 years. I know its around $200 every year to renew. I didn't think it cost $500 to set up.

I probably will set up a LLC in Indiana now. I wonder if their protection laws are any different.

I don't feel smart asking this question but I have 7, interest only loans that are amortized over 20 years at 6.5% on a 10 year balloon. I'm currently into year 2. Actually, I'm 7 years into the loan but they just renewed me 2 years ago for these terms. Now, these terms might not be the best but 7 years ago NO ONE would give loans like this. I would essentially go into these properties rehabbed and rented for no money down and good cash flow.

I can not find any where on the internet a calculator on how these loans work. I'm trying to figure out if I should seek someone with private money to refinance me for a 20 year fixed around the same terms for interest. I'm sure I will save money but I just cant figure it out on paper.

I wanted to pay off my two biggest mortgages with them, which are 35k and 50k. The 35k is worth 50k and the 50k is 85k. 

The math that I'm doing doesn't show that I'm saving that much buy switching over to a fixed loan.

Please tell me I'm wrong and I should try and refi these loans...            

I'm sure water can not escape through the glue stips, that flooring is practically water proof.  You would have to check the area around it to see where the dampness is coming from.  Is it on top of a crawlspace?  Maybe thats flooded?  

I'm confused... Say that a different way or post some pictures... 

Yes I know that is my most frequently visited site.... I need a criminal history check database for cook county,,, 

That wasn't helpful.  Some or maybe most of my tenants don't have computers.  They use their IPHONE 6 plus for a computer.  I prescreen my tenants before I even set up a showing.  So its actually saving time.  

Smartmove looks great! Thanks!  It states that its 25 and 35 per use.  Am I not reading that much into it or is there a bulk discount if you sign up for so many? 

Most counties have public back ground checks, I think.  Meaning, I can type your name in a counties database and if you have been arrested before I can if you have been arrested and for what.   I know there are background services out there for a small fee, but like my tenants, I want everything too for free.  I was wondering if there is a local one for cook county, Illinois?  I'm hoping there is one out there that I can not find.  I know will county has one.  I know there is also one for cook county jail, telling me if someone is currently in there, which I am not looking for because you're not going to rent my place if your in jail at the moment.  Although I did utilize the jail database to find a tenant and go ask him what his plan was for paying rent lol... For some reason, I think you need to go to a local court and look up people in their database.  

Keywords: Illinois, Cook County, Chicago, Property Management, Background Checks, Screening

1.) How do you deal with section 8 tenants- If you don't accept them when they apply what's your method as a protected class i would want to avoid any possible discrimination but i also don't want any unqualified tenant that won't meet the minimum requirements set for approval.

I'M STARTING TO THINK LESS OF SECTION 8. I HAD PROBLEMS WITH THEM YEARS AGO THEN THEY PUT SOME NEW PEOPLE IN CHARGE AND THINGS GOT DONE MORE EFFICIENTLY. NOW, DON'T QUOTE ME ON THIS, BUT ITS A MESS RIGHT NOW OVER THERE. NO ONE WILL GET BACK TO ME AND I KEEP GOING UP THROUGH THE CHAIN OF COMMANDS AND I HAD SOME GREAT CONTACTS IN THERE BEFORE THAT USE TO GET BACK TO ME. MAYBE THEY STILL THINK ITS THE HOLIDAY OVER THERE LIKE THEIR CLIENTS.

YES THEY ARE A PROTECTED CLASS AND ITS VERY EASY TO TELL THEM NO. IF YOU'RE ASKING X AMOUNT OF DOLLARS FOR YOUR RENTAL AND YOU KNOW SECTION 8 PAYS ONLY A CERTAIN AMOUNT FOR THE RENTAL. YOU CAN TELL THEM YOU ACCEPT SECTION 8, BUT FROM EXPERIENCE YOU KNOW THEY ONLY PAY X AMOUNT FOR THE PROPERTY AND I WILL NOT TAKE ANYTHING LESS THAN WHAT I'M ASKING FOR. BUT IF YOU WANT COME SEE THE UNIT AND FEEL FREE TO FILL OUT AND APPLICATION IF YOU WANT TO TAKE THAT CHANCE.

2.) Would $50 per screening of background and credit checks? I have seen some higher and lower charges as an leasing agent in the city but i want to be reasonable.

LOW INCOME CASH PAYING TENANTS I THINK THAT IS A LOT. WE KNOW MOST OF THEM HAVE MEDICAL, CABLE, CELL PHONE, STUDENT LOANS ON THEIR CREDIT. THERE IS ENOUGH PUBLIC INFO OUT THERE THAT YOU CAN MAKE YOUR DECISION. I HAVE NOT FOUND A PUBLIC DATABASE FOR BACKGROUND CHECKS FOR COOK COUNTY, EVERY OTHER MAJOR COUNTY THERE IS, I WONDER WHY THERE ISN'T ONE FOR COOK COUNTY. LOL....

3.) Accepting pets- do you charge just a deposit or do you also charge pet rent as well? what have been your experiences pros and cons of allowing pets? If you don't allow pets could you give some insight on why? 

4.) Creating a lease- i will be working with a real estate attorney but what are some things that you wish you would have had in your looking back after being in the business for a while? I WOULDN'T WORK WITH A REAL ESTATE ATTORNEY.   AS YOU DEVELOP YOU WILL FIND OUT YOU WANT SPECIALIST RATHER THAN GENERAL PRACTICE PEOPLE.   YOUR REAL ESTATE GUY DOES NOT EVICT PEOPLE. YOU WANT SOMEONE WHO IS IN COURT ALL THE TIME SEEING THE DIFFERENCE BETWEEN WHAT THE LAW IS AND WHAT THE JUDGES FEEL LIKE DOING. YOU SHOULD FIND AN LAWYER WHO KEEPS PEOPLE IN HOUSES LONGER.  DON'T THE HATE THE PLAYER, HATE THE GAME, ALTHOUGH THEY DESERVED TO BE PUNCHED IN THE FACE IF YOU ASK ME.

5.) Things that you wish you would have known when first starting off as a landlord that would have saved you a lot of money and time? KEEP IMPROVING YOUR PROCESS. CONTRACTORS HAVE LIFE SPANS.