All Forum Posts by: Jason Deck

@John Rogers can we connect?  I am coming to NSB this week and would like to look around at some property with an agent who understands investors.  I am based in Chicago.  

Hi everyone,

Does anyone have a good residential lease agreement for the state of GA that I could use for a property I just purchased in Bibb County?

Thank you in advance!

Jason

Hi everyone,

I am looking for suggestions on the best/easiest/cheapest book keeping software to keep track of my books for a few rental properties.  Nothing too crazy or fancy- just want to log expenses, income, maybe depreciation schedule, mileage, etc.

I'm familiar with Quickbooks of course, but thought you pros might have a better idea.

Thanks in advance!

Jason

@Lance Lvovsky  Does it matter, given that the cash flows are tax-free anyway?

Does anyone have experience holding property from a self-directed IRA? I am trying to get a handle on what is possible, and the pros and cons? For example, can I use IRA funds for a down payment, or must I make an outright cash purchase? How are cash flows treated? If I later sell the property, is it cap gains or ordinary income?

Thanks in advance for your thoughts and experience.

@Alex Bok  Thank you!  Would you mind making an introduction?  I really appreciate it.

Hello,  

I am on the hunt for multi-family properties for buy and hold in the West suburbs of Chicago.  Can anyone recommend a realtor with experience working with investors on MF properties in that area?

Thank you,

Jason

Can experienced investors please let me know their thoughts on the landlord friendliness of Illinois (outside of Chicago)?

Thanks in advance, and happy Sunday,

Jason

Hi everyone,

This is a fairly general question, as I am a new investor:  I would really love to hear your experiences getting your first commercial loan.  I am interested in buying a MF property of >4 units, but I have been told some scary things about commercial financing.

Scary things include:  You can only get a loan for an amount less than your personal net worth.  All commercial loans will have recourse to personal assets aside from the property.  It is very difficult/expensive to refinance them, and you will have to do it anyway unless you want to make a balloon payment.  Generally, the loans are nearly impossible to get if you do not have experience with this kind of investment.  

Thanks in advance for sharing your experience getting commercial financing for the first time.  I am eager to go shopping, but first need to know if I have a hard limit at 4 units or not.

I should also mention that I have good credit, good income from my day job, and a couple hundred grand to use for down payments, cash reserves, etc.

Thank you!

Hi everyone,

I am working on a few transactions for buy and hold properties, and I am trying to figure out how to hold each of them in individual LLCs.

I think I know to hold each property in its own entity. What I don't know is how to handle financing (at 80% LTV) in the name of an LLC. Does anyone have experience with this?

Separately, should I be using an LLC at all, or is a trust better? My primary driver is isolation of assets in case of any litigation, but there may be other considerations of which I am ignorant.

Thanks in advance for your guidance.

Jason