All Forum Posts by: Mario Jay

Shoot me a private message if you have specific questions and I’ll tell you what I know if you want, thanks! 

Hey buddy, I own several properties in the area you’re looking at. Those buildings all trade around that price, filter recently sold and you’ll see a 3 flat sold for that same price in town a few months ago. 

Also you need to know inspectors in this town are super strict and a pain at times. I don’t see you getting it for 50k less than asking. But you can try. 

Thanks for the quick reply Adam! I know I can't end their lease tomorrow for instance. Is there a minimum amount of time I need to give them? I read 30-60 days before.

Hi Guys,

Good afternoon!

I just closed on a 3flat in the NW suburbs of Chicago. The building is completely rented currently. However, I purchased it with an FHA loan and want to move into the top floor unit.

Per discussion with the prior owner the top floor tenants only paid half of the rent for May (bad news) and refused to pay them the full amount. Now it's my problem. The tenants only have a month-month lease. I am trying to get rid of them ASAP and am willing to call the forgone rent a loss. Would I have to evict? Tell the current tenants to get out at the end of the month? I am not sure what my options are or where to even begin.. Thanks for the help!

Might have posed in the wrong forum not sure..

Hi Guys,

Good afternoon!

I just closed on a 3flat in the NW suburbs of Chicago. The building is completely rented currently. However, I purchased it with an FHA loan and want to move into the top floor unit.

 Per discussion with the prior owner the top floor tenants only paid half of the rent for May (bad news) and refused to pay them the full amount. Now it's my problem. The tenants only have a month-month lease. I am trying to get rid of them ASAP and am willing to call the forgone rent a loss. Would I have to evict? Tell the current tenants to get out at the end of the month? I am not sure what my options are or where to even begin.. Thanks for the help!

Good afternoon BP!

I have a question. A local investor in my area is selling an apartment building. I know he has many properties in my city and I was curious if where was a way to find out what he owns. He owns them all in his name and not via a trust or LLC. I have his full name and home address along with the address and pin number of the apartment building that is for sale. If there an easy way to search this online? I am only interested in properties he owns in a specific town if that helps. Thanks!

Hi everyone! 

I have a rental property in the NW suburbs of Chicago and the concrete running alone the house has sunk. The area of the concrete is about 40foot by 11foot. Each slab is 8foot wide for a total of 5 slabs down the length of the house. By the house the concrete sank about 3 inches while the other end is still "level". 

My question is twofold. How long would mudjacking last? I have had mixed reviews. Some people say it will last forever while other tell me it starts to sag again after a year or so. The second part would be associated with costs. For new concrete I was quoted about $7/sqft all in. How much does mudjacking usually cost? Thanks in advance!

Thanks Charlie.

I posted here to gather ideas and info before talking with a CPA. Whether the idea is even feasible was my question, before I bring it to my friend..

Hi everyone!

I ran into a situation that I could not seem to find the answer to. Essentially, I want to buy a multi family building from a friend who has owned the property for many years. He is in his late eighties, purchased the property for about 30k and wants 300k for it. He wants to lease it to me until his death to avoid the tax. I want to buy it so I can start paying it off.

He approached me offering to lease me the property until the date of his death at which point his kids would inherit the property, get a step up in basis, and sell it to me. (The selling price and time frame are established today). I saw the property, like it, and it is a great deal. He does not want to sell it because he does not want to pay capital gains tax on the 300k.

I do not want to possibly lease the building for the next 10-20 years and only start paying it off then, so I came up with an idea. What if he sells me the property and is the financer of it? I will pay him monthly interest (300k @ 5% = 1,500/month) (about $1,100interest / $400 principle). Of course he will pay tax on interest at ordinary tax rates but this is "free" money to him anyhow. He is still taxed on his capital gains as well but only gets a small portion of them every year as the note is paid off. (He pays taxes but receives much more income overall)

My question is, upon his death when we will call the note due (I will need a traditional loan on the property) how would this cash paid to his heirs/estate be taxed? Would it be covered under his estate gift tax allowance? Or would his kids then be forced to pay all capital gains as they receive a lump sum payment from me? I can't seem to get to the bottom of this myself.

Jill, can you point is in the right direction for the online courses? That sounds very interesting and like something that I would also like to take part in!