All Forum Posts by: Eric S.

Hello fellow Chicagoland Investors,

Can anyone recommend to me a property tax appeal attorney who charges less than 50% of the first year's savings?

I usually do this myself, online, but I have a complicated case involving a property with multiple pin numbers.

Thanks and great investing!

i have vacant units in war zones, and have had good luck with simplisafe security systems. you could use these outside as well. they also come with crazy loud alarms that can be installed on the outside. since i have been using these, i haven't had any major losses. it is easy to move them and re-install them as needed at new locations.

check out american legal at 312-332-1922. i use their form 104. they update these leases every year to conform with the chicago rlto.

interesting sidenote, make sure you purchase new leases every year, because the ordinance requires a lease summary for the year the lease was originated with the correct interest amounts due for security deposits. just another loophole for chicago landlords.

good luck and let me know if you have any questions. read that rlto very carefully, and memorize it. there are lawyers trolling chicago looking for violations, especially with security deposits.

i'd be interested in meeting up too. i've been to several of the local groups, and they all were a giant waste of time and money....you have to pay to get in, and you hear a teaser from some person from out of state trying to sell you an overpriced, out of date system. trust me, don't waste your time. the people who start these groups are mainly interested in filling their own pockets, not helping the members.

eric

I would not recommend the chicago market. I have been in it for the last 10 years, and I am getting out of it. The laws and court system is obscenely tenant friendly, and so there are a lot of crazy punitive laws that landlords have to follow. Also, good luck getting rid of tenants in chicago. Lawyers show up to court on behalf of non-paying tenants demanding money from you as well as the dismissal of your money count, or they file a bunch of made up random counterclaims and demand a jury trial. Our legal system at work. Tenants know this and take advantage of the system.

I use fidelity collections www.gofic.com I have been pleased with them. I placed a large account with them on a tenant that I dismissed a court case against without prejudice, and the tenant had her lawyer friend call in and threaten to sue. The agency stood by my documentation and refused to dismiss the collection.

Get a Simplisafe security system. I have rentals in virtual war zones, and this works well. You can easily move the units between places, and the monitoring is only $15 per month. I haven't had any places stripped since using them.

hello,
i have an illinois series llc and regret it. the outlandish annual fees are not worth it for a many reasons:
1. il llc's are required to make public their members. this provides you with no privacy. in case of a suit, you will be named personally.
2. single member llc's, whether series or not, are virtually useless anyway (important florida court decision after i created mine) when it comes to asset protection. unless you have multiple active members or a very well funded llc with lots of assets, good luck in the case of a lawsuit. you WILL NOT get the asset protection everyone tells you you will get. i have seen this happen. it is very easy to "pierce the corporate veil" in these cases.
3. make sure you keep very careful annual books/reports/filings. in the case of a lawsuit, the first thing you will be asked for are your books. if you don't have any or they are incorrect/incomplete, you will be an llc in name only. i have to pay a firm to maintain mine, which is another annual expense.
4. consider a delaware llc. delaware does not publish its members. from my understanding, out of state llc's can own property in il, but cannot do business or access the court system unless they are registered with the state. consider having an il licensed management company handle your in state business.
5. i'm not sure that a series llc is necessary for someone just getting started. i am an advanced investor and i regret it.
6. i am not a lawyer. make sure you consult one.