All Forum Posts by: Phillip Mazur

Hi all! I just replied to one of Patrick's other posts but some of you may not have seen it... I'm a managing broker/investor in Woodstock and I am looking to connect with other investors in the area. I'd like to organize a meetup and see how we can all help each other grow our portfolios. Any suggestions are welcome! I will be in touch with some options in the near future and I look forward to meeting all of you! 

It sounds like we're getting a local group together! Patrick, I have your # and will be contacting you in the near future. As for the rest of you, I would like to organize something for all of us to get together and open to suggestions. 

SFH will have all bills going to tenant. Do what is cost effective and follow tech's suggestion. Gas is typically less expensive so it will be easier on tenants' wallet. Different for multiple unit properties as there is usually 1 gas line in which means landlord pays. Congrats and good luck!!

I'm a managing broker/investor in NW Suburbs of Chicago and would also be interested in joining! Narrow down the times and I will make some time. 

Welcome to BP! I am a Managing Broker in Woodstock Il and I too invest in Residential 2-4 unit properties. I currently have 3 4-unit properties and a single family rental. I would be happy to talk about a game plan and get you moving in the right direction! 

On my way to that "freedom" myself! I currently have 13 units and have a positive net cash flow of around $6k. I too am frugal but seem to find a good purchase every 6-8 months. I will jump on every make-sense opportunity that comes about as long as I have the cash to purchase. So far it has taken me about 3 years to get to this point. My goal is $10k net per month before I start thinking about retirement (quitting my day job). I would strongly suggest building an inventory of 4 unit buildings as they are under one mortgage and liabilities are much lower is you happen to have a vacancy. My inventory consists of 3 4unit buildings and a single family that was once my primary. So far so good! Best of luck to you and I hope to have helped in some way!

"PRO" should ONLY be used for the full paid membership. BTW.... I just tried upgrading to PRO through my iPhone app and the app always crashes. It this doesn't get fixed, we won't have to worry about having different levels at all ;-)

I would love some insight on which websites give the most accurate and detailed information regarding Illinois property title research. I have been a member of public-record.com, ilfls.com, realtytrac.com, narrpr.com, and maybe even a few others. I am looking to purchase property at judicial foreclosure sale and I would like to do most of the research from my office of possible. Is there a 3rd party site that has most information needed to research a property in detail or is it necessary to visit the courthouse for a thorough title search?

Thank you for your reply, Scott! I have attended the local sales and you are correct about the competition.... Not much help:-) I am also familiar with the types of liens that may be be attached to the property but I am uncertain how to determine which will stay after the sale. For example: The 1st lien holder if filing foreclosure and was first lien recorded. There is a second mtg, 2 mechanics liens, and property taxes have been sold. I am aware that I am responsible for the taxes but would I be liable for the mechanics liens if they were filed after the 1st mtg? Another example: The 1st mortgage is filing foreclosure but the lien was filed after the 2nd mortgage due to a refinance and the 2nd did not subordinate position. If purchased at the sale, would I then be responsible for the 2nd mortgage in addition to what was paid at the sale or would the proceeds go to the 1st position and the remainder go to the 2nd position and leave me responsible to the remaining mechanics liens and back taxes? I have received mixed information and general answers in the past and I am more confused than before:-/ I thank everyone for sharing!!!

I purchased a 4 unit building a couple months ago... Numbers seemed excellent but, of course, going well over budget with improvements. I am doing all the work myself with the exception of roof and boiler. Here are the numbers to put this into perspective: 4 identical 2 story units 2bed, 1.5 bath w/ parking and laundry Purchase price $150k + $5k buyer premium 25% down = $37,500 cash Repair estimate $40k Actual repairs so far $55k (mostly credit) Rent $900min $1100max Monthly Expenses $2200mo estimated (plus credit payments until paid off) I have utilized my excellent credit to fund a majority of the repairs on 0% interest credit card offers in hopes of having the tenants pay a majority of the debt prior to the promotion expiration. My dilemma: I am 2mo into the project and am only half way through completing 2 units. I am saving a ton of money doing the work myself but I am also paying in holding costs with a vacant building. I have a good paying part-time job that inhibits my full attention to the project and I have a family with 2 young children that also need me. I would love the sense of accomplishment and the ability to say that I did it all myself but trying to figure out where to draw the line! We can sorta kinda afford to pay for professional help but it would certainly choke us financially. I guess I am just looking to hear some advice from people that have been in this situation and how they handled it. I would certainly like to know what would have changed if you could do it over. Thanks for reading!!!