All Forum Posts by: Vincent Incopero

If I were you (in Illinois) I'd start by finding out the pin number using redfin, then I would go to the recorder of deeds website and search for the pin. Look at the last recorded deed, specifically the grantee and the area, if any, where it states where the future tax bills are to be sent. Alternatively, once you have the pin you could just go straight to the treasurers website. The reason I suggest that you look at the actual deed is sometimes people have tax bills sent to homes that they don't occupy (ie. Rentals) as the taxes are paid by escrow or the due dates are the same (or practically) every year and there's a few different ways to find out what how much the tax bill ill and to pay it without physically holding the bill in your hand/possession. 

Matt, thanks for clearing this up. I've seen so many similar posts. At the end of the day, commercial lending is based on the property characteristics, not the borrower or the type of entity that is the borrower. 

Most large Illinois Title companies have published rate cards which doesn't allow for bait and switch pricing.  

My guess is that you paid about $1,600 in escrow charges, around $800 associated with Loan Policy to insure your lender, $75 in CPL's for you and your lender, and transfer taxes payable by the purchaser if the property was located within Chicago ($3.75 per $1,000).  These are just estimates, but going rates for settlement services in Illinois. 

If you want more information, feel free to PM me. 

On the legal side of things, make sure that you get material waivers and gc sworn statements from your contractor's to protect yourself from Mechanic's/Material-man's Liens... Not all contractors get paid, and many in turn end up stiffing those who provide labor or materials. You want to manage avoidable title issues, like mechanic's liens, whenever possible.  If a contractor is not willing to provide, move along, there's plenty of contractors who are accustomed to and willing to provide these waivers. 

If you want to run your issue by me, I'd be glad to help.  

Just curious from the outset, are these metered or non metered accounts?  

Not sure if you inquired of CLAS, recommended by Ahmed above... They are not attorneys, just legal doc runners.  My guess is that you are going to need someone who knows more than where to file paperwork to rectify this issue. 

Lincoln, Just curious, in what state did you create your LLC? If you created outside of IL, you will need to seek recognition to qualify for recognition as a foreign LLC.

Just wanted to give my  $.02 before you find yourself out on the golf course with what you believe is a carbon fiber umbrella, when it is in fact nothing more than a vinyl wrapped, steel lightning rod. 

Consider drafting a settlement agreement order that gives the tenant time to vacate and in consideration waives the right to a jury trial if said agreement is breached.  You're losing time either way, IMO this is the more efficient way to waster time. 

If you are looking for a solid concrete contractor I have personally used on multiple occasions, feel free to PM me. 

I would strongly recommend consulting an attorney before using any old contract.  As a Realtor, you will see that the contracts you "find" will be vague, ambiguous and not address many of the categories found in the standard 6.0/6.1. 

Contracts are all about drafting.  Take something you are familiar with, incorporate the essentials and safeguards necessary to protect yourself and always have a rider to provide for issues that arise.  

As your experience increases and the nature of your transactions change, your contract will change accordingly.  REMEMBER, nothing lasts but nothing is lost. 

Welcome.  What exactly do you mean when you say that you are looking for an investor?