All Forum Posts by: Dale Stevens

Welcome to Bigger Pockets @Melchor Domantay. I have spent time going to most of the clubs and meetups in the area. I am open to sharing my thoughts on them privately if you message me.

I do believe some are amazing and worth every minute you are there, others are a complete waste of time. 

Good luck to you!

See my prior post :)

Search is one thing, but I want referrals from people that aren't just online types. You know the ones that create an online persona of success, when in reality they are nothing but online trolls? Yeah, I got duped by a couple of those types.

I then went out IN PERSON to local clubs. I was able to see and talk to people in real life. It is amazing the different association you can get. I ask pointed questions to see if people really are who they say they are. After about 4-5 questions the vast majority fall apart. They went to a seminar and were told to "FAKE IT UNTIL YOU MAKE IT". 

The good news is, it is also a great way to find those actually doing what I wanted to do. I then get information, knowledge and REFERRALS from them. 

I am after a lender to do REFI on Single family to small multis in Northern Indiana. I want the loan in the name of LLC. I am willing to sign Personal Guaranties, but not after putting the loan in my name, then redoing the Title work.

Hey @Shawn Holsapple did you find a lender to do small balance loans? I have a few smaller properties I would like to refinance in Northern Indiana.

@Ryan Toopes - without a doubt, CHicago is one of the most tenant friendly places on the planet. If you violate the Tenant ordinance, you are held liable for 3 times the security deposit. So i know many people stopped taking deposits and now charge a non-refundable "move in fee", because 3 times 0 is 0. 

But beyond that, attempt to do an eviction... It takes you some time to file, (and if you own the property in the name of an entity, such as a LLC, you are not legally allowed to file or represent yourself. Meaning you MUST hire an attorney. Then the tenant has the right to go in and request a continuance at the first hearing. So another 45-60 days goes by. They get to live without paying and you have to wait. Then, let's say you get the writ.. that writ then goes to the sheriff, which could take weeks to months to enforce. And if you aren't present, or have someone present. you have to re-schedule with them.

The entire process could take 8-10 months in some cases. Trust me, as much as you can screen tenants, have a great process, etc. At some point you will have to evict someone. It may not happen right away, but it will happen. This process is why so many people have said the phrase "Cash for Keys".

Educate yourself 100% on the Ordinance because you will need to follow it to the letter. To include something like "putting the bank branch name/address" where you hold the security deposit in the lease. Also returning the interest earned each year to the tenant from the security deposit. etc. 

There are attorneys that post ads in Student unions near colleges, such as Loyola, Northeaster, DePaul, etc. The headlines are "One Free Months Rent". They ask you to review your lease, if the landlord has a violation, the represent the student/tenant on a contingent basis (meaning they get paid when they collect a judgment). This means, the tenant pays nothing. You get sued, and if you took a security deposit of even a months rent, then you owe 3 times that. The attorney keeps 2, and gives the rest to the student, who most likely uses it on beer money.

You, the landlord then are out that judgment but also the time and attorney fees, let alone any aggravation. SO be careful and read that ORDINANCE fully.

@April R. Welcome to BP. I would also suggest getting to Local REI clubs. There are so many. I was overwhelmed with the sheer number of them. Then after I attended one I almost gave up, but I gave another a shot. Turns out, each club is different and has its own personality. Some may work for you, and not for others.

Some are nothing but sales, some are full of people that TALK the Talk but never Walk the walk.

I have offered to people to have a private message chat about the clubs. I prefer to share my insights privately, as they are my own thoughts, and fear an attack, as they are honest.

Feel free to contact me for that information, if you so choose. If not, good luck to you, and again welcome to BP.

Yes, typically the eviction has 2 separate court dates. The first is for you to gain possession. Then the sheriff comes to enforce and you get your property back. Then about 45 days after, you get a 2nd court date for "Damages". This includes back rent, costs, fees, and repairs. Once that is ordered, you can't go after them for more damages. 

The day the sheriff puts them out, is the day they no longer owe you for rent. 

I may have a contact for you. OF course, if I refer you someone, please come prepared. Have the criteria, CoCR, IRR, etc that you crave ready to go.

I am not sure what groups start at 6pm. Every one I attend meets weekdays start at 7pm. I used to live in the city, and had no problems making the meetings on time.

Maybe a different and more open mind might be something to get your career in investing going better. Just my suggestion to be open to it. If it is truly important, we make it a priority in our lives. It took me a while to get to that point. I received this same advice and basically ripped the people giving it to me.

THEN, after about 14-18 months of being a moron and fighting it. I gave in. Now I was able to leave my job and do this full time. I was in a place where I was wanting advice, but I shunned it from those (qualified enough) to give it. You know from the people actually doing what I wanted to do. It wasn't what I wanted to hear, or convenient for me. 

SO give it a go. The only regret I have is being so thick headed, for so long, that is cost my my freedom sooner.