All Forum Posts by: Account Closed

Just outside of Chicago, I just bought a 3 unit for 41k. Got a 2 unit for 9k.

There are tons of great deals, and areas just outside of Chicago where the eviction process is maybe 5-6 weeks at best, let alone the MONTHS in Chicago. The ROI is much more favorable. If you are out of state and want to see larger returns, let me know.

@Brian Phillips have you given up on the music industry completely? Or less giving up, just found more passion in real estate?

I am in Chicago as well. I have done hundreds of deals and specialize in the buy and hold arena. Although usually not in the city itself because of the strict laws on rentals against landlords.

My suggestion would be to get out, network, IN PERSON with people and leverage what you have. Always find out how you can help another person before requesting they help you. That is always better way in.

To many people ask how I can help them. So, they want me to share my decades of knowledge and connection with someone, sometimes they even attempt to compete with me for deals with that information. Makes a person gun shy to help others really. So, I applaud those that truly offer to help.

Just my $.02.

But welcome to Bigger Pockets and I applaud you for wanting to do more to better yourself and your future!

Well, in this case, I am sorry to say that I was right. But the banks have to push to see if they will get that number to ensure they don't have to pay any sub liens, etc.

Once they don't get it, it goes back to the REO department. Then sometimes those go to auction, but most are either packaged in tapes (groups) or pushed to asset managers to secure, winterize and list with realtors for sale.

Other markets are hotter than Chicago, but even in those markets many are just asking to much with the minimum bid. Maricopa County (Phoenix), you have a better chance, but still most are going back to the banks.

@Joel Owens unfortunately in the City of Chicago the laws are such the tenants can get automatic delays. So you file, takes 6 weeks to the first court date, then they go in ask for a 30 day extension, or claim they were never served properly, etc. While it is a 30 day extension, it may be 60 days to get back on the court docket when there is an opening.

Back and forth it goes. Could take 5-6 months to get the Writ of Eviction. Then you have to wait for your number to come up with the Sheriff's office to actually evict the tenants. That is about 12-14 weeks right now. In Chicago, they don't evict people through the holidays. I find that disgusting. I guess the sheriff would let me fill up my gas tank daily and drive off without paying through the holidays with no arrest, same concept to me.

Anyway, for some the process is up over 9 months long. Meaning your property is being destroyed by these people, racking up more damages, and more back rent owed. Now technically, you get the judgment against them, but now you have to go get the legal process started again to collect that, even if you can find them, and even if they have the money to pay you.

No doubt, NEVER turn off the utilities. That is just putting a target on your back from the city, you get fined and it delays the process even more. THe best bet, is to get an attorney, and offer CASH FOR KEYS!

Yeah the last 2 years (thundersnow aside) we haven't seen much in the way of snow accumulation. However, Chicago's O'Hare: 44.8" of snow so far ties the 77-78' season for 3rd highest snowfall through Jan 21st & 4th snowiest Jan. on record so far. That is just this year.

NW Indiana just got 2' of snow in just a few hours. Was madness out there. Most roads still aren't clear.

Hiring an attorney does help. Be sure to hire one that is a regular at the courts. You could sit in on eviction court and see what is going on, see which Attorney you like that shows.

The other thing is that you can always just pay your tenants to leave. "Cash for Keys". May be less of a headache.

Have you reviewed your lease to ensure compliance with the Chicago Landlord Tenant Ordinance?

Um, yeah I can think of one! BP recommends 2 groups. One is the one I run. Info in my sig block.

Genoa City is nice, but I like the comforts of Lake Geneva area myself :)

Welcome to the forums!

@Nick McCrorey Welcome to Bigger Pockets Neighbor!

Congrats on the 4 properties.

When you ask if Tax Professional, do you mean as in CPA/Income tax or someone to help you with lowering your Real Estate Taxes?

Sometimes it is easier to pay a tenant to move out. You pay them, and you get the place rented and making you money again and it is faster, less stressful and cheaper.