All Forum Posts by: Marvin Meng

I appreciate the idea. I'll run it by my lawyer and let you know how this turns out. Thanks!

What do you do when you have an applicant who meets your requirements on paper but you "just know" their going to be trouble? In this case the individual if good friends with a previous tenant who was one of my worst tenants ever (numerous complaints from neighbors, police calls, late rent and other drama). There are numerous red flags with this guy but nothing that conflicts with our minimum standards. Ideas? Thanks!!

Thank you, will do!

Hi,

We currently have an LLC in S. Illinois (St. Louis area) but I need to learn about trusts and/or land trusts. I realize this is a basic questions and disproves the theory that there's no such thing as a stupid question but:

Would someone please be kind enough to explain to me what the befits of are a trust, how a trust differs from a LLC and any advice you have regarding entity structure (particularly in S. IL).

Thank you!

Hi all! 

On a recent podcast someone suggested starting a Facebook group for investors in your area. So here goes... Here's a link if you're interested: https://www.facebook.com/groups/149423058858650/

It's geared (but not limited to) to investors in the Edwardsville and Glen Carbon, Illinois. 

Interesting thread; thanks for starting it! 

I live in Edwardsville and presently invest in both Glen Carbon and Edwardsville. I'm trying to get educated about the Missouri side. So far there are pros and cons and it's a trade-off. Here's my thinking:

I know this (IL) area a lot better so it would be easier to accidentally invest in a declining area in St, Louis/STL County. That said, as noted above taxes are lower in MO. But that could be offset by higher insurance in a higher crime area, Edwardsville/Glen Carbon doesn't have any declining areas that I'm aware of. 

Between the two cities I prefer Edwardsville. Glen Carbon has a yearly inspection requirement (not a bad idea on its own) but the pass/fail decision is purely subjective and depends on the mood of the inspector. I've been bitten by some pretty bogus violations. To be fair other inspectors have pointed out potential issues and saved me headaches so maybe the glass is half full. But between the two cities I prefer Edwardsville and Glen Carbon would have to be a pretty good deal for me to buy. 

Lastly I'm starting to look at Bethalto but can't say anything intelligent about that market yet. Good luck and thanks again for starting this thread!

What's your market? We have a 4 unit all 1BR but we're in a college town and these are the easiest to rent. There is a fair amount of turnover (average rental is about 18 months) but overall it's good.

What helps us is we're in a college town and we market mainly on the university. If you can identify a way to market to singles and young couples I think you'll do well. Good luck!

Hi. I purchased an 3-unit in Edwardsville, IL last April and unwittingly inherited an abandoned car (form an old tenant). No towing company will touch it without a title and the police won't do anything including give me the name of the owner. Any suggestions? Thank you!

Thank you! I'm curious to learn more about the cards - that sound remarkably simple. Also I'd like to learn more about Buildium. That's a subscription service, correct? May I ask what they bill? Also can anyone recommend any other PM platforms? 

Thanks!

We've been renting properties for a while and have always accepted mailed checks for payments. Given that this is the 21st century, I'm curious what methods of payments any of you have used which have been particularly successful or unsuccessful for you, what the costs are and any advise you might have. 

I'm particularly curious about direct deposit, paypal and any other automated methods.

Thanks!

Marvin