All Forum Posts by: Glen Doering
Glen Doering has started 2 posts and replied 22 times.
Post: Assisted living Chicago area?
- Schaumburg, IL
- Posts 22
- Votes 5
@John Warren
John, I have access to land and am looking for a partner with experience running the business side. Glen
Post: Assisted living Chicago area?
- Schaumburg, IL
- Posts 22
- Votes 5
Anyone doing residential assisted living in the Chicago area? I have access to 5 acres in Mundelein and looking to partner.
Post: Monthly rent is 3% of purchase price
- Schaumburg, IL
- Posts 22
- Votes 5
Or high expenses? I've seen properties with common boilers providing heat and other utilities to all units and the expenses are huge. The comparison needs to be on the NOI.
Originally posted by @Justin Hammond:
@Glen Doering Oh that makes sense, thanks for clarifying. Definitely don't have that factor in my market. Is it usually difficult for properties to cashflow in your market then?
Correct. I don't invest in Illinois for a variety of reasons, one being the high property taxes. Also, unfriendly landlord laws, rent controls proposed in legislature, etc.
Originally posted by @Justin Hammond:
@Arthur Doss Are you sure his payment is 1800? That seems extremely high for a loan originated at 140k. I would look into that, because that’s like hard money rate.
The payment seems high because it includes the very high Illinois property tax. There is probably $350 to $400 a month in that payment for taxes.
Post: Best way to pay children for work performed for LLC?
- Schaumburg, IL
- Posts 22
- Votes 5
Post: Handyman Please Help !
- Schaumburg, IL
- Posts 22
- Votes 5
Post: Muncie PM recommendation
- Schaumburg, IL
- Posts 22
- Votes 5
Thanks for the info! @Jameson Drew
Post: Muncie PM recommendation
- Schaumburg, IL
- Posts 22
- Votes 5
Interesting idea. Thanks @Anthony Drew Gary
Post: Muncie PM recommendation
- Schaumburg, IL
- Posts 22
- Votes 5
Good point! That would be Muncie, IN.