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All Forum Posts by: Tomas Satas

Tomas Satas has started 23 posts and replied 61 times.

Post: So what does everybody think about an impending RE crash coming?

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

Would a crash happen over night or would it be drawn out over several months?

Also what could be the warning signs?

I’ve heard a million opinions on this and trying to draw a little from each one and come up with a great plan. 

Thanks so much for the response! :)

Post: So what does everybody think about an impending RE crash coming?

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

I’ve heard from a few people that it is inevitable.

I’m sure you all have seen the dramatic rise in property values.

It almost seems unsustainable.

What would be the signs of the beginning of a crash and how are people putting in safeguards to protect their flips so as not to get stuck in the middle of a big rehab?

Thanks. :)

Tomas

Post: Chicago REI Club Meeting

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

Thanks Meghan. :)
Is there a FB page or email list that could keep me updated on these meetings?
I'd love to come mingle with like minds sometime.

Post: Business credit cards

Tomas Satas
Pro Member
Posted
  • Investor
  • Berwyn, IL
  • Posts 64
  • Votes 8
I was told the same thing by my accountant but there is conflicting info posted here.

Does anybody know if you can deduct interest when using a credit card for both personal and business expenses??

Originally posted by @Hugh Ayles:

one thing not mentioned yet- if you comingle business and personal on one card and accrue interest, you can't deduct the interest as a business expense.  Confirm that with your own accountant as that is what I was told by my accountant.

Post: Chicago REI Club Meeting

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

I'm also curious as to how much experience most people at the meetings have?

Is it a bunch of rookies? 

Post: Chicago REI Club Meeting

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

When is the next one?

Post: Found an easy project to do for a fast flip in 60647

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

Do you have any properties available right now?

Post: Losing the Business Interest Expense Deduction and the 1031 xchg

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

Any updates on this??

Post: Fire Rated Door code in IL.

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

What's up everybody!

I got into a big argument with an inspector today and need your help...

Does anybody know the codes for fire rated doors in a 2 flat??

This inspector told me that I need fire rated doors at the top and bottom of a staircase that goes from the 1st level to the basement family room of a duplex.

The 1st floor of the 2 flat is a duplex with a private staircase down to the family room.

Any advice would be much appreciated.


Thanks in advance.

Post: Hudson and Marshall counter offer.

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

Good afternoon fellow investors!

Has anybody ever won an auction at Hudson & Marshall, mail in the contract/earnest money, and then get an email a few days later with a counter offer from the bank?

Not sure if I should stick to my winning bid or accept the offer.

The bank might be bluffing or maybe not?

Thanks so much! :)

Tomas