All Forum Posts by: Dooreuhn Cee

Chicago is a terrible cash flow market, so please don't buy houses here.  

Hard times have taken 2% monthly returns down to 1.5% monthly returns.  You can barely 3x the sale price by rehabbing.  And the south side renters are so greedy.  Every time we put a house up for rent, someone wants to put down cash during the first few tours.  Its overrun with city and federal workers, nurses, truck drivers, and retired pension holders.  

FHA first time buyers are so annoying that the last 2 houses we bought to rent out, we ended up being forced to flip quickly at asking price. And who cares about that stupid renovation of lakefront property along Rainbow Beach.

@Chelsea Ray Soooo sorry for your pain Chicago brother.   

But if you aint been cheated at least once, I argue that you haven't been taking enough risk!!!

@Johnny Pannell yes, 10 years interest only.  yes personal guarantee.

has to be Chase biz account, need that info for personal accounts

@Nicole Valenzuela Just to confirm, there is a meeting Monday 1/29?  That would be great as I will be in town.

Reut, I'd suggest C class areas.  

IMO, the B class areas are already overpriced and more apt for a correction.  Avoid the eye candy of D class until you get way more experience.

STUD!  If you know how to handle a stud.

Cash flow areas of the south side are still selling well below the 2007 market highs although many other areas are at or above 2007 values.  Further, as the murder capital and top foreclosure area from 2007, the values are as much artificially depressed now as values were artificially buoyed back at that time.  Last, I have been a personal witness to areas of Chicago go from zero to hero and its not over!

Legal Zoom provides an operating agreement for a single member.

@Jeremy Geng - I ran across this issue as well and tried to find a solution. Essentially, a corporate owned house, even if owned by a single member LLC, cannot be represented by the member for the eviction and must spend money to hire an attorney. I was unable to find a loophole around this requirement.