All Forum Posts by: Frank S.

.

 Research ther Maximum Earnings from First Advantage. Then,  prepaid cards savings accounts. 

Chickens! That's a good one.  I don't "disqualify" people,  I ask for "more information while processing other applications."

Fortunately,  a qualified applicant gets the pace ahead of the chicken lady. 

Good call for short term.   I've used Savings Direct. Not bad. 

FAB gives us 4.5% on the first $10k.  Then, it reduces to 2.0% until 50k. One account per SSN between my wife and I. We use cash app to generate the 10 debit transactions. Easy. 

Losing money in equities happens to people with an inadequate asset allocation, as they make the mistake to sell during a downturn.  It's a long term approach. 

Good luck,

Frank

I enjoyed reading the tips above. Below is my contribution 

Create Standards. Use the same products throughout. 

Use one color for all rentals. I use Navajo white on walls,  eggshell. 

Trim and baths are white semigloss

No ceiling paint, use only primer. It saves you $.

Use the same tile for walls and floors of doing a bath. Only use that tile in your rentals.

10 year sealed smoke and CO detectors. It's life safety! I date them with sharpies. You can buy 10 year batteries, too.

Hardwood Floors.  Synteko.

Waterproof vinyl flooring and tile are fine. I don't use carpet 

Locks.  No batteries.  Use SmartKey devices.  They will pay for themselves after the first turnover. 

Lights.  Led, 15 year without changing lightbulbs.

Led photovoltaic exterior sensor lights.  

I had bought used kitchens and countertops. It's matter of luck and timing.  I've paid$800 for 20k in high end (10 year old) cabinets/ countertops 

If keeping toilets,  change the guts and buy them a plunger!

Put plastic tile underneath the kitchen sink.  It will protect the cabinet. 

Provide pedestal sinks in bath, no cabinets.   It will not rot.

Have a master key in the  property at all times.  Put in lockbox. This will save you a trip to give access to contractors and when tenants lock themselves out.

Good luck, 

Frank

 Be careful with the BP podcasts financial advice given. There are tons of dangerous proposals. 

Don't invest anything in stocks that you will need in the next 10 years.  If so, use low cost broadly diversified index funds that closely track their benchmarks.  Vanguard has "target funds". Stocks are a long term investment. 

Robo advisors could benefit TLH, but their fees may be higher than Vanguard. I don't use them. 

I use high yield savings like First Advantage Bank, Insight, Mango, etc. Those are >4.5%.  Google these options,  there are many ways to beat inflation.

If you're planning on a purchase in the short term,  use online savings accounts.  You will land in the 2ish %.

Read Dr. Of Credit blog, among others.

Check the Boggleheads blog. 

Hire a fee- only financial advisor, if needed. 

Best of luck 

Frank

 "Wonderful tenants" don't come around often.  

Many people insisted that you should not get involved.  It's very strange this advice is given,   because if the issue is noise or other lease violations, like drugs,  additional residents,  garbage,  or other issues that may endanger your tenants, you have to get involved, as it's your business to enforce the lease. Why was the police at your place? 

Keep the good tenant and don't renew the other lease,  

Frank

who?

Do you have more data to compare water usage?  How about the summer months? Can you pull a yearly average from the water purveyor? 

+1 to the toilet flapper replacement tip above.  

Then, consider aerators. 1.0 gpm to the kitchen, 0.35 to the lavatory, and a 1.0 to 1.5 gpm shower head. 

Good luck, 

Frank

Here are some words from our Sweet Home Chicago. No mention of "children".

On November 21, 2017, Judge E. Kenneth Wright, Presiding Judge of the First Municipal District of the Circuit Court of Cook County issued General Order 2017-01 which sets the dates and terms for the 2017 moratorium on the enforcement of orders for possession in forcible entry and detainer eviction cases in Cook County. The text of the order is as follows:

IT IS HEREBY ORDERED THAT the Sheriff of Cook County shall cease execution of eviction orders relating to residential real estate effective December 19, 2017. The Sheriff shall resume execution of said orders effective January 2, 2018.

IT IS FURTHER ORDERED that the Sheriff ceases execution of said orders:

a) Whenever the outside temperature is 15 Degrees Fahrenheit or colder on the actual date of the eviction, or
b) Whenever regardless of outside temperature, extreme weather conditions endanger the health and welfare of those to be evicted.

IT IS FURTHER ORDERED that this General Order supersedes General Order 2016-01.

Then, 

https://www.cookcountysheriff.org/eviction-schedul...

 A similar order may apply this year, keep your wallets ears open

Previous post 

https://www.biggerpockets.com/forums/52/topics/247945-typical-eviction-time-frames-for-chicago