All Forum Posts by: Paul De Luca

@Kathleen Park

Make sure you are complying with your lease terms. I copied this from the Chicago RTLO which is attached to the CAR lease:

-Before a landlord can deduct expenses for damages from the security deposit, the landlord must provide the tenant with an itemized statement of the damages within 30 days of the date the tenant vacates the dwelling unit.
-Within 45 days of the date the tenant vacates the dwelling unit, a landlord must return all security deposit and required interest, if any, minus unpaid rent and expenses for damages.

@Michael Procaccio II

Welcome @Syed Abidi!

What's your buying criteria for long term rentals?

@Melissa Wongkamalasai

@John Warren hit the nail on the head. These days it's more challenging to find properties where the numbers are promising but they are out there. It really depends on your specific buying criteria and what your expectations are for a "good deal". Some house hackers are okay with breaking even in the short term but the plan is to make some improvements to the property to get some cash flow in the long run. Buy & hold investors may consider lower cost areas like Aurora, Joliet, SW Chicago, and others to get a balance of cash flow while still investing in a decent area.

@Gary Stark

What's your strategy for the first property? Buy & hold, house hack, or something else?

For property managers, I recommend connecting with @Mark Ainley.

 Considering attending some local real estate meet ups so you can make some connections. Here's a list of meetups.

 House hacking is buying a 2 to 4 unit multi-family property, living in one unit, and renting out the others. Oftentimes investors live in the property for a year and then buy another one to repeat the process.

 It depends on how much cash you have and your budget, but house hacking is definitely going to be your best option. If you have relatively little cash, it's tough to beat putting 5% down or less. It may be worth connecting with a lender to see your options. If you need recommendations, let me know.

@Adriana McLaughlin

I recommend connecting with @Michael Procaccio II for your tax questions. 

@Jeff Wang

Welcome! I'm an agent & house hacker in Chicago and I work with a lot of house hackers in Chicago. Feel free to PM me if you have any questions and I could also send you a Chicago House Hacking guide I made earlier this year.