All Forum Posts by: Frank Gigliotti

I feel your pain! Unfortunately I have had to deal with this once in the past ten years and I promised myself it would be the last! 

Get the sheriff to come and do there JOB!!!

Good luck!!! 

Im an investor in Chicago and all though I agree with many of the post as to why would you invest here I also can't help but wonder why wouldn't you! 

I was born and raised on the near south side of the city and I have to say I absolutly love this city. Its true taxes are high but so are rents, and yes the laws favor the tenant but that just means you need to be a little more picky about who you rent to. In my experience there are far more good tenants than bad one. 

I believe  Chicago will grow faster than any other big city in the next five years and there are still plenty of deals to be had.

good luck 

You just have to do it!!!

Thanks for the feedback all, Im meeting an attorney tomorrow so ill keep u posted.

This is a first for me so I'm a little concerned and was hoping I could get a little imput for anyone in my area ( Cook County IL ).

Back in October 2012 I started the eviction process on a tenant that stop paying rent. To make a long and boring story short I filed the papers went to court and the judge gave her xx amount of days to turn over possession, which she did not!!! I then filed and payed for the cook count sherifs to get her out, which they did and I put all her stuff on the front lawn.

They immediately got a Uhaul and loaded up most of their possessions and left a few thing.

Now two years later she is suing me for an Illegal eviction, loss or damage to her property and pain and suffering in  the amount of 10k !!!!!  

Anyone have a  clue on what i should expect? I have all the paperwork from 2012 and took plenty of photos.

So what would you do with a portfolio that cash flows enough to cover your investments,pays down debt and have some left over to work part time and live comfortably??

Would you 

Do a Cash out rife on something and look for another property?

Sell an asset that you could lock a decent profit on

Or just wait

I would find the cheapest property with the most potential. 

Partnering up with someone is always an option,but be very careful with whom you divide to go with. The problem with a partner is the exit strategy.....which is hard enough without a partner

David brings up a good point and oddly enough i was thinking about this earlier today, and it also has a lot to do with my investment style.

I prefer to buy  distressed property in areas that are so so if you know what I mean. I stay away from areas on the high end for a couple of reasons.

1, The numbers just don't make any sense to me! Not to say that it won't cash flow it will but you have to tie up 3 to 4 time more cash to make the same % that you would make in a so so area.

2 The high end areas up side seem to be limited and the odds that it could go down seem more likely. 

I stay away from the distressed areas because my life is more important than  making money.

I'm not sure why anyone would think that refi is the answer to capturing gains. Maybe I'm wrong but the way I see it why wouldn't you just sell? I realize there are cost involved with selling but many of those are controllable to a certain extent (1039 or negotiating a lower commission with the realtor or even selling by owner) fortunately I do have a RE license but any way. Once u refi u are still carting the risk of the losing value even though it's only on paper and there are cost involved as well. Please am I missing something!