All Forum Posts by: Jonathan Pliszka

I bank with Chase which allows great flexibility and access to the Quick Pay feature as well as Mobile Banking. If the tenant has Chase they can use "Quick Pay." For one tenant, I receive an e-mail and simply "Accept Payment." At that time the money is deposited into the account.

For hard checks, I can take a picture of the front and back of the check to deposit it, which allows me to keep the original copy for my records.

Dominic G. You're correct. FHA will impose some limitations as far as requiring you to live there. Do you have the option to sublet on your existing lease? Furthermore, when evaluating the duplex make sure that the current lease mentions a clause on the transfer of ownership and the ability to void the lease because of it. Often times, if the current lease doesn't mention this, you'll be required the honor the existing lease upon transfer. Good luck!

Brandon Turner Thanks for the kind words, Brandon! There's a lot of great information on here, I'm just trying to absorb as much as I can.

*********** I hope all is well, Ryan! I'm in Old Irving Park. I'm at work in the Loop until 6 PM M-F with very limited flexibility. I should have more flexibility in the Summer and look forward to making it out to Elmhurst!

Hi BP! I've been a long time lurker and just realized I've never formally introduced myself! I'm 26 years old, grew up in Hartford, CT and am now based in Chicago, IL. I began my investing career just shy of my 24th birthday when my sister and her fiance moved to Charlotte, NC. I purchased a foreclosed condo for them to live in and they've been my renters ever since. Granted it was a small deal, I was hooked. After much research and conversation, I determined that my next course of action was to purchase an income property and live as close to free as possible. I researched Chicago neighborhoods with my goal being cash flow, safety, and long-term appreciation potential. In December 2012, I purchased a short sale for $165,000 on a property that sold for $410,000 in 2004. Currently, I have a few hundred dollars a month in expenses for my personal utilities, but my PITI is covered thanks to my tenants.

While I’m currently sitting on the sidelines building capital for my next deal, I took the advice of the BP community and became a licensed broker. Now that my peers are beginning to think about purchasing, I no longer have to hand off leads to other brokers as I did in the past. Furthermore, my managing broker does a lot with rentals, so in my spare time I’m able to show rental units for other landlords & property management companies, which has allowed me to network further.

I look forward to continue learning as much I can from BP and making valuable connections. Cheers!

All the best,
Jonathan