All Forum Posts by: Ronan M.

There is no way you are paying $713 a month on a $58K Heloc at 3.5%

Something is wrong there. Are they adding the $58K to your primary mortgage or something ?

Yes with the Heloc you only have to pay the interest for the first 10 yrs then principle and interest thereafter. But you SHOULD be able to be paying down the principle in amounts you want from day 1.

But regardless...if you draw the full $58K your interest only payment could not be $713.  Somebody somewhere has their wires crossed. Double check with your banker.

@Isza A.

Welcome to BP

What guidance do you need on your building ? Throw it out there and you'll probably get some input from the helpful folks. 

if you don't have "All Unknown Occupants" on your court papers as well as your tenant(s) name then you might have a problem. 

 "I don't believe she's done any bookkeeping for Rental Property"

I am going in for heart surgery tomorrow. I don't believe the surgeon has ever done any heart surgery. 

Are each of us making the best decision regarding the professionals we have chosen to do a job for us ??

@Saurin Pandya

Creating your own OA is your chance to the set the rules and regulations of your LLC.

In the event of a dispute or lawsuit if you did not set out these governing guidelines in your OA then the courts revert back to standard state laws. Which may not be as favorable to you as you setting your own.

You can do it yourself on the Sec of States website in about 15mins and save paying anybody to do it. You will get the exact same LLC.

Its your LLC's Operating Agreement that you should probably have a professional look over for you.

Those extinguishers need to be checked and tagged yearly. I use Citywide Fire Protection Services 2919 Irving Park Road. I only use them as they are close to my house. I take the extinguishers to them yearly to check the pressure and date tag them. After 5 yrs ( I think) they need to be replaced.

If you need to do this for the Ins Company just buy them, install them,  take pictures and sent the pics and a copy of the receipt to your Ins broker or Ins Company. That is usually good enough for them. No re-inspection should be required.

But for the CITY inspectors don't just "set it and forget it"  If the City does an inspection down the line they will fine you if the extinguishers have not been checked and are out of date.

Those guys at Citywide call me yearly to remind me to brings in my extinguishers to get the up to date tags. Takes about 5 mins.

@Gail K. A tenant doesn't need anyone's permission to use their own phone.

@Keith Ellis when I said it could pay off I was referring to the area improving and property values appreciating.

Thx

South Shore is still developing but I think it is still a 10yr process for real gentrification (if it happens) The drive down from the city on LSD to 71st is spectacular passing Hyde Park, Jackson Park, the beaches, the lake, the parks, the Museum of Science etc. . Then South Shore proper starts about 71st St. Then the area turns slowly for the worst as you progress down to 79th. But it all has a ton of potential if you stay close to the Lake and Rainbow Beach area. If you flipped those areas and that location to the Northside they would be Multi Million Dollar areas. They have such an awesome lakefront right along there. The area is showing some signs of progress...new townhomes, new cafes. But some of it is still very depressed.  If you stick close to the lake and near the Metra line that runs thru South Shore I think it could pay off in about 10yrs. Remember...I said could.  Every time I am there it amazes me that the area is not another Hyde Park or Lincoln Park because it has so much going for it. Close to city, good train service, great beaches and tons of open park spaces.