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All Forum Posts by: Sam L.

Sam L. has started 5 posts and replied 159 times.

Post: The 2/3 rule, my way of getting into investing

Sam L.
Posted
  • Rental Property Investor
  • Joliet, IL
  • Posts 163
  • Votes 85

While I'm not that ambitious, I set aside 25% of my income for real estate investing. Though I could bump it higher I'm still dropping 16% into my 401k and I also like a good vacation 1-2 times a year.

I second what @Joe P. said. Give it 6 months and report back with your findings

Post: Puerto Rico Tourism Tax Incentive

Sam L.
Posted
  • Rental Property Investor
  • Joliet, IL
  • Posts 163
  • Votes 85

Had no idea this was a thing...

glamp·ing/ˈɡlampiNG/

noun

  1. a form of camping involving accommodation and facilities more luxurious than those associated with traditional camping.

Post: Furnished STR - time it takes, checklist, buying same items

Sam L.
Posted
  • Rental Property Investor
  • Joliet, IL
  • Posts 163
  • Votes 85
Originally posted by @Paul Sandhu:

She has a pretty good post ^^^.  I furnish my 23 STRs from estate auctions.  My tenants are refinery contractors.  Big burly guys that drive a jacked up 4wd, neck tats, chew tobacco and pay money to women for favors.  You gotta be like a duck with an umbrella, let that stuff just flow off your back.  Make the money, don't pet the sweaty stuff.

Paul this is great 🤣🤣🤣🤣.

I know and work with the types you mention and it's all too accurate. They will work 8 months out of the year working at various refineries during shutdowns and rack up a ridiculous amount of money. Many are good guys but they're pretty rough around the edges...  

Post: When did you know to go all in?

Sam L.
Posted
  • Rental Property Investor
  • Joliet, IL
  • Posts 163
  • Votes 85

I'd say when ones cash flow can support ones basic income requirements. If you need 7k/month to stay a float, It wouldn't make sense to me to go "all in" if you're only making 3k/month.  

Post: Just got an accepted offer

Sam L.
Posted
  • Rental Property Investor
  • Joliet, IL
  • Posts 163
  • Votes 85

First off- Congrats on taking action! Many people dream about owning real estate but never pull the trigger. 

Second- Knowing market rents is something one should be certain about before they start throwing offers out. A 1bd/1bth SFH with huge yard can vary greatly from a similar unit in a apartment. Go on Facebook, Craigslist, Zillow etc... and see what similar units with similar features are going for in your area.


Worst case scenario- list them at 1700 and cut the price after 2 weeks if no solid potential tenants apply.  


Good Luck!  

Post: Property zoned for 2 but operated as 3 for 19 years

Sam L.
Posted
  • Rental Property Investor
  • Joliet, IL
  • Posts 163
  • Votes 85

In our area if the property was grandfathered in but has sit vacant for over a year it must be brought up to current zoning.

Post: Investors offer letter

Sam L.
Posted
  • Rental Property Investor
  • Joliet, IL
  • Posts 163
  • Votes 85

I keep mine sort and to the point:

xxx-xxx-xxxx

xxxxxxx@Gmailcom

Mr. xxxxxx

Hello, I’m a small, local investor looking to invest in the __________ area and I’ve been pre-approved for a rental property purchase through a local lender. Please contact me if you'd like to have a conversation about selling your property at _______________ or any others you may have.

Thank you for taking the time to read this letter,


Sam xxxxxxx

Post: What Rates are you getting right now? When Should I refi?

Sam L.
Posted
  • Rental Property Investor
  • Joliet, IL
  • Posts 163
  • Votes 85

I close on a refi for my primary residence next week. 15yr @ 3.25% with Busey 

Post: Best ways to reduce expenses on small multifamily (heat, water)

Sam L.
Posted
  • Rental Property Investor
  • Joliet, IL
  • Posts 163
  • Votes 85
Originally posted by @Alexander Zurn:

Thanks @Sam L., I haven't heard of them. Just looking at their site - are they new? No reviews and I couldn't find pricing options for their products. I will dig a little further. Appreciate the insight.

Not new. Look on amazon for reviews. You could also go the old electric baseboard heater route but their less efficient. 
Also sell them at Homedepot:



https://www.homedepot.com/p/Cadet-Com-Pak-Twin-4-000-Watt-240-Volt-Fan-Forced-In-Wall-Electric-Heater-in-White-CSTC402TW/100094225


Post: Best ways to reduce expenses on small multifamily (heat, water)

Sam L.
Posted
  • Rental Property Investor
  • Joliet, IL
  • Posts 163
  • Votes 85

Replace the oil heater with electric cadet wall heaters or baseboard heaters.
Go with for the 240volt models. Higher voltage = less amps = cheaper operating cost for the tenant.

https://cadetheat.com/wall-heaters

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