All Forum Posts by: Igor S.

@Joseph Dimaria Try Heritage Bank of Schaumburg.  They don't sell their commercial loans and are more flexible on terms and rates.  I have used them in the past and will continue to do so.

One thing to note on Google Wallet... I had this set up using my business email address and business bank account (which is set up as an LLC). Everything was going fine for about 6 months, with several tenants paying regularly via Google wallet. Yesterday I received the following message from Google:

We regret to inform you that a recent review of the Peer-to-Peer (P2P) activity in your Google Wallet account has indicated that it does not comply with Google Wallet’s Terms of Service. At this time, the P2P feature in Google Wallet currently only supports individuals and sole proprietorship's. We unfortunately cannot support your organization’s needs on the Google Wallet platform, but greatly appreciate your support and enthusiasm for the product. Regrettably, we have had to close your Google Wallet account, and any pending transactions related to your account may not process.

If you believe we made this determination in error, please respond to this email with your reasoning and we will be happy to reassess your account. We apologize for the inconvenience.

Sincerely,

The Google Wallet Team

I reached out to their support team but they are refusing to re-open the account.  If you read the fine print of GWallet's terms of service, they reserve the right to close your account for whatever reason, which can put your business in jeopardy if you have many tenants paying you this way.  Many of my tenants are using Chase quickpay or Venmo and I have had no problems with either.

@Nnabuenyi Anigbogu You are correct, I am passing on them.  But part of me wants to "see what will happen" :)

After listing a 1BR apartment in the Chicago suburbs, I ended up showing the property to a woman and her daughter who said they were originally from Chicago but have been living in Italy for the last 25yrs.  They seemed very nice, asked lots of questions, and even added me as a friend on FB (which was a little odd).  After a few days more questions started to arise; the woman was going to have her dad move in at some point, they were going to be gone for some months, and they wanted to send payments from an account in Italy.

They were also adamant about not providing social security numbers on the application.  I talked to the woman's dad who was going to move in, and he sounded like he was straight out of the Sopranos.  "We're going to pay you rent, and you don't ask any questions" was one comment.

I started doing internet searches on the family name, and sure enough made the connection.  They were part of an Italian Mob family out of Kenosha.  I found lots of news articles that linked the older man with mafiosos that have been arrested or murdered!  Sure there were plenty of red flags to begin with, but I definitely didn't expect this.

Hi @Michael R..  I like to have my rentals a maximum of 15-30 min drive from my house. That said, I also like doing the renovation work myself, which is the main reason I like to be close.  I work a full-time job so it makes a huge difference to be able to drive over in the evening if something comes up.  Personally, I would be hesitant in purchasing something at a distance unless there was another partner or person I could trust in the area.

bump for this thread.. Dekalb, NIU (keywords)

Nice job pulling these figures @Engelo Rumora.  One thing you can't quantify is the energy you possess!!

Depends on how good of a deal it is.  For the right deal, I would say it's worth the headache of reactivating contract, getting another inspection, etc.  But it sounds like this may be a recurring situation and you are spending time and money chasing your tail.  At some point, the bank will realize they need to get these issues resolved or the property will be sitting on their books.

I had a similar situation and ended up walking away from the deal, just wasn't worth the headache for me.

Best of luck!

More real estate!

One of my applicants was arrested for selling crack out of his house (just down the street from the rental!!!).  Quick google search helps a LOT.