All Forum Posts by: John Clark

Quote from @Staton Jobe:

When we switched over we lost the title insurance we initially purchased when we closed on the home.

Ask how much the title company charges for a tract search, including judgment searches on your names and on the LLC. Get one done, and then you can determine risks. You may even want a different, unaffiliated company to do the search (different set of eyes and all that).

Remember, the title company only protects you from what others did BEFORE you took title. It never insures for what you did to the title while you owned it, or for what your affiliates (your LLC, which you control) did/do to the title. Title insurance does NOT function like car or home insurance: It does not protect you from yourself. Therefore, I question your statement about how you "lost" the title insurance. Anything you or your LLC did to affect title will NEVER be covered by your title insurance (or the LLC's title insurance for that matter).

First thing you need to do is to define what constitutes "hyper"inflation.

First, find out what in your area attracts them to your spot. If you can, minimize that.

Second, keep calling the police.

Third, go to court (best with the tenant) on the criminal charges and see if there is some way to have a restraining order entered against the homeless defendants. If entered, that would give the police an excuse to arrest the three and keep them in jail longer.

Fourth, when they're arrested/chased away, can you take their belongings and throw it in the trash?

I didn't assume you were buying cheap materials, I said that the contractor wouldn't want the grief of being blamed for materials that YOU bought. As for being aware of the costs; he gave you a price, didn't he?

If you want a pure labor contract, then talk to contractors about performing labor using materials you supply for a very, very, specific design that you or your architect supply. Don't ask for a remodeling job and then try to nickel and dime him on each individual aspect of the contract. He gave you a price. Take it or leave it. If you want to create a labor-only contract, do so up front, but don't be surprised if this guy doesn't make you an offer. He's probably irritated with you.

Your concern is the bottom line.  Why do you care what the breakdown is? You're hiring the contractor to remodel, not to be a labor company. Transparency? Rubbish. You set a price, a design, and quality levels. How the contractor gets there is not your concern.

Then there's the point, as others have said, of you buying cheap materials and then blaming the contractor. Why should he open himself up to the grief and expense?

Now put the shoe on your foot. Let's say  you rent out, with the tenant paying for utilities you supply as part of his rent. The tenant comes in and wants to change cable companies (violating your agreement with one company to supply all of the apartments), or electric service, and demands to know what your costs are. Your response is. . . . ? Help us out here.

Quote from @Pat Hamilton:

@Scott Mac

I also do not want anyone living in sub-standard or health hazard conditions!  Of course I want them fixed but my property manager is saying the tenant is not providing access....rescheduling constantly!!!!  

Have your property manager collect and organize ALL the documentation showing tenant not allowing access to building. Have your lawyer tell you what your rights are with respect to non-consensual entry to make repairs.

You, my friend, are going to court. You will be hit with attempts at levies and fines. Have your evidence. Know your rights. Plan accordingly.

Quote from @Bob Floss II:

 Chicago couldn't possibly maintain status as the third most populated city in the US if we have experienced population loss for 45 straight years.

It used to be number 2, and will soon be number 4, once Houston is counted accurately. Lower income, undocumented, and ESL populations are also low-profitability populations. Hardly the population groups someone looking at northwest suburbs of Chicago is going to want to cater to.

Quote from @John Warren:

@Seb Ko we had to do one in Berwyn last year for a listing we sold. It came in at 12k, and we had three quotes with the highest being 15k or so. 

 John, was your water main across the street from the Bbox?

Location of the main vis-a-vis the bbox is the important factor. Not being in Chicago is another.

Contact he and tell her that 35 days from the date of your letter to her (do it in writing, 35 days gives her 30 days after receipt of your notice) you will start returning mail to senders marked "return to sender, no longer at this address." That will gum up her business and she'll update it ASAP.

If the current water supply line is lead, you might be able to get your permit fee (several thousand dollars) rebated to you (many months delay). Figure out now if you want ADU to have a separate meter or come off your main house main and be included in your current bill.

Across the street? Probably $13k ish (up ish, not down ish) not including permit fees to go from water main to buffalo box (b-box). Add $9k or more for b-box into house.

Yes, you want the account metered, not un-metered.