All Forum Posts by: John Warren

@Brian Fabel we manage around 350 units in the Chicago area, and I am an owner on much of the portfolio. We had so many issues with bed bugs, that I invested in my own bed bug heaters. This was the single best investment I have made into a tool. Heat can kill all bugs within a few hours with zero residual damage. Traditional treatments are rarely necessary, especially if the infestation is in the early stages. 

I would focus on finding heat treatment in this scenario and not do the traditional treatments. You will lose far less revenue. 

@Faiyaz Hashmi to be honest, I would focus on stacking up a bit more cash so you can be in an area you are excited about. House hacking requires you to live in the building and being able to get into a 300 or 350k place can make all the difference between having a Starbucks next to you or a vacant building. 

Where do you live now? Are you in the city? Burbs? Where do you work? Start with the end in mind and building your investing to serve your life. 

@Jake Oakes one of the tough things about owning properties long term is that you have to always be thinking several steps ahead of everyone else. So with your escrow shortage, will you be able to increase rents over the next year or two? Can you renegotiate your insurance to save a bit? What about contesting taxes? 

In Chicago, we contest taxes regularly and that is part of the game. If you don't play the game, then you won't win. I am not sure about where you live, but that is something we look multiple years out on constantly. 

@Connor O'Brien I have an electrician for you. I will send his info in a DM. He lives in Blue Island, and he covers the whole south and SW side. 

@Javian Moorman I would connect with @Mark Ainley or @Jason Marcordes. 

@Madheshwaran R. you can't have it both ways though. The reason you are getting the good rates with personal mortgages is because it is in your personal name. If you have an LLC, you will be getting commercial financing.

@Ko Kashiwagi hit the nail on the head. You would want to make sure your insurance is buttoned up as that is where you would get hit if a lawsuit happens. 

@Alexander Davila welcome to the forums! You are in the right place to meet a lot of great folks. 

You should connect with @Martin Vehlow who works that area. A good realtor like Martin could help you a lot. 

@Jeremy Bradshaw this is an attorney area, so you would want an attorney to draft the paperwork and make sure this is being done correctly. I have done loans with hard money/private money shops, and the attorney wasn't that expensive. I would get an attorney on your team ASAP

@Nova Dear I can PM you my guy. He is local to Chicago and insures thousands of buildings here. 

@Madheshwaran R. the commercial loan and all of the LLC transferring is massive overkill. Connect with a good lender like @Joshua Jones. Do an investment mortgage or a second home mortgage and keep it in your personal name. I am guessing you don't have tons of capital, so you aren't really "protecting" anything with and LLC and all of that stuff.