All Forum Posts by: Louis Kelley

First hardknock lesson i learned - always check the tax rate for the community you purchase in. What starts out as a good deal, can very quickly become less beneficial because of the property taxes. 

Overthinking it - just ring his doorbell on the weekend. 

Hello  BP Community,

Long time lurker. I recently dove into the deep end of the pool and purchased 3 duplexes and a SFR in the Chicago Suburbs ( my home town) over the past few months. My immediate objective is cash flow and my long term objective is 50 units via a Multi-unit Complex. My current day job keeps me on the compliance side of the traditional investment arena.

No arguement from me Thomas which is why I tried to preference that I hadn't read the entire string.  I think Life insurance can be a great asset, Its just one of many tools available. The more capital you have the more resources available. Just make sure you know both the pros and cons. 

5 pages of this so I apologize if this has already been stated - This can be a good way to leverage the cash value of an insurance product - what you need to know and what many do not state when selling the policy is that Cash Value builds slowly - Very slowly. Before purchasing one, ask for a hypothetical from your agent/advisor.

Thanks for the replies - in the process of purchasing an occupied duplex in Chicago and will seek legal counsel since its my first occupied rodeo.

I've bought from them before. No issues but as stated the contract was slanted in their favor.

You've already answered your own question>

"True, but my thoughts are that the current equity I have in these properties is not being utilized fully because rents have not kept up with appreciation. I should be able to sell one house here that is making 500 or 600 a month and buy three houses elsewhere that makes 1,200 to 1,500 hundred a month. Plus when buying those three houses I would be buying below market and increasing my equity with each purchase and increasing tax benefits as well with increased cost basis. If I stay put then I am just seeing the apprecitation gain which I can't realize without selling or refinancing."