All Forum Posts by: John Akolt

Sell him a life estate then sell the house when it's yours again, keep a % interest in the house with an agreement to sell at a certain event or take a note.

Hello, I am looking for an attorney to assist me with an eviction on the south side of chicago.  The five day notice period is almost up so I need someone soon.  Thank you

Depends on many factors--the state, your policy and the facts.  

https://www.irmi.com/articles/expert-commentary/is-sellers-failure-to-disclose-known-defects-to-buyers-a-covered-occurrence/

Thank you!

As far as attorneys I would not worry if they are licensed in multiple jurisdictions.  Hire one licensed in the area where the property is located.  If you have partners I would be worried about the operating agreement.  If it is just you, then less so.  I also would not worry that the attorney covers all your needs.  I am a tax attorney but I wouldn't do an eviction.  I also wouldn't do a complicated partnership attorney--only advise them on the tax issues. You would get better (and cheaper) representation from someone who specializes in the specific area of law--they have the system set up and can focus on the precise areas you need.  Large firms will have every attorney in one place but you'll pay more for it.  

As far as finding a good attorney--word of mouth.  Go to a few investor meetups and ask.  Use your consultation with the attorney to measure their experience and knowledge of the law.    

Hello, I followed a number of people but I can no longer find them on the website.  How do I locate them again--I'd like to finish reading their posts!  Thanks

buy the llc before you purchase the new property.  the llc protects your assets outside the llc, not within it.  If someone slips and falls on the property they go for everything within the llc--the property too.  Only insurance will cover that. Get an umbrella policy.  

Depends on the scope of the work and where you are.  Pull the permits if they are needed.  In my experience, the people who do the work to code will do a better job.  It will cost a little more in the short run.  But you won't have to redo it in a few years due to some issue (usually the reason the code requires it).  When you sell and show the buyer it was to code you'll get your money bake.  Plus you won't have to worry if your neighbor will call to complain--and you will be re-doing the work to code in the end. 

As everyone has said get an attorney--quick. I would look at the loan filed against the property--these are public. If you hold the property in an LLC then a statement of authority would need to be signed. If your partner signed it and knew he was without authority that could put him in a tough spot. Yes, that could be an issue with his RE license as most oversight commissions want to ensure their members are of "good character". Note, as a member manager he might have had authority to obtain a loan under your state's law. But that doesn't mean he could take a loan proceeds and then use it for his own purposes. That's still theft.

Looking for some cheap (free) apps to track my mileage as I look for properties or fix them up.  Any suggestions?