All Forum Posts by: John Carr

@Account Closed

I know this is an older post, but I was curious how this all turned out for you, what your lender research yielded, and who you ended up going with (if you wouldn't mind sharing)?

@Account Closed - Thanks for the heads-up re: Cook County's property tax situation. I knew that was going on, and it's definitely something I'll factor in to my analyses. And I'm looking forward to getting out to some of the local REIAs and meet-ups and finding a group of like-minded people who actually enjoy sharing ideas, and not selling ideas.

I appreciate everyone reaching out!!!

@Account Closed - Appreciate the info, the various financing strategies available are always a little difficult to navigate...

Hello BP Community!

My name is John Carr - I am originally from Charleston, SC and now reside in the great city of Chicago! I have been a BP lurker for the better part of a year, digesting the amazing content that BiggerPockets (and all of its members) provides, but realized that I had never actually posted an official introduction...

I am, for lack of a better term, an "accidental investor" - when my wife and I moved up here in 2013 I started renting out our home in Charleston, and about a year ago, my grandmother passed away and willed me a single family home in New Orleans that was also being rented out. So through sheer dumb luck, I now own two cash-flowing properties. Through these experiences, I have come to recognize the immense power that real estate (when done correctly) can hold to unlock a financial future that until recently I never thought possible.

I am currently trying to expand my rental portfolio (this time on purpose!), researching potential multi-family properties in the Chicago area. Though I have taken advantage of the knowledge that BP provides, it is my goal now to take advantage of the great networking opportunities that I have been to this point missing out on. Drop me a line if you'd like!

@Matthew Olszak

Thanks for the response, and the clarification. The resources that you and @Frank S. have provided have been very helpful! (Although I now find myself falling into the rabbit hole of Chicago property - my wife thanks you both also.)

@Matthew Olszak

Just for the sake of clarity, if a property is listed on the Judicial Sales Corp. website does that mean the owner's redemption period has passed and he/she no longer has the capability to stop the sale? Or I guess a more specific question: once a judgment of foreclosure is entered on the property and the 3-month redemption period begins, is THAT when the property is listed on the TJSC list, or is it only AFTER that period has passed that it is listed? 

I see certain properties' statuses on the auction list as "cancelled" and was wondering if that meant the owner was able to pull the property back...

@Charlie Fitzgerald

Thanks for your insights, Charlie. And for the well-wishes, @Al Wilson.

@Charlie Fitzgerald

Thanks so much for the reply - an LLC was definitely a consideration, but I'm a little unfamiliar with the taxes & fees associated with forming one. Certainly something I'll do more research on!

From your experience, is that the only way to go, or simply the best?

Hello all!

I have some questions regarding joint ownership with a non-spouse family member. I will try to be as succinct as possible (while also explaining in full the situation), so here goes...

My dad is interested in diversifying his portfolio, and putting some of his money in real estate - specifically buy-and-hold. He has approached me about doing a joint venture, as I have a couple properties that I currently rent out, and has offered to fund 100% of the deal if I would be the one in charge of all aspects of the property (finding the property, running the numbers, hiring a property manager, paying the taxes & insurance, and so on). He also wants to put both of our names on the title and deed as co-owners. So my concerns are as follows:

If he puts up all of the money on the deal, and yet both of our names are on the title and deed, will the IRS look at my interest in the house as a gift from him? I know there are various ways to co-own a home with a non-spouse (joint tenancy, tenancy-in-common, etc.) - would any of these have different tax implications? What are some options here, and does anyone have any other ideas?

I know I can take out a loan to cover my half (or whatever portion) of the cost of the property, or I can treat my share of the property as a loan from him which I could pay back from the income generated from the property - however, I am trying to keep my debt-to-income as clear as possible, so let's eliminate that possibility from the discussion. Also, I know there may be some who will talk about the perils of joint ownership with a family member (which I completely understand) but I am merely looking for a clinical, dispassionate and scientific approach to this issue.

Thanks in advance!!!