All Forum Posts by: John Clark

"the home should cash flow $200-300 dollars. "
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From the numbers you gave, that house does not cash flow. Cash flow is much more than rent minus (mortgage plus insurance plus property taxes all wrapped into one payment). You will have capital expenses, you will have maintenance, a vacancy, management fees -- you name it. You may get lucky and not have capital repairs for a long time, but you need to reserve for them.

So your old house won't cash flow, which means you have to see if any appreciation  will make it worth your while.

Sell, move, and buy a two or three flat in your new town that you can live in and rent other units at the same time.

"If you send a 5-day notice and then don't file your suit for 3 months . . . "
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Like I said, if you e-file your joint action complaint in accordance with the law and the 5 day notice, on your personal property, where's the violation? You might not have a hearing for 3 months, but you got the ball rolling.

"The FDCPA says that you cannot make communications with legal action against a borrower that you can't or won't take. You can't evict them right now if they don't pay within 5 days, and frankly, we don't know when the Courts will resume. I have some cases set for the first week of June, but I really expect those are going to get continued again. A savvy tenant, or a tenant with a savvy legal-aid representative, will hit you with a consumer debt collection practices counterclaim for doing
eviction-related tasks during the stay."
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You might not be able to evict them immediately, but you can file a joint action against them (demanding both back rent and eviction) now -- use e-filing. Can have them served by special process server, too, if I remember correctly. Might not be able to get into court and have your hearing right away, but you can certainly get the wheels turning. So where in the FDCPA does it make the time to get an actual eviction order the cornerstone of a violation?

"If you think the value will likely be raised by 25% after you buy, I'd multiply the current rate by .25 to get in the ballpark #s."

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75 X 2 = 150

50 X 3 = 150

Assessed value is meaningless without knowing the tax rate, and vice versa. The above is usually a worst case scenario.

Given that Chicago is a financial house of cards that is going to get crushed very soon, why are you thinking of buying in Chicago? Or in Illinois for that matter?

"Illegal?" or month-to-month? Leases do not have to be written. What is your basis for saying "illegal?"

"housing lenders affirm they may provide . . ."

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They MAY provide it now, without the pledge. This is utterly meaningless feel good crap, which was and is a waste of money to develop and put out. How about Chicago spends its time, money, and effort, on running efficient government without all the political fluff?

I used to have great hopes for Lori Lightfoot. She has been, however, a massive, massive, fail in my book. Between her pandering and ineffectiveness though, she lost me. Given that she had Chicago sign a contract for 2,000 hotel rooms at $175 per night (for Covid-19 victims), when hotel rooms were going for under $110 per night, I can only conclude that her administration is corrupt, too.

"The GC has refused to provide signed lien affidavits and sworn statements indicating he has paid the subs. "
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You have a problem and might have to pay twice (once to the general contractor -- you did that already, now to the unpaid subs).

Proper procedure in the future is to demand the GC provide you with his sworn statements together with his invoices. Then you pay that invoice. Some will tell you to do even more, like making out checks directly to subcontractors.

Complain to the City, and see about getting his Chicago license as a GC pulled. Complain to the Better Business Bureau too.

Originally posted by @Account Closed:

I'm not agreeing or disagreeing with your viewpoints, as I feel not reopening the country soon will have FAR WORSE consequences than the impact this disease is having... but your math is off.

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Actually the death rate for Covid-19 will go down sharply. The number of infections is severely under reported. That will change the denominator of the formula used.

That said, Covid-19 has a far higher death rate than seasonal flu. Covid-19, contrary to Trump, is NOT "the flu."

Originally posted by @Bryan Beal:

What Constitutional rights do you speak of here?  I don't remember reading anything in the Constitution about letting people die in the streets...  Maybe I missed that one?

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The Constitution says nothing about health care, so the Constitution will let you die in the streets all you want. As for protests, protest away, but you are subject to state government laws regarding how you may protest. Particularly where health, safety, and welfare -- and the ability to patronize bars and restaurants has nothing to do with health, safety, or welfare -- is involved.

Just like states are within their rights to ban snake handling in churches, even though religious practice is protected by the First Amendment.

Finally, there is the fact that your legal analysis is flawed. The application of the Constitution to the states by the Fourteenth Amendment did not disparage state jurisdiction (general health, safety, and welfare) unless it conflicted with the federal right. No state has, or can, ban peaceful assembly for political purposes. Every state can, however, tell you that if you do assemble, it will be in a manner that protects health, safety, and welfare.

And the Constitution doesn't give a toss whether anyone dies in the streets -- that's an issue for the states and their general jurisdiction.

"To answer your question "Since when can a governing body tell us what we can and cannot lawfully do?"

March 4, 1789"
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Actually Bill  F, quarantines for public health is a state power that existed long before the U.S. Constitution. The federal government is irrelevant to the matter, Trump's protestations to the contrary notwithstanding. The feds have no say in the matter.