All Forum Posts by: Rich Lopes

Don't forget you are deducting the interest on your mortgage payment from your income right now which will be negligible if you pay off. Isn't it supposed to be a good debt? You still have 10 years to retire so why not just use that to your advantage? If you don't want to invest in RE, there are other avenues that you can explore such as dividend stocks, mutual funds etc. which are Liquid when you want to pay off your mortgage. Of course there's some risk involved.

Self managing a rental property does not exclude you from liabilities but if the property is managed by third party then I believe yes your are protected. There are other benefits such as hiding your assets by putting them under LLC, but I think that depends on how you file your taxes. This is not a legal advice and I am not an attorney.

J.Martin, I couldn't agree more with you on the fact that recession is indeed a natural economic cycle but  the point I am to drive home is it's just take a lot more people to be overly optimistic and one side of spectrum to tip the scale IMHO. And this will happen as more and more people who are on the sidelines start dipping their toes :). 

Boy oh boy..We have been waiting for this so called recession since 2015, arent' we? Way too many people are hoping or waiting for the next recession and when that is the case it just not going to happen. Guess why, because when so many people are being cautious, it gets factored into overall system and it stabilizes. It will take a whole lot more people to be in that "irrational exuberance" bucket to unbalance the economy, unless of course a major event on geo-political level (such as N. Korea waging a war against Japanese etc) or a natural disaster throws the whole economy into a tail spin. my 2 cents.

Jonathan Jaime Velarde Ventura county I believe is in CA and it's hard to find a decent REI option in that area. I would suggest you to start with an out of state Turnkey (low risk) and spread your money in 2-3 properties in different Geo areas. Be aggressive though since time is on your side and the more calculated risk you take the more you will be rewarded.

Also, can someone recommend a good property inspector in 60609 zip?

 Can anyone chime on Fuller Park, New City and Greater Grand Crossing areas. Are the taxes about 1.8 - 2.0% of the Price in Cook county?

This link is useful - https://smartasset.com/taxes/illinois-property-tax-calculator

@Daniel S., have you tried PenFed? 

One of the RE data aggregator is CoreLogic. I believe ListSource is owned by them and lot of others subscribe to their data esp. the big Mailers. The rest I believe get it from Courts, Title companies, credit bureaus and other sources and package it in easy to understand format. Melissa Data is another data Aggregator, so is Experian.

May be there is some business reason for someone to show losses against huge gains they are making elsewhere or they might want to eventually redevelop such lots into larger properties or entirely tear it down built 3-4 town homes and sell them at 1m+ a piece?