All Forum Posts by: Jeff Morrison

@Victor So I'm looking for an investment property. I've also own the home we live in.

We are looking to get started in small multifamily buildings, ie duplex, triplex, quad. We live in the NW suburbs of Chicago and it seems like the most affordable ones are in the Elgin area, Aurora or in the city. Elgin would be the closest to where I live. All 3 areas they usually are 100+ year old properties. Other than the obvious of older plumbing, electrical, what else should I look out for? Are these buildings still worth the investment? We also own a condo and a single family house that are both rented out.

@Thomas S. The first year and a half he's been in my condo, he was an ideal tenant. Always paid rent on time, no complaints from HOA or other neighbors. When he started paying his rent he paid the late fee every time w/out question. He was working 2 jobs, I think he may have lost one of them and he was having car troubles, the reason for not paying rent on time.

I'll have to double check w/my insurance again.  

The other owner hasn't said anything about money yet.  I stopped by the condo down stairs, but no one was there.  The owner said her tenant would be out late.  So hopefully I'll be able to go today and see what the damage is.  Thank you for your posts.

Hi BP!!  I received a text this morning that my tenant had left the water running in the kitchen sink, and it overflowed to the condo below.  I spoke with the owner of the other condo and she sent pics, the water is on the ceiling, wall and floor (new floors and paint before current tenant moved in).  Also the tenants tv quit working (according to my tenant today that he said the other tenant said his tv is now working).  I contacted my insurance company and they said I am not covered for other units in the building.  I will definitely be billing my tenant for any damages, but he has been late on his rent for 3 out of the last 4 months, and he told me last week that he would have to break his lease over a year early, so I don't think he could pay for the damages if they are extensive.  When I told him he would be responsible for a fee to break his lease plus forfeit his security deposit, he is reconsidering, still haven't heard a definite answer.  This is my first rental and I am just starting on my first flip, so funds are pretty tight right now.  Any suggestions would be greatly appreciated.

Thank you everyone for you're input.  After thinking about it more, I have decided to pass on this project, because it is just too big for a first flip, not because of the well situation, but the amount of work needed to bring it up to value.  Hopefully I'll be able to find another one very soon.  

I am considering looking into a house that I found to flip, that has a private well for water, it has public sewer.  Looking at the pics online, it looks like it needs approx. $60-70k worth of work.  I did go and see the house, just looked around the exterior.  Most of the homes around Chicago and suburbs have public water from Lake Michigan, except a few areas of suburbs that are unincorporated.  How much of an affect would this have on the timeframe once the rehab is complete and listed for sale?  Thanks!!!

Hi BP! I have read various posts regarding flipping houses under an s-corp, and am still trying to figure out what I should pay myself as a reasonable salary to not raise any red flags. I just started my s-corp and have my first property under contract. Thanks in advance for everyone's input.

Haven't received any confirmations yet however we are still interested in meeting anyone who is available.   Also, open to time or location change if it works better please let me know. 

Thanks

Hi my name is Jeff Morrison. My wife and I are looking to get into buy and hold/sell in the north west suburbs of Chicago.  If you are interested in an informal meet and greet at the Panera on Schaumburg Rd, east of Barrington Rd next Saturday 1/16, just let me know.  If another date or location works better for everyone, leave you're suggestions in the comments.  Thanks, looking forward to meeting some fellow investors!