All Forum Posts by: Tom Shallcross

@Alyssa K. - lot of great options. I personally thinks it's great to work with a larger property manager in your area. This will provide insights into operating larger portfolios at scale and a sneak peak into where you eventually want to go. It should also put you in front of other successful people in the industry, thus increasing your network. 

Given you already have started to build out a portfolio, you should also talk to your accountant about qualifying for real estate professional status to write off losses against ordinary income - https://financialresidency.com/real-estate-professional-irs/. If you get to professional status and then do one cost seg study, you can potentially wipe out your spouse's' earned income for the entire year. I did my first cost seg in 2021 and it had an unbelievable effect on the taxes I owed. 

@Dennis H. - sure, sending now. 

@Chad Gilchrist - I assume 2023 lease will be out next week and that's the one that should be used moving forward. 

@Karen Nieto - not sure why link isn't working. I'll DM you the actual copy (can't attach in forum). 

@Gary Jones - Not sure if this is just IL-specific as I really only invest here, but in Illinois, attorneys are typically licensed agents of the different title companies. A typical contract usually states the seller's agent picks the title company. As the licensed agent of that title company he is getting a huge amount of that title fee plus some of the auxiliary fees. It's not legally called a kickback or referral, but for layman's terms, that's a good way to think of it - an incentive to pick that specific tile company over any other title company. 

Regardless of the IL shenanigans, best practice is to build a relationship with someone you can trust as opposed to feeding off the bottom price.  

@Account Closed - yes I believe it defaults to the first day of the next month. So in your example 12/2 is the same as giving notice 12/31.

@Mark Ainley was the one who informed of me this. 

@Michael Sharpe - here is Chicago's passed fair notice ordinance which outlines your responsibilities as a housing provider to either raise rents or terminate a lease - https://www.chicago.gov/city/en/depts/doh/provdrs/renters/svcs/know-your-rights--fair-notice-ordinance.html

@Bryan Hancock - I've had good luck hiring off of onlinejobs.ph for similar tasks. Feel free to DM with questions. 

@Jordan Alexander - mortgages are typically recorded at the the city or county level. In Chicago, we go to the cook county recorder site, type in the address or PIN and the site will show all recorded docs including the mortgage. Looks like you're in Milwaukee and they have this info at the city level - https://city.milwaukee.gov/cityclerk/PublicRecords/Property-Records

@Darren Bloomfield - congrats. REI is a get rich slow game, it's great to be hungry and proactive, but you don't need to be reckless. Below are my two cents on your situation:

-If you are truly obsessed with getting the next property but don't have the cash, do the dirty work to find an off-market deal. Whether it's making phone calls, knocking on doors, or committing to a year of direct mail, if you can find an actual genuine deal in one of these Northside markets, you will find someone to partner with you. If you don't have the cash, but truly have the hustle, this is your next logical step 

-Continue to put yourself out there. Let others know you are looking for partners and get involved with the numerous Chicago meet-ups. A partner is not going to magically fall into your lap, you need to take the initiative. Feel free to reach out if you want a list of meet-ups. 

-Hone in on the market. Become an absolute expert on housing and rental pricing in Logan/Avondale. By taking the time to establish this baseline, you will be better suited to find arbitrage in the market that others will miss.