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All Forum Posts by: Tomas Satas

Tomas Satas has started 23 posts and replied 61 times.

Post: Wholesaling question in Illinois

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8

Hi Kris!

How are you doing?

Is there a reason why you don't want to take a course and then get your license after you pass the state test?

That is the easiest way to get around the IL law.

The I Love Real Estate school with Art Bertucci is awesome.

Are you just starting out in wholesaling?

Post: Business Line of Credit

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8
Quote from @Jay Hurst:

@Nathan Frost   Do you have substantial equity in your current investment properties?  if so, you can potentially use that equity as collateral to buy new properties. We offer that product for example. 


 Hi Jay.

What sorts of rates are you offering for owned high equity investment properties.

Post: Thoughts on Kiavi?

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8
Quote from @Erik Estrada:
Quote from @Dave Harlan:

Wondering if anyone has used Kiavi as a lender? Thoughts and experience using them?


 The interface is easy to work with, but they do require higher FICO scores for fix and flip products. 

Also their DSCR LTV's aren't the best. I am pricing out 75%-80% with other lenders at better rates


 Hi Erik.

Can you reccomend any other lenders?

Post: Commercial Liability Insurance

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8
Quote from @Terrell Garren:

Agree with @Jared Newsom. I have one LLC, one bank account, one spreadsheet, one Cozy account and one umbrella policy for 17 SFHs. $2M umbrellas is around $1,200 per year.

@Terrell Garren

 What company insures your properties?

Post: Berwyn/Cicero Rental Property Investing

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8

Yes, avoid Cicero at all costs! 

Post: Why Security Deposits In Chicago Are A NO NO!

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8

Yes, I completely agree that people are making too big of a deal out of this. 

I could understand if you owned 500 doors but if you only own a few buildings then better to be safe than sorry.

My solution for this is that my bank has a free bill pay service where they will send out checks for free to anybody and I can even set them up as recurring payments.

So what I did is that I over estimated by a few bucks.

Then I see up a recurring payment sent by check to each tenant once a year.

Problem solved! 

Also don't forget that you need to provide a receipt of SD signed by you and the tenants plus put a summary of the law in the lease.

Post: Comps in a crazy market.

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8

What's up everybody!
I was wondering how everybody is currently approaching comping out properties with the cooling down of the market?

The sold prices for similar properties are all over the place for the last year.

Especially with the insane bidding wars last summer into early fall 2021.

I am second guessing myself comping out possible flips because of the unprecedented sales prices that took place.

Thanks like always BP fam! :)

Post: Creative ways to trick piggy tenant into keeping the apt. clean

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8

Thanks for the insight everybody! I’m definitely not a rookie and have dealt with this sort of thing successfully multiple times. I have ways to deal with this type of tenant which will hopefully work but just wanted additional insight. After all that is why we are all part of the BiggerPockets community right? To learn from each other. There are certain things that I believed I couldn’t get any new insights on but I ALWAYS learn something new from this amazing community. :) This particular tenant has only been renting from me for 6 months. My handyman was in his apartment to change a faucet out and called me up because he said the apartment smells horrible, there’s a pile of what looks like super old dishes in the sink, and all the countertops were super nasty. This building has 22 units so it’s definitely my business! All the things my handyman pointed out will lead to rodents, roaches, etc. All the apartments in this building are beautiful and I did kind of have a small concern when the first thing the tenant told me when he did his final walk thru is how he has never had such a nice apartment before. From my experience when somebody says this it means either:  A. They are moving on up and are thankful for such a nice place OR B. They are a piggy and can’t wait to make the beautiful place their new pigsty. I just had a feeling because when I talked to his previous landlord she did comment about how he wasn’t the cleanest person, he had all types Amazon boxes by the door, etc but she did say he always paid on time. So nothing super concerning that would be a big red flag. Later I found out this apartment the previous landlord was renting to him was the landlords mother’s apartment for years. So I just thought she was being overly picky that the apartment didn’t look exactly the way she was used to seeing it when her mother was still alive. When I checked all the tenant’s background everything came back great. High credit score, great income, and he had only lived in 2 apartments the last 10 years. On paper he looked like an excellent renter. Fast forward to my handyman calling me up with the nasty report (this is the first time he had ever made such comments about a tenant) and so I called the tenant immediately, I first apologized for even having to bring it up because I don’t like to be in my tenants business (little sales technique to not upset him), then I reminded him about what I told him when I gave him the keys about how this is an extremely clean building with no rodent or roach issues, and that my handyman was concerned about what he saw inside the apartment. The tenant said he has no idea of what my handyman is talking about, that there were a couple dirty dishes in the sink, and that he did start to small a strange odor from the drain a couple days ago. (Haha Big surprise that there is a strange odor coming from the sink if there is rotting food in there!)  So obviously the tenant is in denial that he has cleanliness issues. I even offered to have the lady that cleans the building clean his place once a month for a great deal. But he said there is nothing wrong with his place. So I’m going to go over there this week and see for myself. Though he probably is scrubbing away as we speak. If the place is clean when I stop by I’ll just have to let him know that I’ll be inspecting his place twice a year for maintenance issues just to make sure there are no leaks, etc. and hopefully that will keep him on his toes. I usually inspect the apartments once a year but I doubt he will question me because he hasn’t been there long enough to know my yearly inspection schedule yet. So thanks again for all the insight BP fam! I really appreciate you all. :) Enjoy the rest of your night. :)

Post: Creative ways to trick piggy tenant into keeping the apt. clean

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8
Quote from @Chris Herrera:

@Tomas Satas if you ask me it’s really none of our business. If the tenant is messy enough that it’s causing damage to the property then don’t renew the lease.

Telling the tenants to be cleaner is another level of involvement that I shouldn’t need to do if you have a good tenant. Me having to watch them and police then would likely strain me and the relationship with the tenant if they’re naturally messy and you’re the one telling them they have to change that


Post: Creative ways to trick piggy tenant into keeping the apt. clean

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8

What's up everybody!
My methods usually work but I have one tenant that thinks his place is clean and that it doesn't smell horrible.

What have you done to encourage a tenant to keep his/her place clean without insulting them.

Thanks! :)