All Forum Posts by: James Thomas Nakashian

@Jerome Morelos Tenant always pays for utilities. Have separate meters so that each tenant pays their own. Another thing you can do if that isn't an option. is find out how much on average the utilities are on the building for the past two years and then add a little on top so it covers you maybe even make a little at the end. Because that should not be you hassle to deal with.

@Randall Kates I agree with @Bettina F. She is right we raise our tenant's rent 3-5% every year. You need to raise them but find away that works for you and doesn't seem like you are being a terrible landlord. It's all in the approach. It will be a little harder implementing it to a tenant but ours are in all our leases a new tenant signs knowing that the next year and years to come 3-5% increase. Love her last statement "Train your tenants to expect a 3-5% rent raise (depending on your market) every year. They will pay without a peep." -Bettina F.

@Shawn M. It is completely beneficial. It is one of the best tools to help you learn real estate and help if you have questions for your own properties. The amount they ask for the yearly fee is nothing for the rewards your are reaping, in regards to the stories you hear about people paying thousands for a real estate guru. The calculators have so much information to give you for multiple different real estate transactions. Without it it limits you on the cite as well. 

@Spencer Herrick I would wait, I don't know how much it is to start an LLC by you. but in New York its around 1000 dollars. To make an LLC and spend the money and may not have something for half a year seems like a waste. I would wait till you close on something and then create and LLC to put the unit into.

@Luke H. I wouldn't suggest Craigslist to find a good contractor what I would suggest is contact all you family, close friends and see if they know some one they used or who they say for a fact is a good contractor. The best way you can get some good contacts.

@Rob Bernecker Your best bet is look at all the real estate options find out which one works best with what you two can offer. Find out what Chicago's Real Estate Map looks like to figure the best and most cost affective way to go about it. I would start small and work your way up. You guys have good back grounds and buy and hold is good for the long-term for cash. but maybe flipping could work for you guys. With your background doing a rehab could be up your alley to do a quick flip.

@Terry Lao Yes, you are correct that is my fault my computer freaked out it said she was from New York.  @Karina S. disregard the comment about New York doesn't apply to this. But the learning aspect does.

 @Karina Silvestre

 There are plenty of ways to get started in real estate. I am 23 as well. I already have purchased a condo with a partner (my father) and am a part of 2 other deals. You basically have to find a path that fits well with you and you needs and what you can do. Saying this, @Terry Lao isn't wrong that's not a bad idea accept the fact that 4 plex's in New York are A. Hard to come by, if you come across them at all. B. They are most likely very expensive. I would definitely just continue to read forums, books, articles, listen to podcasts (bigger pockets podcast). There is nothing out there for you to copy basically YOU ARE GOING TO MAKE MISTAKES. You just have to find a way to fix them and learn from them. So next time you don't do it. method is a great way. @John Thedford mentality is great. That is what I did and am still doing.