All Forum Posts by: George Skidis

To answer your question your audience would need to know the city the house is located in.

Properties vary widely from Chicago to Rockford to Peoria or down here between East Saint Louis and Glen Carbon. 

The real question is "Are you willing to quit your job, give up your benefits and possible pension to move back to a state many are moving out of due to the political corruption in Chicago and Springfield?"

We have high RE Taxes and other issues. We would welcome you as a fellow taxpayer to share our burden, but would you be interested in that.

It depends on who is enforcing the rules. It varies by municipality and state. Look for the article "Asbestos Shingle Siding Dilemma" on the internet. Good info. Make sure the removal crew gets rid of the original adhesive as well since it also contains asbestos fibers.

We use Legalshield to review all of our legal documents. www.skidis.biz for more info.

In Illinois title to all Illinois properties should be held in separate Illinois land trusts. Name each trust differently such as the " 125 Division Street Intervivos land trust dated 11 October 2017". Manage those properties with an entity that has no ownership interest but serves as trustee. Once you start using a business entity you will need to have an attorney handle all evictions so you might as well get some legal help up front to set up the land trusts. 

Members of Illinois REIA have access to Equity Trust that specializes in Self Directed IRAs. They recieve free enrollment and over $720 worth of additional benefits the first year.

The cost of renting a home like you describe would be more than $900.00 a month. It might be time for your parents to strategically downsize before the trouble begins. They start by having a Dave Ramsey style honest to goodness clean out the house yard sale. If they cannot keep it the child who it belongs to needs to step up and cart it away. They need to go through everything and get rid of 40 to 50 percent of what they have.  Sell it on craigslist, yard sale it whatever, but clean the house out NOW before it is time to move. 

Why pay to move things that will end up in either the trash or at the Salvation Army near you. If they don't do it, you and possibly your siblings will get stuck doing it after they are gone. They need to consider a more Spartan lifestyle. Having served as the executor for three estates, I know what it means to go through this stuff.

Your parents could move into a small duplex and live on one side pay discounted rent in exchange for services rendered. You rent the other side out to balance the income statement.

You could also look at up to a four family without getting in over your head, but a duplex would be a good start.

The biggest issue is enough cash flow that if one side goes empty for a while the other holds up its end.

Get a good lease agreement. We teach this at Illinois REIA but we are in Southern Illinois and it looks like you are in Oregon. Join a local real estate investors group. Go to the National Real Estate Investors association web site and click on membership then find a local group. Theat is the most affordable and beneficial education you can get.

There is an old adage in this business that says, "Never rent to friends or family". I have violated that rule with mixed results but I understand it. Have a strong lease that specifies who does what.

The Illinois Real Estate Investors Association, Inc. holds four trainings per month unless otherwise noted. 

Website and Calendar - www.ILREIA.com

First Thursday of the Month – Saint Louis Meeting

https://www.meetup.com/Missouri-REIA/

Where: Home Depot - South County Training Room

7481 South Lindbergh Boulevard

Saint Louis, MO 63125

6:00 Registration and Networking

6:15 Buy / Sell / Trade

6:30 Benefit of the Month

7:00 Professional Housing Provider Training - New Investor Training

Admission: First Time Guests $10.00 Returning Guests $20.00

Second Tuesday: Carbondale / Marion, IL TBA

https://www.meetup.com/Illinois-REIA-Carbondale-Marion/

Where: Drury Inn Marion

Meeting Room 318
2706 West DeYoung
Marion, IL 62959

6:00 Registration and Networking

6:30 New Investor Training

Admission: First Time Guests $10.00 Returning Guests $20.00

Second Thursday of the Month – Alton / Riverbend Meeting

https://www.meetup.com/IL-REIA-Riverbend/

Where: VFW

231 East Edwardsville Road

Wood River, IL 62095

5:30 Registration & Networking - FREE PIZZA

6:30 Pizza goes to $2.00 per slice and proceeds to the lobbyist.

6:30 Buy / Sell / Trade

6:45 Benefit of the Month

7:00 Key Note Speaker - Different Speaker each month

Admission: First Time Guests $10.00 Returning Guests $20.00

Third Tuesday of the Month – Belleville Meeting

https://www.meetup.com/IL-REIA/

Where: Home Depot - Belleville Crossing Training Room

5501 Belleville Crossing

Belleville, IL 62226

6:00 Registration & Networking

6:30 Buy / Sell / Trade

6:45 Benefit of the Month

7:00 Professional Housing Provider Training - New Investor Training

Admission: First Time Guests $10.00 Returning Guests $20.00

Did You Know that Illinois REIA has five Meetup.com sites? Check them out for further details about the meetings.

• Main Site: https://www.meetup.com/IL-REIA/
• Alton/Riverbend Site: https://www.meetup.com/IL-REIA-Riverbend/
• Marion, IL Site: https://www.meetup.com/Illinois-REIA-Carbondale-Marion/
• Saint Louis, MO Site: https://www.meetup.com/Missouri-REIA/
• Belleville, IL Site: https://www.meetup.com/Illinois-REIA-Belleville-Real-Estate-Investing-Meetup/

I am not an attorney and do not play one on TV. Always seek competent legal advice when dealing with issues of this type. Here are some suggestions.

Time to update your lease agreement. Make sure it says that tenants must contact you via registered mail and not the other way around. In Illinois plaintiffs in couties with populations over 500,000 can request the court to appoint a special process server.

After filing a complaint in Illinois, the plaintiff must provide the defendant with a copy of the filed document. This is called service of process. Service of process provides the defendant with actual notice of the pending legal action. With notice the defendant will have the opportunity to file a timely response such as a demurrer to challenge the court’s jurisdiction or file an answer in a civil lawsuit. Failure to serve the defendant with all filed documents will result in the court dismissing your lawsuit. Always follow the correct procedure when completing service in Illinois.

In Illinois, the county sheriff, or an Illinois licensed process server can deliver the filed court documents to the defendant. You can also file a motion with the court requesting that a special process server be appointed. A special process server can be anyone over the age of 18 that is not a party to the lawsuit. For example, you may ask a friend or family member to act as a special process server if they are not a party to the lawsuit.

Illinois recognizes several methods of service.

1. Personal Service: iProcess server personally delivers the defendant a copy of the documents. They are not required to have the defendant touch the document. If the defendant is present and can see the process server and refuses to accept them they can be placed on a flat service while the server tells the defendant what they are going to do. 

2. Certified or Registered Mail: Used if personal service is not possible. The documents should be mailed to the defendant’s place of residence, with return receipt requested. If the defendant refuses to accept service, the plaintiff can then mail the documents using regular mail delivery service.

3. Substituted Service: The process server leavies the court documents with an individual residing in the defendant’s home who is at least 13 years of age.

4. Service by Publication: Service by publication means that the plaintiff places a notice in a newspaper in the area where the plaintiff filed the lawsuit. Go to the court first and obtain approval from the court before you use service by publication. Without a judges written order you cannot use this method to accomplish service of process in your lawsuit.

Affidavit of Service: After the process server completes service, the process server will fill out an affidavit of service. The affidavit of service describes the date, place, time and method the process server used to accomplish service. If substituted service was used, the process server must indicate the individual’s name, or a detailed physical description of the individual who accepted service on behalf of the defendant. This document must be filed with the court prior to your first appearance, and provides evidence to the court of the defendant’s knowledge of the lawsuit.

This artcle is also available on my blog.

Welcome. In the Chicago Area you should check out Jane Garey's group the Chicago Creative Investors Association. They are a Chapter with National REIA, have over 100 investors per meeting and vendors at them as well.

Members of Illinois REIA have access to crowd funded lending anywhere in the United States