All Forum Posts by: George Skidis

I would suggest 4 to 8 down payments on single family homes

Spent 30 years of my life as a property claims adjuster. The cost of insurance is based on the number of losses suffered, the severity of losses and the total number of policies in force. The insurance industry as a whole is taking a beating due to weather claims across the nation. Rates are set based upon the state the property is located in and also where in the state the property is located. Chicago and Cook County are more densely populated than other areas of the state. Therefore, the damage from a storm has a greater impact on the number of claims submitted. Let's face it Insurance companies are in it for the money. Frequency and severity of storms are a real issue right now. Living in a big city, a coastal area or California will cause a rate increase. California keeps passing laws telling the insurance companies what they must pay for. Guess what Illinois is trying to keep up with California. Every time the legislature or courts interfere the rates go up as well. If memory serves, back in the 80s State Farm considered not writing homeowners policies in California. This was due to the problems liberal courts and politicians were causing with staying profitable. That big earthquake in San Francisco didn't help either. Inflation is also a factor. a 2 x 4 costs more today than it did 10 years ago. So does everything else. If you want it fixed the way it was, you need to buy the right insurance.  Nothing stopping you from shopping another company. just remember, their rates will go up soon as well.

You are not just in Illinois; you are in Chicago which operates by its own set of rules. If you cannot serve them personally, at home or at work, ASK AN ATTORNEY!

Check out the Chicago Creative Investors Association (CCIA) website run by Jane Garvey. They hold local meetings in Lombard and zoom meetings. Jane Garvey's group is a chapter with the National Real Estate Investors Association. 

You can roll your eyes, or you could roll your 401K into a self-directed account. The right self-directed account will let you buy real estate in the 401K or whatever plan you set up. Equity Trust works with the National Real Estate Investors Association, Inc and can set that up for you. You could go to the Nareia web site, find a Chapter near you, join that local REIA and then get access to the special programs and deal they have set up. There is an annual fee with Equity Trust but it avoids instant taxation by cashing out. There is also a company called Self Directed 401 Ks. My friend Carl runs Camaplan.com and they provide this service as well.

Check out the National REIA website. Select find a local REIA and look for one in your area.

Alisha: My friend Pete Youngs runs North Metro REIA

Since you are in Chicago, you should join the "Chicago Creative Investors Association" (CCIA) run by Jane Garvey. They meet in the Lombard area on the third Sunday of each month.

First thing you need to do is memorize all the protected classes. They start at the Federal level but there can also be State, County and local municipal protected classes.

After that Source of Income is a protected class in many respects. My concern would be proving her sources of income. Does she receive enough income from all sources to meet your established rental criteria. 

You need to establish your rental criteria before listing a property for rent. This can vary by type and location of the property. IS this an A+ rental or do you work in a low-income area. Establish a minimum credit score. minimum income, time on job and whatever else you need to consider but have it in writing and apply it the equally and fairly to every applicant who wants your property.

After receiving their application go see where they are currently living. Pigs are pigs and they only thing you can do is change the location of their pig-sty.

Finally, be careful what you put in print. Who knows when an attorney can subpoena your social media accounts. 

I am not an attorney and don't play one on television. take care.

Every state has their own rules about incorporating or chartering a new city or municipality. This answer will be brief and not all inclusive.

To become a municipality the local residents must band together and choose to create one following state guidelines. They must establish boundaries and elect officials. The officials can be paid or volunteers. 

Generally speaking unincorporated areas are sparsely populated and cannot meet the state guidelines for incorporation in regards to either population density, or they are located too close to an area that has already incorporated. 

There will always be exceptions. My father and I used to go to Jadwin, MO to rent canoes for float trips. Jadwin Canoe rental was owned by the Jadwin family. The Jadwin family home was pretty much the entire town back in the 70s.

In short unincorporated just means that nobody ever bothered to incorporated the location due to the cost and hassle. So they never formed they are unformed.