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All Forum Posts by: Account Closed

Account Closed has started 11 posts and replied 70 times.

Post: Looking for a Chicago Team!

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 77
  • Votes 25
Originally posted by @Aja Devaney:

@Eudith Vacio that’s what I’m thinking too. I believe in the 4th quarter of this year is when we’ll see the market fluctuate. I know there’s a new development near the South Loop called The 78 that’ll be completed by next year and I was thinking the Pilsen neighborhood could appreciate because of that. I was also looking at Maywood, near the west side. Are you in the Chicagoland area?

Aja and Eudith

Lets connect for we have similar  ambition 

Post: Solar in illinois: worth it?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 77
  • Votes 25
Originally posted by @Andy Margolis:
Originally posted by @Francis Rusnak:

Solar can be put on for free with no downpayment if you use certain companies and your house qualifies. Illinois afaik is one of the few states that allows this with different grants. Have a friend who installs .. @Andy Margolis

@francis rusnak - your comments are very accurate. Illinois is a hot area for solar due to these amazing incentives that cost qualifying homeowners nothing to go solar. 

Update: I learned the hard way many of the solar ads want your phone number so they can start cold calling homeowners for estimates and appointments. So over the weekend I started answering my phone and as fast and willing they were to come out and give an estimate, when i told them I live in a multi unit, the conversation soon turned into " Oh, didnt know that, we will call you back......."

Ill admit i was browsing on Facebook for solar companies in chicago and always asked the following:

1. Do you install on flat roofs? always answered yes

2. My primary residence is a two flat and since i pay for my tenants electric will this be a problem? They often said "yes" but one company said it depends on building height restrictions and angle of the solar panels would be the only obstacle 

Seems like these companies all of the suddenly are changing their tune

Im asking because i don't know but is there something against installing solar panels for investment properties? 

Post: Solar in illinois: worth it?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 77
  • Votes 25
Originally posted by @Jeff Burdick:
Originally posted by @Account Closed:
Originally posted by @Jeff Burdick:

Are you using electric heat?  My electric bills are generally pretty low.  They're up some in the summer months due to AC.  But they're generally low enough that I think it would take forever to get my money back.  I don't know what solar panels cost, but I have to imagine thats a pretty sizable investment.  

 I have a forced air furnace but I pay for electric in my primary residence which is a two unit + public 

My next step is to consider solar on my 6 unit 

 I just read your profile.  I was a CPS teacher for six years.  

23 years on the job

Was planning on retiring early in two years to invest full time, then covid happened 

Post: Experience with Portfolio Loan?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 77
  • Votes 25

I just closed on a refi with Royal Bank. They were actually really good. I had been given the run around from big banks and a few lenders since January. I worked with David who is the VP of commercial lending. They have been referred  here on bigger pockets as well

Post: Solar in illinois: worth it?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 77
  • Votes 25
Originally posted by @Steve K.:

Hi Mike, I worked in solar in nearly every capacity possible (residential, commercial, utility, community solar, etc.) for many years before I transitioned into RE full time. Here are some resources for you if you haven't found them already:

This site gives an overview of the average costs and incentives for each state, and you can enter your info to get a rough estimate for a system: https://www.solarpowerrocks.co...

This is a reliable website for reviewing local solar installers: https://www.solarreviews.com/s...

Feel free to hit me up with any specific questions. @Andrew Smith is another solar professional on here, I believe he's still active in solar and may be willing to chat with you about the specifics of your project (Hi Andrew hope you're well buddy!). Illinois is a booming market for solar, you have great interconnection, net metering, and SREC policies there. 

Best, Steve

Thanks Steve

I will take a deeper dive. ive found many of the reviews for solar panels and contractors are lead generators for solar panel companies wanting your number so they call 3-4 times a day. I must have checked out 5-6 different review sites for solar panels each one had their top 10 of different companies and installers. Wouldn't you know it all of them had perfect ratings!!!!!

Post: Solar in illinois: worth it?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 77
  • Votes 25
Originally posted by @Jeff Burdick:

Are you using electric heat?  My electric bills are generally pretty low.  They're up some in the summer months due to AC.  But they're generally low enough that I think it would take forever to get my money back.  I don't know what solar panels cost, but I have to imagine thats a pretty sizable investment.  

 I have a forced air furnace but I pay for electric in my primary residence which is a two unit + public 

My next step is to consider solar on my 6 unit 

Post: Solar in illinois: worth it?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 77
  • Votes 25

Energy grants? Different from tax incentives?

Adding research of energy grants to the "To do list"

John and Sam

Thanks for the reply

Post: Solar in illinois: worth it?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 77
  • Votes 25

I've done some preliminary research on going solar for my primary residence (two unit with flat roof and almost no shade according to comed and project sunroof by google)

Ive run my numbers a few times and I understand there are tax incentives and that next step is to find a contractor to give an estimate.

Anyone here on Bigger pockets willing to give both pros and cons of their solar installer/contractor and your experience of  switching over to solar.

My primary residence is long term and don't plan on going anywhere anytime soon (10 years plus)

Post: In need of CPA First time filling taxes with rental income

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 77
  • Votes 25

I found them here and yes i do like them. Its alot of frontloaded record keeping which im not the best at but this coming tax season, Ive been doing a better job with my record keeping for next tax season

https://www.biggerpockets.com/co/my-online-accountant-llc

Post: In need of CPA First time filling taxes with rental income

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 77
  • Votes 25

@Ben Smith

Check out myonlineaccountant all one word. Cloud based accounting and as

Long as they serve your area, that’s where I would start