All Forum Posts by: Kevin Stalbaum

Hi Peter!  I too live in libertyville.  I have done several flips near by and have several rentals.  Closing this week on an investment property in libertyville near hospital.  I love talking real estate.  Message me and let’s meet up sometime!!

My tenant is about to move out and I’m not sure legally if I’m able to withhold damages in my particular situation..... There has been well over 20 police calls to my property all domestic related. In short now ex boyfriend keeps coming around and causing problems. On two of the occasions a window was broken. Police called, he was arrested for property damages and trespassing. Not talking about a huge sum of money to have windows repaired, about $300 for both. But I would like to deduct from her security deposit but can I do that legally? Do I have to go after the guy that broke them (not on lease) to recoup my cost?

I use Zelle through Chase (used to be called Chase Quickpay) for both of my rentals. Love it!!! No fees and instant. To answer your question they don’t know your account numbers so I don’t really see any downside. Welcome to modern technology!!!!

I bought my first rental property 12 years ago. And in that property I’m on my 3rd tenant all of which have been on the section 8 program. I’d say the biggest benefit i personally see is lower turnover. My first tenant only moved because she had another child and needed more space. My second tenant would still be there if her son wasn’t being severely bullied at school and it was so bad needed to move simply for a new school and new start. Very sad story. Biggest downside though......I’ve personally found it hard to know when the move out date will be. Both times it took an extra month or two for old tenant to move out. And both times I had someone lined up to move in. Between the extra paperwork and some owners not accepting section 8 there are fewer places for them to move into. Overall: -12 years -3 section 8 tenants -No vacancy (we’ll technically a total of ~14 days) -Normal wear and tear -Normal repair phone calls -No loss that I wasn’t able to deduct from security deposit Like many have mentioned on this thread finding a great tenant comes down to screening the person and that has nothing to do with if they have a voucher or not. Why limit your prospective tenant pool? There are plenty of hard working people bettering their lives on the program. Keep an open mind.

Congrats and a word of caution.....I bought my first flip two years ago and now I can’t stop buying houses!!! Just closed on my fifth flip this month. You’ll be surprised how much faster you begin making purchase decisions on each subsequent deal. This last one I got was just around a week from finding the property to signed contract. Additionally, you might be pleasantly surprised how the deals start finding you. My first was a bank owned SFH from the MLS. Second was joint venture project I found through my RE attorney because he saw what I did on my first project. Then I saw a FSBO sign which ended up being a house that was under contract by a We buy ugly house franchisee. Different wholeseller saw my precious two cash purchases and mailed me a postcard which lead me to another flip which was a small 3 bedroom townhouse. And then a simple bandit sign on the front yard after I was under contract on deal #3 got me my current project. Gotta love it!!! Big thanks to BP for all the knowledge and motivation!!! All this wouldn’t be possible. I wish you continued success.

Hello everyone, I recently closed on my 5th flip and looking for a GC recommendation in the lake county area. This particular project is in mundelein IL. For my past projects I have done some of the work my self and hired out individual trade as needed. Im looking ramp up the number of projects I'm doing and my current setup isn't sustainable. Help! Thanks in advice. Kevin

On my very first flip I more or less spent my entire profit on a Disney timeshare. 200 points at Old key West. This was more to keep my wife happy because she is a huge Disney fan. I'm turning into one too. But like my REI investing I found a good deal on the resale market.

I will be purchasing my 4th flip and for this project it's my first time borrowing funding. Purchase price is $150k of which I'll be borrowing $100k from a friends family member. What is the best legal agreement in this case that covers both parties interests? Secondarily, looking for advise how to properly handle the form a tax perspective? I want to make sure that I have what I need to write off the interest expense. Thanks in advance!

One simple selling tactic that I don't believe has been mentioned is a simple for sale by owner sign in the front yard. If all goes well the next flip I'll be doing i found this way. Im buying from a wholesaler who did just that. Family member saw the sign then called me. That was just over a week ago and closing in 2 weeks. You'll be surprised how effective and this old school method can work.

There is a SFH in the subdivision my in laws live that I drive by almost daily taking my daughter to grandmas. The house has been unoccupied/vacant for at least 3 years. Multiple village notices posted on the door for tall grass, repairs, etc. I looked up the status of the property tax bill and taxes are always paid before due date. Tax bill goes to the owners to a separate address (PO box in same town). I mailed a yellow hand written letter but came back undeliverable. What are next a steps people take when trying to contact owners? This house is absolutely the ugliest house in the neighborhood and is ripe for an investor. Any advice is appreciated. Thanks in advance.