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All Forum Posts by: Tomas Satas

Tomas Satas has started 23 posts and replied 61 times.

Post: BRRRR in chicago suburbs

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

Haha. Yes John was a little modest when he stated that “Each suburb has its own flavor when it comes to building codes!.”

Berwyn and Cicero are especially hard to work in.

Both Berwyn and Cicero are now basically requiring that the majority of renovations upgrade the lead water service to copper.

This adds a huge cost of around $10k or more. 

Secondly both Cicero and Berwyn are also requiring major electrical upgrades.

For example in Cicero the whole building must be AFCI (arc fault) protected.

So if the building does not have conduit, you will have to change the entire electrical system.

And even if you do have conduit throughout the building you still need to rewire the whole building.

Then the electrical service needs to be upgraded to either 100 or 200 amps.

So between the water service and electrical system upgrades you are talking about 10’s of thousands of dollars.

Many people are not aware of these new requirements and if you don’t have too big of a spread these two can make or break you. 

It is very important that you check with each municipality before buying so you minimize any major surprises. 

Post: Facebook Ads for Motivated Seller Leads [Progress thread]

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

Haha. I was going to ask the same thing.

But looks like it didn’t work out. 

Post: Looking for a 15% down, no-doc investment mortgage

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

How did this end up playing out?

Post: What App do your tenants use to pay rent?

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

Cozy takes a certain number of businesses days for the funds to be available though right?

Post: What App do your tenants use to pay rent?

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

So I wanted to set up Zelle for our LLC but have noticed in the past that I cannot make transfers to other peoples LLC Zelle accounts if I have a debit card linked to my Zelle.

I am assuming that tenants will most likely be using a Zelle account with a debit card to pay rent.

What do you all use in this situation?

Thanks so much!

Tomas

Post: Mark Kohler Presentation – Sept. 28th – Sandy, UT

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

Greetings Michael!

Was the presentation recorded and is it available somewhere online?

Thanks so much!

Tomas

Post: Wholesaling during a foreclosure crises or recession?

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

What's up everybody!

I am interested to see what everybody here was doing when the market crashed in 2007 and beyond.

What strategy could you recommend to successfully wholesale and flip during tough times.

Thanks! :)

Post: Chicagoland kitchen cabinets

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

So where is everybody buying there kitchen cabinets at bow?

A lot of showrooms are closing and prices have skyrocketed.

It’s crazy!

Post: Are blockchain HELOCs the future??

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

Has anybody heard of this?
They promise same day approval and funding in 5 days.

https://www.housingwire.com/articles/49009-figure-...

https://www.figure.com/home-equity-line?utm_expid=.6vJhjrKKRoeZFzrffVw-eA.0&utm_referrer=https%3A%2F%2Fwww.google.com%2F

Post: Evicting a tenant that stopped allowing showings during home sale

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

 Yes in my  lease it states That’s Lessee also with hereby grants permission to lessor to show, and to new rental applicants to inspect, the apartment at reasonable hours of the day, within __________ (there’s a line here that that previous owner just put an x thru)  of the expiration of the term of this lease. 

Believe me, we have tried everything! She tries to sabotage every showing while we are showing her unit by being extremely rude to buyers, blasting the tv, talking nonsense about how the roof is leaking (roof was a complete tear off 3 years ago), not responding to any questions or greetings, giving menacing stares to everybody while following them around her apartment, etc.

We have now exhausted ALL options.

She has essentially scared away a few potential buyers because she presents herself as a nightmare tenant.

Before all the showings she was a dream tenant and she went all Dr. Jekyll on us...

We are very familiar with the eviction process because we have been in the RE business since the 1950’s.

But this scenario is a total first for us...

Just wondering if a judge would allow an eviction and what evidence we need.

We already have texts of her denying showings and the last text said we cannot show her unit until she moves.

Which probably won’t be for a little less than a year!!!!