All Forum Posts by: Michal Kolenda

@George Skidis I am buying the building with no official business entity. In my offer it was agreed upon that I would receive seller's credit to cover down payment & closing costs. So my intention was to open the account with a portion of that saved money and pay "myself" rent to build up a solid reserve that I would be using for renovations, maintenance, and whatever else comes up. I am trying to avoid all co-mingling. 

@John Leake That's a good idea to keep in my consideration. To be honest, I don't know exactly what bank I'm working with yet, my mortgage broker is supposed to be sending me financing documents in the upcoming week. So from my understanding you are receiving rents in the checking account and storing deposits in the savings? 

@Sung Park I believe that in Illinois, and more specifically in Chicago, if the building is under 25 units then there is no restriction on how the security deposit is held. 

Hi all,

I made this post originally in the wrong section and had no replies, but this seems more suitable. So, I'm currently in the process of closing my first deal. I'm going to be house hacking a 3flat, and am wondering if using the PNC Virtual Wallet to manage the finances is a good idea. Has anybody used this in the past?

Makes sense to me since they have a checking, reserve, and saving account. I would keep the security deposits in the savings account, place some reserve capital in the reserve account, and accept rent and pay expenses through the checking account. However I would like to hear thoughts and opinions.

Thanks!

Hi all, 

I'm currently in the process of closing my first deal. I'm going to be house hacking a 3flat, and am wondering if using the PNC Virtual Wallet to manage the finances is a good idea. Has anybody used this in the past?

Makes sense to me since they have a checking, reserve, and saving account. I would keep the security deposits in the savings account, place some reserve capital in the reserve account, and accept rent and pay expenses through the checking account. However I would like to hear thoughts and opinions. 

Thanks!

Hi everybody!

I'm new to the forum, but I've been greatly interested in real estate investing for the last year or so. I've been searching for a 3 flat in the North Chicago/west suburbs and have narrowed it down to Elmwood Park. I grew up in the area and moved to other suburbs around elementary school, and it really seems to have improved into a great looking neighborhood. 

Specifically, I'm looking for a 3 flat built in the 60's that has 2 - 3 bedroom units with 1.5 baths and ideally a 2 bedroom garden unit and my budget is 450k but my mind is open to ideas. These buildings seem to be typically in good shape, demand good rents, and also someplace I would want to live in for a while as I would be occupying it. 

I would like to hear any advice or thoughts on the area, and would be more than happy to meet up with a local investor, in which case I would be asking hundreds of questions.