All Forum Posts by: Jake C.

What approximate address?

What are you into it for? Bedroom mix?

What were you hoping to be into it for?

What cap rate are you shooting for?

Really depends where in Pullman...

MBR Wrecking, based in Skokie/Lincolnwood. Excellent company. 

@John Clark Why do you feel rent control in CA will affect rent control in IL? In my opinion, there are not a lot of strong parallels between CA and IL and the income-to-housing ratio not as dire here as it is there. Rent control was voted down in the House a few months ago (see here), but if it were to ever gain steam here and pass, I think it will be independent of what happens in CA. 

Would be curious to hear other peoples opinions though...

Please, please, please: speak to a competent attorney about this and do not rely on replies on this forum. You need bulletproof sublease language in your lease if you want to go down this route.

I think the Section 8 question is irrelevant as Section 8 will not allow a sublease. And, even if they did, barring some unique scenarios, I cannot imagine a Section 8 sublease ending up beneficial to you.

@Bob Floss II @Andy Mirza Thank you both for the response!

I am comfortable with all the risks associated with condo notes; I would really like to build a pipeline of this particular note niche. I am under the impression that many brokers dont even deal with them? Or they are sprinkled into larger note packages? Any insight on this?

Hi all!

I understand that most note buyers are not very keen on investing in Illinois notes, let alone notes for condos in Illinois... Is this true?

And if it is true, what would be the best way to find Illinois condo notes? Seems like most brokers dont even deal with them....

Any insight would be greatly appreciated!

Thank you!

Jake

Hi all,

We are shopping around for a new bank, hoping to find a better fit than our current relationship with BMO Harris.

Was hoping some of you local landlords can point me in the direction of some banks that will be a good fit for a C-class landlord like us? Most of our properties are 1-4 units with a smattering of commercial as well almost entirely in South and West Sides (no suburbs).

I don't really care about the size of the bank but, ideally, we would find a bank that has:

• - Great customer service
• - Competitive fees
• - Highly functional online platform (and services that can help reduce overhead, like remote check deposit)
• - A willingness to at least entertain lending to an operation like ours (long term financing and potentially some operating lines)

Any ideas/intro's would be greatly appreciated!

Thanks!

Awesome insights by everyone here and right on the money.

Collecting security deposits vs move-in fees in Chicago is amongst the most avoidable bad mistakes you can make as a landlord.