All Forum Posts by: Pete Bhanshali

@Paul De Luca That is awesome to hear that Chicago market is still hot, but I am just preparing for the worst case scenario. I appreciate your recommendation on the CPA. 

I was able to find awesome HVAC & Electrician thanks to BP recommendation. 

@Natalie Kolodij, thank you clarifying the tax scenario, 

Pete...

Hello BiggerPockets, 

Currently I am working on a flip project, I should be done with it before the end of the year. Due to market uncertainty, I might have to postpone selling the property or take a loss.  My other half suggested that we should move into the house until market recovers and we should rent out the current house. I am liking the idea instead of renting the new house. 

For 2022 tax, I will be able to claim all the expenses, interest, taxes and insurance. Now If I am unable to sell the house and I move into the house, what happens with the deductions for 2023 and previous year expenses that I had claimed in my taxes. 

Thank you for taking the time to read and reply to my post. 

Pete...



 

@Ainsley Logan,   I am sorry you are running into so many issues. I recommend leaning on your real estate agent to find you reasonable contractors/handyman,  contractors that cater to the investors. Not sure if this is feasible but I recommend going to your property maybe once a month, spending time with contractor to understand why certain repairs are needed.You might have contractor that could be recommending major repair when small fix might resolve the issue.  ex: you have galvanized pipe to the toilet that is clogged due to the age. Correct course is to change everything, but that is mucho $$$, if the water pressure is okie upto the toilet trunk then the immediate fix would be to only change the pipe that is clogged. 

I use to fly out to my properties when I acquired them, then once every three months and take my team out for meals and discuss plan of action to tackle current and future projects. Since I have built great relationship with them, I go there maybe once a year. 

I agree with @Chris Seveney's advise. 

Pete....

Bruce: Thank you very much for the recommendation, I reached out to Lonergan. They also stated same thing as I mentioned in my post. 

Greg: Thank you for feedback. I do not have the paperwork from county yet but after speaking with attorney at Lonergan, they also confirmed same as the other attorneys I have spoke to. Tenant has to merely state they do not have the means for pay for the appeal and they are granted appeal. Plus Dallas county is bad a Chicago, it is completely tenant leaning. Judges are not following the law. 

Hello BP Family,

Happy New year everyone. 

I inherited the tenant with the duplex I purchased in Dallas county.   I started the eviction in early October 2022, I have been using this company and they have been really successful in getting the tenant evicted. On Dec 12th, I was awarded back rent by JP court but tenant filed appeal (month deposit is waived as bond if you claim not to have any $$$).  Now the case is moved to county court and have to hire a lawyer. The person that is handling the eviction told me that county court still has not received the paperwork and JP court is claiming they have sent it. I did speak to an attorney and she also stated that Dallas county is tenant friendly similar to Chicago, it's not uncommon for judges to change court dates at last min and give tenants unnecessary leeway. 

Can anyone recommend a eviction lawyer they have used for Dallas county and have they run into the issue similar as mine? On Avg how long did it take to evict someone in Dallas county?

Thank you in advance for reading and replying. 

Pete...

@Nathan, Agree Chicago sucks for Landlords, fortunately I didn't have a single dead beat tenant during Covid, maybe I just got lucky.  This is the reason I am not longer buying anything in Chicago or any tenant friendly state, I just don't want that headache looming over my head. 

Hello Noah,

Remember Chicago is a super tenant friendly, under any circumstance do rent to anyone that does not have decent credit and atleast 3x gross income. Also if you are planning to take deposit than follow the law. I longer take deposit, only non-refundable move-in fee(see my thread on having to pay tenant tons of $$ because I missed giving me .10 interest).  You are buying in a good area, I currently own 4 unit not to far from there. You will be able to find decent tenants in that area. I like to keep my rents slightly lower than market trend, due to this my turnover is low. 

@Patrick, I disagree, my large part of portfolio is in Texas and I am self manage, I also have a 9-5, key to successful out of state rental is having good contractors and team.

Pete...

Hello BP Family, 

My apologies in advance if this post has offended anyone. 

For whatever reason few of my properties are under my name instead of LLC. I understand wholesaling is a legal business, but same people are calling with unrealistic offers, they are getting to be equally bad as the scammers. Also no would deal with someone who is masking their number. In this current state of market, why would anyone go through a wholesaler. It's seems like they are praying on people by misrepresenting the facts. Doesn't matter the shape of the property, everything for most part will sell on MLS.

Are some of you going through same issue?

Regards,

Pete...

Hello BP Family,

I am working on project, already have the approved architecture drawing, gutting the whole place. I need wooden beam in the basement replaced with I Beam, unfortunately my contractor that specializes in structural area has taken time off to focus on his personal property.  The contractor will have clear access from basement window to bring in the beam plus the whole area has been cleared. It will be 22 feet span, with three post, what do you reckon the cost will be  and can someone please recommend a contractor that specializes in this area.  

Thank You in advance for your help!

Pete...

@Sean McKee, I agree 100% with your statement, this law impacts the small landlords who fall prey to ******** law. 

@Brie Schmidt, agree it takes mere seconds, but I am surprised Real estate association has not lobbied to have this ********** law changed/repelled.  

My end goal is to offload my portfolio for fair market price and move into Landlord friendly states where they have common sense laws!