All Forum Posts by: Peter Milic

@RyanDavis thank you for your fast response. I’ve never done this before and I do feel little uncomfortable reaching out to the family. But I’m only doing it because I know that they are ready to sell, the lady died in December, they already did some cleanup and the village inspection, so they are definitely ready it seems

Hi BP, Someone in my neighborhood recently died, I heard that her kids want to sell the house, but I don’t know how to get in touch with them, how to find them to let them know I’m interested in buying the property. I’m hoping someone here would be able to help me. Thank you!

Hi BP, I have a quick question. I want to do a quit claim deed on the properties that I own to move ownership to a LLC, I formed the LLC everything is almost done, but now my attorney tells me that he couldn’t record it with the county until I get approval from the Village, which means I might need to pay stamps, do a final water reading, get a village inspection done etc I just wanted to see if you’ve done this before, is this how it normally works? Basically the process is the same as if I was selling it? Or no? Thank you

Hi everyone, I recently started renting my property on VRBO and Airbnb. I was wondering what happens if the tenant decides not to leave after he’s supposed to? If they just stay in the unit? I currently have someone in that’s starting to act weird so wanted to consult here. VRBO basically leaves you hanging in that situation, they said call the police it’s trespassing, but I’m not sure, because it wouldn’t work like that for long term tenants and this seems even worse because there is no lease and I don’t have any of their info. I appreciate any help. Thank you!

Adam Adams great answer Adam, thank you so much! This is my first 5+ property so I'm trying to figure out if I made a good deal or not. I new some stuff when I was buying it but not everything. So far looks like my cap rate will be around 7.5 and I'm happy with that, but my COCR is only around 8%. I've put 25% down and had to invest more money to fix it. they said on the podcast once not to pay what property will be worth in the future, I think I that that's what I did, but I'm happy, it's a perfect location for me and I self manage for some extra money, and the loan is getting payed off, all in all not to bad I think. Thanks again!

Andrew Boettcher $1000 is after everything, loan, taxes, insurance, utilities, PM, maintenance and CapEx(a projection not actual number). Thank you for your response

Joe Villeneuve Thank you for your help. I just want to explain, I'm not paying down the principal out of $1000 cash flow that I get or with my own money, I get a $1000 in cash flow and my mortgage is PI, not interest only, so so far out of $1700 payment $1100 was going for the interest and $600 for the principal roughly. Grant Cardone calculates COCR based on a interest only loan, that's why I was wondering. Thank you

I was calculating my cash on cash returns on a property I bought a few months ago. My cash flow is about a $1000 a month, and for the past 6 months $600 of my mortgage payment went toward the principal. Is my cash on cash return $1000 a month or $1600 a month? Thank you for your help!

I recently purchased a house I plan to flip in Lyons Il, this village is not a favorite for contractors because of their requirements if you want to register to do work there. They also don't give a list of registered electricians that you can call.

If anyone can refer me an electrician that does work in Lyons or at least in the Chicago area I would appreciate it.

Thank you!

David and Frank, thank you for your time and advice. Frank, thanks for the ac advice as well, I will use a company as well, they can cause a serious problem.