All Forum Posts by: Dale Stevens

When you move up the socio economic ladder, it comes down to the attention to detail. The difference between marble is looked at. Carrerra vs Calacatta. Having large kitchen islands with waterfall edges, and the seams of the stone better be PERFECT! 

This takes an entirely different EYE, design aesthetic and contractors with more experience working with these finishes. Such as full body systems in showers, correct glass door installations that are thick and durable.

The NAME is more important than the look at a certain level. For the buyers it is about the "BRAG".

So usually, when you step up you need to bring in a different team of contractors, suppliers, designers, etc. But yes, working with condo associations can be fun. Most require deposits, insurance bonds, etc to do work. Depending on the age of the building, you may have to deal with interesting plumbing shut off situations. Finding a time that works with neighbors and your plumber. 

While there can be a pot of gold, just remember, rates are starting to climb, the new Chicago Real Estate taxes will hit any property over 250k, so a few buyers may no longer qualify for that level of purchase. 

Next one is in January... 

Most of the larger REI Clubs meet in that area. I will PM you my take on them.

Seems extremely low on rent if you ask me. $800/house?

Also some areas of North Hammond aren't the greatest. I will just leave it at that. 

I am not in charge of organizing the meeting, but I think the Buffalo Wild Wings will be the regular place for a while at least. Used to be another location down in Merrillville, so I was happy for the move to Hammond right off the interstate. I think for that reason, they will keep it there.

@Tim Huffman every 2nd monday of the month.

Yeah, I wouldn't pay 80-90 a door. The last one purchased was a 32 unit, got it for 12,500 a door, now it needed about 30 a door to bring into a state to be occupied. It had 7 tenants, of course, most weren't paying, so we got rid of 2 via eviction. 3 others then just left on their own.

The others actually started paying rent and have been good tenants.

Right now 27 units are rented, and we feel comfortable we will be at 90% (29 units) in a week.

Yep, the DBA is associated with your SSN, one tenant or a tenant friend has an accident at your property and suddenly everything you personally own is now part of the liability and discovery of assets. Is that really worth it?

As to lenders, spend a little more time finding one that will do it in the LLC. This is a business, not a hobby. Best to treat it as one from the start. Just as when doing a rehab on a property you will own for a while, cutting corners will only cost you more to get it right down the line. So spend the extra now to save yourself later.

BEST ADVICE I EVER RECEIVED! So now I share it with you!

There is a gathering of other investors that I do my best to get to in Hammond each month. Not sure I can make it this month due to a holiday function. But I believe it is this coming Monday night at the Buffalo Wild Wings at Kennedy Ave and I-80. 7pm

@Mike H. Just because I live in Downers, doesn't mean I invest there. Also don't assume, that 'Units' means houses! :)