All Forum Posts by: Dale Stevens

Yes, it bears noting, that Real Estate you must work when others aren't working. Meaning, sellers, buyers, etc all want to work after their work is over. So you must be free after hours, weekends and yes HOLIDAYS when they have the time to get all that stuff done. 

Best get used to it :)

When I have bought/sold in Illinois it is commonplace to use an attorney. There is even a category called "Attorney Review Period" for contracts in Illinois. Most RE Attorneys charge a flat fee for their services.

In Indiana, I initially felt I needed an attorney because I always used one in Illinois. IT was so hard to find one willing, because no one uses them in Indiana. So now I don't use them in Indiana.

But I have done many deals and feel comfy with the contracts there. If you use standard contracts, there isn't a ton of wiggle room or confusion, but always, if you feel it necessary, let an attorney review the contracts.

East Chicago also has some areas (well one large one) where rampant dumping years ago has left the ground extremely high in Lead content. One large Housing complex has to be completely shuttered  and I believe torn down to remediate the issue. Calumet.

So, research where the properties are. 

@Pavel Yurevich - that lease, and I am not attorney but dealt with many evictions and contracts in my life. But that 'I want out' of your lease, would be considered a violation of the Illinois Consumer Fraud act. So I suggest you think twice about that. You must at least, in my view, offer the same "OUT" to the tenant. The tenant can give you notice in writing. Otherwise, if the tenant lawyers up, you will be bordering on some serious FINES. It isn't worth it my friend.

I found mine by going out and networking in person. After all, my business, my investments and my future were dependent upon these individuals so I wanted to put faces to names, and see if they passed the litmus test.

I found my entire team via local REI Clubs. BUt be careful, you have to weed through several to find the right ones for you.

Some of this answer has to do with financing. Many lenders will require operating accounts at their institution and will want to have a reserve account, etc. But I never put more than 3 properties in a LLC at any one time and I keep a savings account for deposits and another checking account for operations.

Midland IRA is where I am at. I have had nothing but great experience with them. I wouldn't call them slow in any way.

Forgot to also include a link to the Illinois Forcible Entry and Detainer law. Here is your link

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2017&ChapterID=56&SeqStart=65575000&SeqEnd=73000000

@Alex Bok what laws are you seeing that you actually think are investor friendly in Chicago or Cook County for that matter? Have you ever attempted an eviction there yet? 

Here is a link to what you must do just to have the Cook County Sheriff enforce the court order. Right now they are about 8-9 weeks out last I was informed. So you finally get the judge to sign the order, then you must go to the sheriff's office. File and pay them. Then you must keep an eye on their website for when your number comes up to have it enforced. Then you sit there waiting for them. IF you aren't there (like if you left to get some food), then you have to go in pay a $30 fee to reschedule, and hope they can fit you in quickly again.

If the temps drop below 15 degrees, all evictions are waived off/postponed.

Here is the link: http://www.cookcountysheriff.com/faq/faq_evictions.html

Better be a good one. It is a tricky area. Block by block it changes. With the lower rents, not many quality PMs will be willing to work there as it isn't worth their time.