All Forum Posts by: Marcin G.
Marcin G. has started 18 posts and replied 93 times.
Post: How to get this tenant out? And another question...
- Chicago, IL
- Posts 93
- Votes 12
Originally posted by Katrina P.:
Okay, so I am in the process of acquiring a property from a bank, that currently has a squatter inside.
Katrina
its an REO then ...ask ur attorney to write an addendum to the contract that prior to closing the property needs to be vacant. bank should take care of the problem (actually REO listing agent acting as a "property manager" will do that) ...thats my experience in IL
Post: Whats the deal
- Chicago, IL
- Posts 93
- Votes 12
Originally posted by Nicolas Dumm:
in Chicago this question usually means "is heat included.... in the rent", typical for condo business when the whole building is on 1 or 2 boilers powered by main gas line ...gas/water/heat included in rent (included in HOA as well). if not ...many stay away from those units ...
Post: Managing units of 5 and up. Need brokers license?
- Chicago, IL
- Posts 93
- Votes 12
Originally posted by Ben Schembri:
if you are thinking of REI long term get a license. real estate broker (not managing broker) license is fairly easy to pass ...you get access to MLS and nothing helps to grow your business like an access to true information ..whats is renting/selling and for how much in the area. also each reputable RE office has access to attorneys, contractors, mortgage people ...proven team of folks they have worked with for years...once you part of the furniture ..you can benefit form that ....aint no "realtor" gonna insult ur inteligence ..showing u the properties that are easier to sell or more expensive...etc
Post: LLC or sole prop
- Chicago, IL
- Posts 93
- Votes 12
hmm thats too bad ...thanks for the feedback. anybody knows if in IL I need to use a lawyer to do evictions in I have my property in LLC ? given that I do all the updates myself (not sure it matters that much in condo business ..no balcony, no steps, no basements etc) and cost of setting up LLC in chicago is 500 to file + 250 annual statement + attorney cost if you choose to do that (articles of operations are not necessary I think in IL) ..not sure its an option for me. i would probably be better off with better insurance coverage. ...which also need to be tripple checked ..recently I found out that they dont cover water back up .....oh well ..
Post: LLC or sole prop
- Chicago, IL
- Posts 93
- Votes 12
great thread ..lots of information. this will surely help preparing before you talk with an an attorney whether you want to form an LLC or not. on the other hand ...lets say you formed an LLC and put all 4 rental properties there (or 2LLCs per each 2 property - depending on your comfort level)...while as discussed LLC has "limited" ability to protect your assets ..especially if you do all your DIY work yourself (even if you keep all records separate) ..I think it will serve as a shield when you are sued for something that happens outside of rental business, correct ? lets say you drive ur car and kill a family of 4 or other extreme ... this is your car, you personally carry an insurance ..insurance limit is lower than the judgement ...will you still be on the hook with your rentals even though they are in LLC ?
Post: What grade of paint to use for rentals?
- Chicago, IL
- Posts 93
- Votes 12
Sorry Marcin, I wouldnt paint a doghouse with that, its water with a dash of pigment in it.
A friend of mine is the manager of the local HD paint department and would agree with Mark Updegraff on the kilz pro x, says they are getting great reviews from other contractors too.
I probably would not paint a dog house at all ...pure bastard aint payin the rent !!! he happy I no evict ;-)
Post: What grade of paint to use for rentals?
- Chicago, IL
- Posts 93
- Votes 12
Originally posted by Will Browm:
2 coats did not cover ? have u prepped the surface (sand it good) ? have you shaken the paint really well (not just mix it with a stick) ? 80% result of painting is in the prep work ..any experienced painter will tell you that. in my opinion all those bears and sherwin williamses is pure marketing ... they feed public with some bs and make u pay more. I am telling u AF does the job. Come to Chicago I will show u ! ;-).
Post: What grade of paint to use for rentals?
- Chicago, IL
- Posts 93
- Votes 12
Originally posted by David Niles:
$8 a gallon american finest flat. put a generous coat .. and u done. 2 coats if u need ...never had a problem ...best deal ever
Post: Eviction drama
- Chicago, IL
- Posts 93
- Votes 12
Originally posted by William Bannister:
in Chicago u want to use a more bullet proof system. You want to drag a friend and serve the notice in person while ur friend will be playing a witness. want to live for free taking adventage of idiotic system ....come to Crook County...we welcome all sort of deadbeats..enjoy
Post: What's Your Tenant Horror Story?
- Chicago, IL
- Posts 93
- Votes 12
Originally posted by Lauren Fugate:
They also had 2 dogs and 2 cats that they never let outside. They did not change the litter box when it was full, instead they just placed another one next to it! Then they stopped doing that. The dogs used the whole house as a giant puppy pad. :-/ It was by far the most discusting experience I have ever had.
yep...this and other examples thought me one thing: "rent is payable on the premises in person by check or cash" This gives me opportunity to get inside and check on my place. prevention of such problems is the key. just because the rent flows to your bank account via some cozy ACH does not mean ...that the same amount will not flow OUT of your bank account when u have to restore ur place to livable conditions