All Forum Posts by: Jarrett Harris

This is a good conversation. I have 1 investment property and am looking for a second right now. I have considered the LLC but thought it might not be needed at this point. PLus I think for us in IL it is kinda expensive.

Thanks for sharing. I enjoyed your post.

@Nnabuenyi Anigbogu

I would work very closely with your attorney for the eviction process. You are in Chicago which means Cook County. I think we have the slowest eviction process in the country. No Joke. Last I heard the Cook County Sheriff was 18 month behind on evictions.

I would start with giving all the tenants you want to leave proper notice for the month-month arrangement they are on now.

If after proper notice they don't leave in about 60 days (because it takes time to pack and find a new place), I would seriously consider Cash for Keys. As a Landlord it is like nails against a chalk board but it will ultimately save you time and money, especially in cook county.

I was blessed like this guy was to have my schooling and car completely paid by my parents. However my mother also made me an authorized user on her Visa account when I was 17 This helped me have a 788 Credit score by the time I bought my first house at 25 I would just recommend to people like @Laura Janosko to be added to someone's account for this reason. Or you can get your own credit history started with a very low credit card, something like a $500 limit.

@Brie Schmidt

Many Congrats. It is very impressive that you did all of this since 2011 WOW. I started in Oct. 2013 and am still trying figure out how to get my second property.

WOW....

Since this thread is as old as Methuselah I will add my $.02

My parents paid my way through college. Not a penny in

 student loans. I am very thankful for that. Back in 04 My father bought me a brand new 2004 Pontiac Grand Prix, Supercharged. He paid cash. I got my Bachelors in Engineering that year and the idea was to find a small piece of investment property like a duplex. I was going to move out of my apartment and live in the rental property. That way I would be building some  equity while in grad school. Well I never found a piece of property so I just stayed in my apartment.  

In 2009 with 121K miles, I am still driving the Pontiac. While on the way to work I am in an accident and it is totaled. I think hmmmmmmmmm..... what can I buy now?!??!?! I purchase a lightly used Infiniti M35 Sport. Best Driving car I have ever had. However I know going in, maintenance and running cost  will be higher than the Pontiac. I still didn't quite know how much higher.

This was when gas was about $4/gallon and this car took premium. Did I mention I have a daily commute of 100 miles. All total this car takes $600/month in gas. But hey I had the money. Then the tires. Since I have the sport package with 19" wheels, that means tires are not cheap. About $1k/ set. And I need a set every year.  Then the insurance, I am about 30 years old at the time. Never had a speeding ticket. The insurance is still the highest of any car I have owned to this day.

I traded the car in back in 2012 for a 2007 focus. People were like ....What???????? Why would you??????

I could have cared less. I was saving more money and that is what I wanted to do. Now I am almost 35 with a certified used Honda. This may be the first car since the Pontiac that I keep more than 3 years.

A little older, and a little wiser.

Are your current rentals commercial level properties? If not the bank will probably want a strong partner for you to share the deal with outside of just have the money to buy them on your own.

I don't have any set amounts. The Closing cost and inspection cost will be dictated by the size of your loan and property ( SFH vs. multi unit). Just don't be like some people and account for only the down payment when buying a property.

@Connor Bell

Yes! as of day 1 you want some money in the bank for .....WHATEVER! This should be factored into your cost of acquiring the property.

 down payment

Closing cost

Inspection cost

Appraisal cost

Upfront repairs/upgrades.

Reserves

I agree with what others have said. THis goes back to the saying from one of the podcast, You need to be working On your business instead on IN your business.