All Forum Posts by: Gideon Blustein

@Account Closed I've been pleasantly surprised at how willing local landlords/investors/realtors are to network and share information. I don't have a large portfolio, but the local network has been great. 

Hi- we’re meeting 11/28 Thursday at Great American Bagel at 1101 Essington in Joliet at 8:30am. Hope you can come. Feel free to message with any questions. Thx!

Originally posted by @Bruce Lynn:

Is there a redemption period?  If so you probably can't buy it until it is over.   

 It's the deed auction - not the tax sale - so, the redemption period is already ended and now they're selling off those that were not redeemed or bid on. The land was so inexpensive, I am just not sure what the title insurance is worth/what it will insure me against. I probably just need to do some basic research on what title insurance is for. 

I was the successful bidder on two parcels in my local tax deed auction. I'm wondering if I should bother with title insurance? My research has not turned up any surprises or concerns on the properties so what would I be insuring against? 

Thank you for all of that information. Follow up question: Do you have any insight on using my revocable living trust instead of the land trust? Where I finally landed (for now and need to make the decision and go through with it!) is that I'll do a single member single LLC for all my properties until I hit property number 5 and then make sure that the LLC/Properties are in my revocable living trust. Once I hit 5 I will reassess. And - agreed on the insurance policies. I am on solid footing with my attorney, but could use some recommendations on insurance agents who work with real estate investors.

I'm at the point where, for my protection, I need to establish LLCs and make sure they're in my living trust. In order to figure out the costs of doing this in IL (where all my current and future properties are/will be) I put together the chart below to compare costs of incorporating Series vs. Individual LLC vs. Delaware. I thought maybe other BP'ers would like to see it.

Couple of assumptions that are unique to me: all properties are in IL. For added protection if filing in Delaware, I would have also done an individual LLC as a "management company" in IL. That way someone would have less success challenging the legitimacy of my Delaware LLC. DISCLAIMER: I am not an attorney and you should verify anything you do independently!

My lender is telling me that if I form an LLC I’ll need to do commercial loans. I’d prefer not to pay the higher fees but I want the protection of an LLC. What have others here done?

Id love some advice: Single family property Balance of 128,000.00, appraises at 155,000.00. Rent is 1300/month which is a little low for the market. My current loan has 19 years left in term, Montly P/I payment = $860.83, rate 4.85% annual adj. The proposed refinance = 30 years, monthly P/I = $670, rate 4.75% 5/1 arm portfolio loan, but closing costs seem high at $2400. Goal is more cash flow to put toward additional properties. Does this seem like a good refinance? Should I stop sweating the closing costs?

My first rental property is a single family 2br/1bath, rents for 1300/month no issues. The exterior is a little dated and there is a huge unfinished (dry) basement. Current appraisal is 155k and I have debt of 128k. I’m wondering if I should finish the basement by adding 1-2 bedrooms and (maybe) a bathroom. Then re-appraise and refinance. Id like to find more equity to buy more hold properties. If my long term strategy is to hold, is this a dumb idea?

How did this meeting go? Are there any future events planned?