All Forum Posts by: Account Closed

@Steve G. I’m curious about the eviction laws are in the area.  I’ve read that in parts of Illinois it is an expensive and drawn out process. What’s your experience been like?

@Brie Schmidt Thanks for the reply. Right now I’ve been looking at south of the Calumet River. I guess that would be on the perifery of the South Side?

@Igor Levit Thanks in advance (wtf autocorrect!)

A question for my cash flow peeps...any of you have have any experience in the Chicago suburbs? Seems like there are some good ROI floating around, however I have no experience in Illinois. Is this a landlord-friendly state? Seems like that answer varies depending on county, from what I’ve read. Thanks in abc Andre.

That’s a great idea, Dan, thank you. Seems like this is a good time to try that out!

So we finally took the plunge and purchase a couple of SFRs in Detroit...hopefully the fIrst of many! These forums were defInItely a bIg help, so thank you all. Now it’s time to refinance and use that leverage. Can any of you fellow Detroit investors recommend lender for refinancing that you may have dealt with? Thanks in advance.

If any of you are involved in this market, do you have any experience with wood frame homes versus brick homes? Specifically, do you have issues with finding tenants for wood frame homes when compared to their brick counterparts?

So I'm ready to put in my first offer, a small single family rental property, and received an offer agreement from my agent. Scanning through the pages I came upon a "compliance/transaction fee due to broker at closing" of $1,495, and when I pressed the agent he said that it's a compliance fee that his office charges for properties below a certain purchase price.  My first reaction was to tell the agent and broker to take a hike...to me this is clearly some add-on fee used by the broker to increase their profit margin on smaller transactions.  But on the chance that I'm being too hasty, I figured out reach out to you guys to get some feedback.  Are broker fees customary?  If so, is this is a reasonable amount?

Looks rehabs are the winners here! What all of you are saying definitely makes sense. The only reason I was thinking getting tenants first is that, for a complete novice like myself, it might be a good way to get some instant cash flow and take away some of those initial jitters.

So if you have an opportunity at two properties in the same condition except that one has a tenant, you'd rather take the one without the tenant and do the rehab?