Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Luba Vasilieva

Luba Vasilieva has started 1 posts and replied 7 times.

Hi Jonathan.. thank you for advice.. it’s in Wonder Lake.. by any chance - are you interested in any winter time business? Have an interior project to tackle at that house.

Thank you John. Since you used a heater in a crawl space - what type and model would you recommend? And how much was the cost for an average IL winter? I actually already got a plug which only conducts electricity when it detects freezing temps.. The house is in Wonder Lake/McHenry.

Hello there. Had some experience with real estate SDIRA. There are tons of restrictions on how you can use IRA money. From what I know about IRS rules on SDIRA - is that you cannot combine your cash outside of SDIRA with SDIRA funds to finance a purchase. You can however bring in other UNRELATED persons' funds or even non-recourse loan from the bank. Some of these sources will expose you to extra taxes. Just saying. Before counting on IRA funds, just check with SDIRA custodian. I used New Direction IRA, they have lots of explanations on their website.

Good luck!

Thank you, Tim. This was meant to be a vacation property for our family… it's in far Chicago suburbs, and yes rental market is active but I am concerned to get a lemon of a tenant, plus the availability is only October till April, and it will come furnished..sort of of STR.. I initially planned for a lawyer to draw rental agreement which would prevent establishing residency.. apparently this is not possible in IL.
By winterizing I actually meant draining the water supply lines and filling them with antifreeze.. vs redoing insulation in a crawl space. It may be more economical to just put a 100w lamp in there, or redirect some heated airflow.. one or both will likely be needed either way, tenant or not.

At this point I am just trying to ponder who would be a potential tenant - staying at a furnished place at the lake village, during winter months only… some nerdy person seeking solitude? .. desperate person being kicked out from another place..?

Q: is there a separate BP forum for STRs? I will then redirect there… thanks again!

Tim - how would you go about finding a short term tenant in such scenario? 

Hi Everyone. Would appreciate the input for the following situation before jumping into it. I recently purchased a small lake house in IL, which is sort of vulnerable to winter temps (= very lightly insulated crawl space where all plumbing is located). So right now at the end of September- I am considering two options - winterizing or renting short term (heavily under-market just to cover utilities expense) till spring. Very concerned about eviction bans should something go wrong. It looks like even a transient occupant (like roommate) will acquire tenant right pretty fast (30 days or so, but need more research). Any suggestions  from the gurus - Re: protection from worst case scenarios? Thinking finding a LT guest via Airbnb or vrbo? Winter is a low season for the lake here in IL ;)

Thank you for sharing your thoughts!