All Forum Posts by: Zak Marinko

I think this is a great idea! It's funny how we work so hard to build generational wealth, only to potentially turn our family into non-hard working people who end up just spending all of the money. Definitely much more important to focus on the principles and raising high-quality humans than just "passing on the wealth." I definitely agree!

@David Peskind I feel like an online rent collection program would be ideal, is there any reason you don't want to transition to that? Also, where exactly are your rentals? (I see you're from Naperville, wondering if your rentals are there, in another suburb, or in the city)

I don't have any direct experience with it, but my advice would be to use FurnishedFinder or even AirBnB as long as your set your minimum stay to 32 days. Also, I like the idea above of starting off with one and then transitioning them all if the results are positive.

Downtown Naperville and close proximity to the hospital seems like it could yield some pretty good activity for an MTR! Even marketing towards people who need to get into Chicago for work could be effective because of the train.

Anyway, I know this post was a while ago, so very curious to hear how this turned out if you pulled the trigger!! Fellow DuPage county investor, and would love to add MTRs to my portfolio.

As a soon-to-be first time landlord, thanks for asking this question! I like the ideas above of scheduling an inspection/a time to go inside the unit. Can be totally inconspicuous, and then you can get an idea of what's going on inside there. Also, the 30-day tenants rights thing is important too, so definitely act fast!

@Connor Eigen Probably a pass. Especially thinking of how important it is to have adequate cash reserves, having an unexpected hit to your cash at closing can really hurt a deal. Not sure of your exact scenario, but if I were in your shoes it would probably be a dealbreaker for me

Thank you @James York for your template! It's super simple, but really helpful starting out to see that not that much nuance is necessary. Looking forward to using something similar and straightforward for starting out

@Caleb Charles Morey I feel that with the "failed entrepreneur" thing! LOL only half-joking, but totally agree with @Brenden Mitchum, you haven't failed until you give up!

Would love to connect about sourcing off market deals, looks like this post is from a long time ago, so hopefully you're crushing it now!

Seconding what @Paul De Luca said, look at what the assessed value is currently, and the purchase price you're targeting. If the assessed value is higher than your purchase price, you will have a really strong case for appealing your taxes. I did this on a property I purchased and cut my tax bill in half, lowering the mortgage by $400/month. You'll have to survive a year (or two or three) with the original tax bill though, the appeal process doesn't move quickly.

For reference, the purchase price was $470k but the tax assessment was over $700k. The new assessment post-appeal is exactly $470k

@Evan Alexakos If you have an offer letter for full-time employment that aligns with your major, you can use that to get a pre-approval letter while still in college and start your search. I was able to get pre-approved 2-3 months before I graduated by doing this. Not sure what stage of college you're at, but that may help a little bit

Congrats on starting to learn all of this information so early! Everyone on the forums here is super helpful, and the Straight Up Chicago Investor podcast is an amazing resource. I'd start binging listening that ASAP. Feel free to reach out, I'd be happy to help you understand investing here.