All Forum Posts by: Mike Hansen

Hey John --

Our criteria is 3 br, 1.5 or more baths, 2 car garage, lots at least 60 x 120. We can usually find nice starter homes between 180 - 220k. Rents are between 1600 - 2000 a month.

You can find better numbers, but we're looking for long term buy and hold, and even when market flips back for buyers people will always want to rent in the areas we're in. We'd rather have good tenants and fewer headaches. Plus we know this area like the back of our hand. I've been in this area for over 10 years.

Mike

Hi there --

My business partner and I have just started up our series LLC, and now have 3 single family homes.

We have secured landlord policies for the homes with an insurance agent I've known for decades at Allstate. The thing is Allstate doesn't allow our LLC to own these policies: the landlord policies must be attached to the owners (read: my) policy, with the LLC being named on the policy as well.

We want out LLC to be as autonomous from the owners as we can. Can this insurance arrangement leave a back door for popping the LLC protection bubble if worse case scenarios occur and we get sued?

We're located in Illinois and utilize a series LLC, so each house is connected to an individual series.

Thanks much --

Mike

Hehe thanks - so far we're aiming for steak knives.... Cadillac Eldorado's to come (we hope)

Mike

You can do it Christy! I'm new to this too...

These guys nailed it - numbers, location, and that final "gut feel" have lead me right for 3 deals now....

Fortune favors the bold! CLOSE IT

Mike

Hi everyone --

I've been tapped into Biggerpockets for a few years now, and now I finally feel I better introduce myself!

I bought my first rental property, a single family home here in Naperville, IL back in 2009. Thanks to forums like this I learned a lot and have been keeping the place rented, and in one piece for a few years now, with positive cash flow (the best kind ) :)

Last year an old friend and I started Glengarry Properties (ABC - Always BE Closing), and we now have 3 rental properties, and are looking for one more this year in the Western suburbs of Chicago.

We also are looking at taking a stab at flipping this year as well. I'm hoping we can give to the community here by sharing our experiences so far, and fielding some questions of our own.... Which never seem to stop coming ...

Thanks much --

Mike