All Forum Posts by: George Skidis

There's friends, family and contract law. Make sure your friends and family are on board so you don't need to sweat the contracts. Partnerships mean one thing to you and can mean a myriad of things to others. Be specific about what you want done and how much you can pay fort their help. IO have seen to many fellow investors that no longer speak to old friends and family. Don't abuse them and be very clear on what is needed.

The contract "Boiler Plate" normally says which states laws hold precedence. You could state Illinois or Texas in the original agreement. The future plaintiff may bring a cause for change of venue for just about any reason and could try to move it to Milwaukee if they have cause.

Have all contracts reviewed by an attorney before offering them or signing one.

Our members have access to National REIA university online and can earn the Professional Housing Provider Designation.

In the state of Illinois an LLC "MAY NOT" be the best choice. Even with the recent price drop an LLC is more expensive to own than any other business entity. For every entity other than a sole proprietor you MUST have an attorney represent the entity in all legal proceedings.

A single member LLC the LLC has only 90 days to decide and notify the IRS if it it wants to file income tax returns as a corporation on form 1120 or as a sole proprietorship which flows through to your personal tax return on schedule C.

A dual member LLC has no choice.

If it were me I would incorporate the company and make it the general partner of a Partnership or Family Limited Partnership. You and whoever you work with or marry would then be limited partners. Saying any more might sound like legal advice so I will stop here.

Get a good attorney that specializes in business entities. Your brother's nephews cousin who handles divorce and other family matters may be qualified, but they are not an expert in that field.

If you don't know a good law firm let me know and I can put you in touch with one. My contact information is below.

437K @ 3% your payment would be about $1,825  a month before taxes and insurance. How much do these rent for? What are the taxes? How much is the insurance? What is your vacancy allowance? How much deferred maintenance? You need to answer all of these and more to determine if you will cash flow.

My wife and I have been investing in Illinois since 1993. Yes I would like lower taxes. Yes I wish the folks in Springfield would wake up. We are not leaving anytime soon.

Look at multiple lenders before deciding on a loan. If you served in the military you may qualify for a VA loan. With a hard 20% down you should have no trouble qualifying anywhere. Get the bet terms you can.

Demand they waive PMI if it is even hinted at.

Are you going to escrow taxes and insurance. Negotiate an interest rate on your 20K while they hold it.

Get the mortgage paperwork reviewed by an attorney. Some documents have been in use so long our grandparents signed them and agreed to clauses that today border on the illegal. If you don't have an attorney let me know. Got friends can do it for $300.00 plus be available for questions and more the rest of the year.

My contact info is below.

Jeff Watson, in addition to being my friend, is one of those brilliant legal minds that come along every once in a while.  He is heavily involved with the National Real Estate Investors Association and can answer your questions.

From what I have heard you should take the practice exams a couple of times.

It sounds like time to issue a 5 day notice and evict the residents. When you file for eviction include the late fees. The judge will make a decision on the late fees one way or the other. Their decision will be based upon how well your lease is written.

Don't try to solve it. Start the eviction process immediately. The judge will give them enough time to move out.