All Forum Posts by: Dale Stevens

Depending on the case, and representation of the tenant (i.e. the attorney they get), it could take 9 months or more for the sheriff to finally toss them out here in Chicago. (that is Chicago Proper).

As to the inherited tenants. encourage them to vacate. When you inherited them, did the prior owner transfer any security deposit?

You have mentioned Fortune Builders. So they had a TV show, that is good. FOR THEM! Does that make them experts in your neck of the woods? You are in New Hampshire I see. If I recall the Fortune Builders are now based in San Diego. Are the two markets even remotely the same?

As you ponder that answer, I do believe in teaching/coaching. Even Wayne Gretzky needed a coach and he was known as "The Great One".... 

With that being said, Wayne's coach didn't coach baseball. And to me, the difference between baseball and hockey is the same as different between marketplaces. Both are sports, but are played by individuals on a team, both use sticks (Bats). You see the point I hope.

I would rather pay someone for their time and knowledge of my local market where I plan to invest, then send it across the country to people that may have general knowledge, won't give me the scoop on my local market, give me local contacts, names, information, referrals, etc

My opinion completely, just felt I should share it here.

Welcome.. one of the guys I work with here in Chicago also has holdings in Texas. Solid market, favorable rules for landlords.

I work with a team in the Chicago area. The last deal we purchased via a wholesaler was years ago. This is mainly because the wholesalers are bringing bad deals. As in they don't know the price points for the area right. They are so far off on rehab costs, etc.

I can pretty much guarantee that maybe after one month of paying the extra $800, they will stop. You can't tell Sec 8 you agreed to an additional rent as they don't allow it. In fact, you will be screwed if you file eviction. You are required to give a copy of the lease to the Section 8 office. That same copy is the one the tenants will show a judge. They may seem nice, but so did Bonnie and Clyde.

They are simply attempting to rent an awesome house for $800 less than what it is worth and being 100% dis honest about it. If they had the ability to pay $800 on their own, they shouldn't be on the housing choice voucher program to begin with. That means they are gaming the system most likely. IF they game Uncle Sam, what about them seems nice or tells you they won't screw you as well?

Exactly. Not only should run from them, but remember their name and turn them in to your local housing office. That is what I do. Some say I shouldn't, but I want people who really need a helping hand to be on Section 8, not liars!

Welcome @John Warren! Glad to see a fellow Western Suburbanite on here.

I recently attended a local group, and an attorney presented on what are the key items to put in a partnership agreement for real estate. The attorney himself as an investor, he knew his stuff. Truly enlightening. The meeting was even free to attend and he didn't sell a thing. I would have happily paid for what I learned that night.

With that said his name was Gary Davidson. His firm I think is Castle Law. or Brumunds Jacobs, Davidson, etc.. I can't recall. Like they just renamed and I can't recall if they went from their names to Castle, or the other direction.

708-801-8000 is what I have on the business card.

You can use a flat fee or discount fee list if you so choose, but you have to remember.. the SELLER always pays for agents if it listed. I have listed places at 5% as of late. So my listing agent, then determines how much to share with the buyers agent.

Usually it is a fairly equal split

@Jim Brozny

 dare I ask which 1031 company you used?

To me, Bad Renters are a product of lazy or bad landlords. There are a ton of bad drivers on the road each day. Every hear of the wrong way drivers? but you don't stop driving do you?