We have a network of over 4,000 Chicago investors at our fingertips....we chased our tails for cashflow in this market 2 years before leaving.

Hi everyone, I read a previous thread about wood paneling and someone in that thread suggested leaving the wood paneling instead of getting rid of it and having to repaint every time for a new tenant.

If it is your primary home I would say leave it and enjoy the tax benifits if you don't have any little dependants running around.

Tell me what you think of these questions and what else I should add or what I'm leaving out.

Maybe you can find something incorrect that somehow leaves them on the hook.But, I think the best use of your time and money is just to fix the problems.Jon

Don't just leave it laying around after you're pulled it off, or it will grow legs.Jon

Operating expense= 50% or rentUsing my example above, the $82/month for taxes and insurance would come out of the operating expense bucket of money, thus this would leave me $218/month ($300 minus $82 = $218) to go towards expenses such as new roof, vacancy, marketing etc.

However, actually creating a mortgage, then paying most of it back would leave the mortgage on the records without the corresponding debt.I don't think you want to have yourself as both borrower and lender.

That leaves you only $1600/year in case flow, or $16/unit/month.

I do have modifications on my 3 day notice to tell the tenant that they must get ALL their belongings out and that they must leave the property in a broom swept conditioni.