All Forum Posts by: Dave Kush

I'm using a HELOC against my personal residence, which allows me to make cash offers. This allows the most speed and in many cases maybe even a slightly better deal.

Hi Crystal, Unfortunately I just saw this message today. Is there another planned? Sounds like a good event.

Thank you!!

Dave

 This is what I was thinking too.  Homeowner exemption, senior exemption, and senior freezes all make the taxes look low at purchase but will be re-evaluated upon sale. Also, if somebody owns a property for a long time, in my area and experience, the assessment doesn't nearly keep pace with real values. So the longer the seller owned the property, the larger the readjustment.  You can get an accurate estimate on future property taxes.

Overall advice: Check out the cost/benefit of sale as well as the feasibility of rent increases.  Based on those, determine if it's worth it to hold on while rents gradually rise. Your personal goals also matter. If you bought purely to get cashflow that's different vs if you're thinking more in terms of long term appreciation.

@Greg M. is definitely right about the cashflow never having been positive.  

I would like to check out the gant chart. 

 Thank you!  I am in the south suburbs.

Hi Everybody,

I am interested in attending some real estate meetups/networking events in the Chicago area. Please let me know if you know of any that are worth checking out!  Thank you for taking a look.

Dave

 💯 Try to learn a little more before you pay for a course. A ton is available for free

Thank you. It's good to hear about these kinds of things because you can never really know what kind of situations you'll encounter.  When I do, stories like this come to mind.

Not sure if I would have loaned them money, but can see why it made sense at the time. I learned early on landlording that you've gotta be really careful with how nice you are to people, because many will take advantage. Note self... Do not loan sellers money to close the deal. 

Curious if you know how they missed the loan, and how the buyer found it. 

Thank you. Their lease runs through april, so it's not that much longer. 

The lease makes no mention of smoking either way. That is why I was wondering if I could impose a rule now. But but I can also understand if president takes over here, and they've been smoking in that building for a while.

I suppose we just set the precedent with this new tenant that they are not allowed to smoke in the building, and as soon as the other lease turns over we address that as well. 

Can I ban smoking in the building, including common areas, mid-lease?

I bought a duplex and inherited tenants/leases last year.  One unit is rented by smokers (they use common laundry area), and the other unit recently became vacant.  We are concerned that the smoking/smell will turn off prospects as well as the extra cost of cleaning up areas after smokers move out.

The building is in Illinois.  Smokers are not considered a "protected class" (ie: race/gender/age/etc).

The lease the tenant signed prior to us acquiring the property says nothing about smoking either way.  

I know I'm within my rights to not allow smoking within the building, especially if there's a new tenant, but not sure if I am able to do that mid lease.

Does anybody have any experience with this?  Are there general rules that apply about this, or is this a lawyer question?

Thank you!!

Dave