All Forum Posts by: Account Closed

I have an analogy I used for people starting out.

Q: When you took your drivers education road exam, did you do it in a big rig? A U-haul? A school bus?

A: no you didn't, you took it in a small car that was easy to handle and easy to park.

Apply the same logic to REI. Why?

1. If you mess up it is easier to correct in residential. More potential buyers

2. If you don't like it, see #1

3. Quicker, easier to understand, more deals readily available

4. Don't swim in the deep end when learning to swim!

Good luck and happy investing! Wish I had started when I was 21!

@Chad S. welcome to Bigger Pockets. You can learn a ton here. And your experience in having two properties will be able to help others a well.

Happy Investing!

"You can't get a loan in the name of the LLC, you need to change the title back to your name, we can do the loan, then you can put the title back in the LLC after".

Yeah because that doesn't break the veil of liability. Hmm.. Mortgage Brokers acting as attorneys!

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There was a "mentor" here in Chicago that told you to "calculate your expenses to live and work for 6 months. Borrow that amount, unsecured, at a high rate of interest (15-20%) from a private lender. Quit your job because with my teaching you will easily pay that back and make money in 6 months". Most of the "borrowers" were broke, no deals or bad deals, and their family now didn't have benefits. And the lenders were out the money with no security. Yes both sides were his students. The fact people believed this advice shows that P.T. Barnum was 100% correct about suckers.

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But the best thing is when someone says "I can't do that", well not only do I do it, I love to prove them wrong and laugh at them when I accomplish it and they are still there hating what they do and being negative.

To all the other posters, the process in Cook County, Illinois is heavily in favor of the tenant as of right now. The process is also insanely slow.

I agree see if a truck will get them out. It is cheaper than evicting them.

@Jarrett Harris the eviction will take a very long time in Cook County. Even if you get a quick court date, then they can file for a delay of 30 days (usually takes more like 45-60 to get back on the docket). Then once you do get the Writ or order, the Sheriff is way behind on enforcing them. Each day, the cook county sheriff puts a list of numbers on their website referring to your case. That means you are finally getting them evicted. Last I heard, this was 10 weeks after the WRIT.

Now, your tenants may or may not know this.

I have put up notices to evict, then put a copy of the "Filing" in their mailbox showing it is all typed up ready to be filed. Note, it hasn't been filed just yet. Sometimes the tenants just move out.

The only negative is if they know the system, they then realize they can stay even longer. Granted you can get a judgment against them if they stay longer, but good luck collecting on it.

@Cal C. having the heart.. so very true. This is a business. You have bills to pay and people that work for you or depend on you need that income. Would you go to work every day if your boss stopped paying? Probably not.

While a tenant may have a sob story. Maybe they lost their job because of something out of their control. It stinks for them, but at the same time, if you let them live there, others will be losing their jobs because you won't be able to pay your bills.

In the end, if a customer entered a restaurant and ate a meal at $30 cost each day, then ran out and didn't pay. Would you let them keep eating for free each day?

$30/day is about $900/month rent. Think about it!

All this thread is proving is that deals can be found all over and in any matter of marketing methods. You just have to go out and get them. There is no replacement for "Taking Action"..

I have found that most of the "companies" pushing a large up front fee to then get you and your business "unsecured lines of credit" tend to push the limits of what is FRAUD.

@Cal C. I encourage all those wanting to be a landlord to go and attend eviction court at least once. They should learn from that experience.

It is usually required that a copy goes to the court and to the opposing side. So you should be prepared with documented proof. Even if just a spreadsheet detailing a communication log or payment schedules. Have a copy to give the judge and the opposing side.

Also, the side that talks less, and sticks to just answering with facts will win. If you give a story and point fingers with accusations.. YOU WILL LOSE!

Getting to know a market is CRUCIAL and where many an investor fail. You should be the go to expert for an area. There are several things you can do to be the go to person for that area.

1. Drive the area during the day. See what it is like. Note if the yards are maintained. Is there garbage all over, is grass over grown, etc.
2. Check proximity to schools. Research the school ratings. Solid school systems are important for buyers and renters alike.
3. Transportation - see where the key outlets are to get to public transportation and also main roadways
4. Drive property at night. Do you feel safe? Are the cars parked broken down? up on a jack? etc.
5. Attend open houses. See the finishes.
6. Call other for rent signs, so you know the area rents

etc.

This is just a quick list. The one thing is, never get complacent. You have to keep studying the area, as it does change over time.