All Forum Posts by: Chris Youssi

Nope by law takes 1 to buy 2 to sell. Check local / state laws to double check this is accurate in LA.

Don't have 5 only 3.

1.) What can I buy it for?

2.) Whats's it worth fixed up?

3.) What can I rent it for?

Typically I know my renovation costs and 8/10 know what I can rent it for unless I'm expanding to my typical market. If I can't get a 20-30% equity grab I pass like I did today  when my offer was rejected by a foreclosure company .

Great thread with some heartfelt answers. For me it would be my Lord and Savior Jesus Christ who has given me the tenacity / talent / attitude and humility knowing I am but a stumbling ball of clay in this big game called life. He put tough times in front of me shaping and molding me gave me an amazing father who taught me the value of hard work no matter what your job and of course bride of 38 years to hold me up at all times.

Short always better - no reason to make it complicated. Long invites skepticism. 

Even if the you have an S corp and have to take a salary, it can be minimal which is easily justified when you already have a primary source of income. This will eliminate any burdensome FICA payments aka SSI. The other piece of information not mentioned if you have an S corp and take a salary is you are responsible for both your employer ( which is the s corp ) and your self which currently amounts to 15% out of every 100 you earn - very very costly. 

Agree with Brad Mirkovich could not agree more in fact. Been doing this for 38 years and today just got an assignment on my first wholesale deal - very very exciting. Pick an area learn it well before moving onto the next opportunity.  Too much info may overwhelm start small build it smart the rest will happen. Welcome to the real estate investor world always room for more!

Not sure where you got $800-1600 thats absurd and completely unrealistic . Perhaps in Wyoming but mot in my market. My last eviction cost me $200 -300 well worth every penny. I stick by my statement especially with our court system. The other issue is Illinois State law does not allow me to represent myself if I am Inc/LLC etc... only if you are an individual, which is very common to hold properties in LLCs etc.. I nor my attorney have never had to go back to court after the initial hearing as it is always decided at the initial hearing unless my paperwork is not in order.

" He who is his own lawyer has a fool for a client!" No brainer getting a lawyer - remember # 1 rule for eviction , get control of the property. Never heard of a judge setting a trial on a FT thats absurd. I just did one tenant was ordered out in 10 days with a lawyer representing me,

good luck

I believe your on the wrong site for this information. Try loopnet.com or costar.com

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