All Forum Posts by: Jordan Callaway

@Kenneth Garrett  I agree with @Mark Ainley  

@Kenneth Garrett the reason security deposit is a bad idea in IL and Cook County, and many of the largest owners have moved away from security deposit, is because of the county's stance against landlords. If you miscalculate the security deposit interest (even if it's off by pennies, or even fractions of pennies), the tenants have sued for many months or even years worth of actual rent amounts, AND WON. If it were me, I'd avoid security deposits because the laws have become too cumbersome, and too favorable to tenants. Also, if the damage is worse, you'll have to go after them anyway for the damages. Look into the landlord tenant act and learn every word of it to avoid problems. 

Patrick, be careful, Cook County is different than any other place the others above are familiar with. 

If you go to eviction court, it's possible he could stay in your unit another 3-6 months (this has hurt many building owners in Cook County/S. Cook County). I agree with the gentleman above, reach out to an attorney ASAP to assure you're following the law; cash for keys may be your best bet to get the unit back, but if you misstep this process the tenant can sue you and will win b/c cook county is known to side w/tenants, be very careful.

Also, be careful about the security deposit, if there is one on-hand, and you don't return the proper amount, I've seen tenants sue for the actual rent amount for X number of months, even if your security deposit return is off by pennies. 

If he owes you a lot of money, consider filing eviction, but it could take the sheriff 6-8 weeks before they come to the property, and then they have to actually be home to accept the sheriff... Again, cash-for-keys has worked for many owners if they just want to get the unit back. Also, 5-day notice is more customary than 10-day notice in this market, in my opinion. 

Good luck Sir.

@Vincent Incopero ?

@Alex Bok Welcome back my friend. I look forward to doing many many more deals together. I've really enjoyed working with you, especially in today's market when things change at such a rapid pace, you're one of the quickest responders out there. You would have been a great gunslingin' dueller in the ole' wild west... Let's get together soon Bok

You should just invest in both and hedge your bet! I know many owners who own on border of IA/IL, WI/IL, MI/IL, IN/IL and own on both sides of the border! Both will have pros and cons over time. IL happens to contain Chicago as well as many major INTL shipping routes. Rents in IL range from .80/SF to $5.50/SF! So yes, taxes can be an issue, but if you can generate large rents, and run a good property (self-managed or professionally managed), it can certainly help! Also, certain counties in IL have much worse taxes than others, even in similar locations, so it helps to identify those that will benefit you most. You should also consider researching the eviction/tenant laws, as they can vary vastly among counties and towns.

My humble opinion: drive for 20 minutes, walk into the first five banks you see and ask for a manager. I would also try credit unions due to their flexibility (I personally like them; they may require some deposits at their institution, but could be worth it). Also, as someone else said above, it could be that they're denying you for a different reason but not telling you the right reason (it could be possible they're denying just because you have restaurants in your global financials, which banks can sometimes view as being "too risky." But yes, otherwise, portfolio lenders would be best. Good luck, keep it moving!

 Thank you Jim. I appreciate your kind words.

I began honing my craft under the great Stan Napier in Lexington, KY. He was the one who sold the farm land for the highway exits to be built in Lex/Midway 40+ years ago! He has recently passed, but he introduced me to many of the major players in town before I left Lex. I'm a Chicago native, went to UK, so I'm back in Chicago now, but still have some contacts in LEX. I'll reach out if I'm back in town!

Hello All,

Thank you for taking the time to read this. My name is Jordan Callaway, I'm a real estate broker in Chicago, IL. I've been in the business since age 19 (on the management side), and I've been a broker since 2009. I have studied brokerage behind two top brokers in the industry since entering and am currently partnered with one.

Before brokerage, I worked for two unique gentlemen in Los Angeles who own bars, restaurants, hotels, movie/tv production groups and promoting groups. My background is in creative advertising (print-ads, billboards, websites, PR, etc.). I'm interested in real estate investment brokerage (day job), real estate investing (night/weekend job), family, friends, and Formula 1 auto racing.

Though I'm only now a member, I've been familiar and lurking with BP for years. I look forward to participating in the knowledge exchange and bringing my experience to the table. Reach out to me to discuss any of the above interests, or if you have deals to discuss. Thank you for accepting me into the community.

Sincerely,

Jordan