All Forum Posts by: Zoran Stanoev

@Michael T Davis

I have a ticket that i need to sell. Interested?

@Anita Anand

Have you decided? I’ve got a ticket i need to sell.

@Wayne Woodson

I’ve got a ticket that i need to sell. Still looking?

@Denishia Harper

@George Skidis is correct. You basically need to be a licensed broker to wholesale more than one property every 12 months. Since the new law has passed, I’ve seen lots of offers from places (law firms, brokerages, investors, etc) that offer workarounds to the new law, but in my opinion, the only guaranteed way to not break the law is to be licensed. The new law is intentionally vague and i can see reasonable arguments being made that any workaround still violates the new law.

@Denishia Harper

A REIA in the Chicagoland area had a phone call with the group behind the change and shared it with the group. We also had a discussion about it. Did you have specific questions?

That all makes sense.  Thanks for sharing.  As for tax advantages, don't you need some form of corporate structure in order to deduct business expenses? 

So do you use your personal name for all of your business transactions?  I always thought there were tax advantages to incorporating as well.  I'm curious to learn how you've been doing it.  Thanks for sharing. 

@Keridak Silk

That new law in Illinois that limits wholesaling to brokers has passed and went into effect immediately.

@Robert D.

You pretty explained the difference between the two. In the first, you’re only seeking possession of the property so the judge is limited to only being able to rule on that one issue. In a joint action, you’re seeking possession and payment of past due rent. Therefore, there are two issues for the judge to rule on (whether you’re entitled to possession and how much, if any, past due rent).

While i can understand your strategy of wanting to save money and only hiring a lawyer if you think you need one at a later date, be aware that most attorneys will not want to take over an eviction that you started (or if they do, it will actually cost you more because they will have to deal with or fix any mistakes you made).

To answer your first question, no, do not hire a special process server before your first court date.  You actually need the judge's permission to appoint a special process server. But, bring the special process server's information with you to court (including license number)

And while I can certainly appreciate your desire to learn the process in and out, I think it will ultimately cost you money. Cook county judge's are not going to be lenient with you if you walk into court and don't know what you're doing. You're likely going to do something wrong and it's going to cost you lots of time to have to go back and try and do things right.  The judge will not tell you what to do, so you're going to have to guess (most people assume they can play ignorant and the judge will tell them what to do).  If you hire the attorney, just follow them along and ask lots of question. The money will count as the education.  (or ask your attorney if they have a book or resource - or visit the law library and grab a book)