All Forum Posts by: Pancham G.

I am looking into hiring a property management company. One of the company is asking to be on the insurance policy. Is this normal?

Also, if I fire them, they want a full rent commission until the lease end. Is this expected?

Thanks,
Pancham

Agreed that its not a fair comparison to compare Chicago with Detroit. Detroit failure was a long time in the making. But my question more was towards if this would make REI to think twice to invest further in Chicago or would they continue just like they did before...

 Yes, exactly. Starting with small businesses...

@Michael L.: Yes, the dynamics of chicago are very different from Detroit but lets think about what happens if Chicago does file bankruptcy? People lose govt jobs or don't get paid, pensions get cut which will lead to more crime. There will be less police to control the increase in crime which may lead to more unrest. So, that all this doesn't happen, Chicago will have to get money from somewhere. One of the source would be the property taxes. Since the businesses are doing well in Chicago, I would think they will get affected. This may very well trickle down to residential properties too where homeowners/investors are directly affected. This is where what @Crystal Smith's said makes sense.

Check this news story out:

Chicago Faces $2.2 Billion Bank Payout After Rating Cut to Junk

This kind of thing really scares the heck out me and I want to find out if it does for other investors too. We all know what happened to Detroit. Although, Chicago's dynamics are very different from Detroit but this does raise red-flags. Will this stop you from investing in Chicago?

@Andrew Jambor

I live in Nassau county and have investment properties here. Let me know if you need any info or local insight. I would be willing to partner too if the numbers workout. PM me if interested. Thx. 

@Meng W.: I will be interested in looking at allentown. Will send u a PM

@Jim 

@James Wilcox: I would do what Mark said. You have to get executed leases. 

@Account Closed suggested)

@Justin C.

First of all, i would like to give you thumbs up on making this decision early of doing "house hacking". 

Finding a multi-family in suburbs of New York i.e. 45 to 60 minutes away from manhattan is very doable. Decent areas of queens and brooklyn are untouchable at this price. If you go further out east into Long Island or west into NJ, you may be able to get duplexes/triplexes which will fit this commute time limit.

I would suggest, get a good realtor (costs you nothing) for NY (queens and brooklyn) and NJ (jersey city, fort lee, etc) and have them do the work for you. You are a perfect retail costumer for them, so they should be able to give you 100%. This way you will get to know different areas and give u a feel of what you want to do. Hope this helps.