All Forum Posts by: Dave Garlick

Yes it is a 100 panel.

Nino, 

I need to replace the electrical panel and possibly upgrade it to 200 amps while cleaning up some spliced ends that are hanging out. I am also looking for a recommendation if I should move my electric meter outside. Currently it is in a panel in the back of a coat closet in the house. The inspector said it should be moved but I don't know if that is really necessary or not.

Hi All,

I will be closing on my first property next month . I will need to have some electrical work done on the property. Does anyone know of any reputable electrical contractors in the Oak Lawn, IL area? Thanks.

I am getting ready to purchase my first property and am looking for a good real estate attorney and CPA in the Oak Lawn, IL area. 

This first purchase will be owner occupied for several months until I find another house to move into and rent this one out. I would like to make sure I am setting things up correctly from the start knowing I will be renting this one out eventually.

Dave Garlick

Alan,

I live in Oak Lawn and have been looking at the market for several months now. I have not found one I am ready to move on yet but I agree that the price for foreclosures seemed very high to me. 

Sorry that I am not an experienced investor yet but let me know if you would like to get together sometime over coffee to share.

Dave Garlick

This is not in the Chicago area. It's actually in southern Illinois a little east of St Louis in Fairview Heights. Thanks so much for the info. This will definitely get me started.

I am looking at my first rental property and I am told it is on a double lot. Can someone tell me where I would go to confirm what I can actually do with this lot? I have heard examples of when someone was told they had a double lot but then found out there were either zoning issues or it wasn't the right shape to be able to build anything  useful on it etc. Any advice for vetting this out would be helpful. Thanks.

Dave Garlick

Tyson,

I found the thing that helped me the most in the beginning was www.mint.com. It helped me to sort out where my money was going. I also checked it all the time because I wanted to see all the transactions and make sure they were attributed to the right category. After a while I noticed my savings was getting bigger and bigger.

Dave Garlick

Thanks everyone. Much clearer now.  Looks like after sitting for months with no activity, this house is suddenly seeing a lot of activity (according to the selling agent). He already said that the $50k wouldn't work. I figured I would see what happens in the next month or two and if its still there they may reconsider.

Jon,

Thanks for your response. I think I am getting confused as to what goes into the 50% rule of thumb. You mention expenses, capital and vacancy. I understand the vacancy but which others do you include in expenses and capital? I can't seem to come up with $425 with a combination of these numbers? Did you just take 50% of $850 or did you actually add up some things to come to the $425?

Dave Garlick