All Forum Posts by: Lucas Hammer

So my wife and I are trying to decide on a business name before starting an LLC, opening up any commercial accounts, etc., and we can't figure out where to go with it, so I'm looking for ideas. What names do you guys go by and how'd you decide on it?

As a follow-up, I've actually had (admittedly anecdotally) less horror stories in my area from people than in nice neighborhoods where people feel they deserve to have every little thing taken care of by management due to the higher rent prices. I've had to paint one bathroom with water stains on it and my tenant has never asked me for anything since. He's also always paid his rent on time. Again, anecdotes, but that's been my personal experience.

I think it really depends on who is saying it's "rough." I live in a "rough" area on the south side of Chicago, but after doing the math, I realized my odds of having anything bad happen to me was pretty slim unless I joined a gang. I moved there because I could get in the door faster and start my investing career. Now that I'm in, I'm watching for buildings to go vacant or for sale all around me because although it's "rough," the vast majority of people in my 'hood are blue-collar, hard-working families that pay their rent on time (although a lower price).

I wouldn't recommend everyone do it, but I spent some time in the neighborhood and realized that most of the people who thought it was too rough have never left their northside bubbles. I'm not in Englewood, mind you, but if the numbers make sense and you aren't afraid to drive through and check out the property/neighborhood, I know I'd personally do it.

Oh, I get that they do it. If they sell it though, will the LLC cause a problem if the deed isn't in my personal name anymore? I'm wondering if they do underwriting every time it gets sold.

@Robert Sepulveda Is that something that they'd find out if the mortgage was sold later? I ask because in the last 9 months, my mortgage has actually been sold twice, and I'm not sure if it's on the chopping block at my new servicer or not and I might give it a little longer before moving it over.

I've started to wonder if @Account Closed's point is true over the last couple of years. I've only had my loan for 9 months, so I haven't been willing to risk it, but I'd like to think that I could move it to an LLC soon. I don't know anyone busted with that clause either, but I don't want to be the first, so I'll be following this to see if anyone actually has had it called due.

Capital. That's it. I'm aiming to get four 2-4 unit buildings here in Chicago and then hopefully leverage those into an apartment complex here of at least 18 units. At that point, I hope to go into real estate fulltime.

Good call. I heard about this but hadn't thought to call our state rep. Rent control in my neighborhood would absolutely kill me. 

Good call @Matthew Olszak and @Leo Ferreras. I saw 3+ and just assumed 3-4, so my bad on that one. Commercial's still an enigma for me, but I'm hoping to go that route after getting a few residential places going around here.

 Leo, you can get a ton for that amount West of Western. I'm near California and Cermak and I've never seen one of any size sell for more than 400k near here. Just make sure you know the rents. Plenty of 2br units  around here for only 700ish.