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cash,
Have you used it? What was it that you didn't like about it?

biggerpo,
Thanks for the Legal Zoom link. I'll definitely look into it.

Hi all,
I own a few rental properties in IL and don't have a lawyer. I was thinking I need one if I ever need to evict (may be happening soon) etc. Does anyone use Prepaid Legal or have any educated opinions about it? Or should I just have a local lawyer that I pay as needed?

I also need to create an LLC and wasn't sure if Prepaid Legal handled setting those up. Thanks!

I would love to buy it but he would never sell. It is directly across the street from his parents house (where he goes for dinner every night). He's not the brightest fellow; he was a tenant in the duplex for 20 years before buying it a couple of years ago.

Hi all,
I have an issue with a neighbor of one of our tenants. He has butted heads with our tenants ever since they moved in a couple of months ago. He has called the cops on them twice. He has accused them of convincing his tennant (he owns the duplex next door) to move out by telling them bad things about him. The police confirmed that they moved because of a job opportunity.

The tenants are not the issue. They are good people and have tried everything to difuse the situation. Now he has filed a lawsuit with the city for tresspassing! The only thing the tenants can think of is that they accidentally mowed over the line a few days ago.

Should I step in and get involved in this? I don't want him to cause them to move. If he does, is there anything legally that I can do if he does?

Thanks,

Eric
Peoria, IL

...and valuable to me as a residential property owner :D

I know that when I buy a rental property that I need to do a market analysis but I don't really know what that includes besides comparable rents. Can anyone tell me what else may be included and where do I find this information? Is all of this public information or do I need to find where the comparable properties are and ask what they rent for?

Being a landlord is great! Can't complain about getting a check once a month for doing basically nothing.

However, I have already learned my first lesson. We had a sewer problem at our house and had to put in a cleanout, only to discover that there was already one there three inches under ground! Ended up costing about $300 more than it should have. From now on I will always inquire about it when purchasing property!

Hi all,
I'm from IL. My wife and I have owned our home for about 2 1/2 years and about 3 months ago bought a duplex which we moved into and then rented out our house. We are currently looking at purchasing another duplex (which we would move into). I look forward to soaking up all I can from all of you and hope I may be able to be of assistance to some as well.

New investor here...

Can someone give me a good explanation of the differences between HEL and HELOC?