All Forum Posts by: Connor O'Brien

I echo fodor's comment about taxes.  I'm living in a 4 bedroom apartment and it hurts my right off! 

exit strategy is another thing to think about. Ultimately I want to refi out of my FHA loan into a conconventional loan in my LLC. To do that you need equity even though FHA is low LTV

https://bc-firm.com/chicago-se...

You could be liable for 2x security deposit due to RLTO. That's why I like cash for keys better. 

lawyer is probably $1000 in Illinois for eviction.  Then if they determine you still owe 2x security deposit it might be easier to just pay her. 

I had similar situation in back of the yards with a 2 flat.  It sounds like she isn't going anywhere into shelter in place is over. I would wait it out and then offer cash for keys.  She probably is gonna want a lot because this is her business.  

I did $200 and paid $800 for movers.  You may need more. I'd make sure she signs something for accepting the money.

@Christopher Brown if its already in escrow can you pivot and put it into a deferred sales trust (DST) or opportunity zone fund?

@Joel Owens whats the outlook for low income area investors who use cash only? Will these areas become ghost towns as better areas become affordable? or will laid off workers flock to lower rents? 

If anyone is interested in cash investment strategies in Gary Indiana check out this video by Armand Academy!

https://www.youtube.com/watch?...

Any accountants or tax savvy investors know if we can right off these losses next year? I know vacancy doesn't count but this seems different.

I'm in Chicago and I use fb market place. You can do a quick screen by looking at their profile.  You are going to get A LOT of leads.  Set up a convenient showing time for you and copy paste into each convo. Don't try to accommodate each person with a specific time or you'll get burned out

I live in one of the 1885 construction chicago buildings mentioned by @John Westbrook. Mine is frame and I love it. The sill plate is solid 10"x10" fir beams. even with years of water/insect damage it still has more life in it than the treated 2x4s you see today.

 @EJ K. glad we have smart Docs like you and your wife around when we run into situations like this!

Which neighborhood is this? The rents you mentioned don't look like D area rents

If seller says there is no security deposit have them sign a document stating this.  Also make sure security deposit is being held properly.  This can cause issues. 

then I'd pay the other tenant to leave.  I paid $800 and hired movers and it was still cheaper than getting a lawyer. 

I called her everyday and gave her a decreasing payout based on timeline

I actually did all that before closing because I was doing hud203k and was on a tight rehab timeline