All Forum Posts by: Account Closed

Sounds like a good property to sell, but really depends on your goals. Putting more money into a low income area seems risky, on that type of property. Putting money into unique properties is also more risky.

Darrion, many buy and hold investors on this forum. Your in the right place. And many existing 1031 threads. 

Taylor, squatters have rights in some jurisdictions. And cops don't always follow the law, I 've heard stories where cops violated laws removing squatters. I would talk to a lawyer, to make sure your not opening your self up to potential litigation. 

I only except initial deposits through Chase Quick Pay, that sort of sets the table for 100% electronic payments.

Taylor thanks for giving me something new to worry about!

jk/ happens all the time in NYC. 

Please follow up with us, your tales will be interesting.

Hi Wayne, I have a rental in Oak Park, and may purchase another in OP it's a very interesting area to invest in right now. While getting a real estate license can save you commission a bigger advantage is the MLS data, and contacts with other agents. Alternatively, you might find a broker willing to rebate you part of the commission. Most new agents work for managing brokers that take around 1/2 their commission. Most MLS listings pay 2.5% Co-op not 3. So by the time you cut that in 1/2 your looking at 1.125% Likely you could find a broker willing to rebate you close to that amount.

Not trying to discourage you or your wife from getting a license, it's just that the advantages are somewhat different than you mentioned. 

Network, Network, Network. Okay I get it, I am looking for good short cuts. Hope to have one of my rentals sold over the next few months. And start searching for potential flips. 

Very few multi's in OP or Forest PK, a lot more in Berwyn and Cicero. Bigger risk and bigger rewards in both. Chicago Clearing is another area to look without going to far South or East. Multi's are hot now and a lot of people are over paying for garbage. Just a thought you might find better deals buying to separate 1/2 duplexes in the same building. 

Darrin, not sure how OH works in IL you need a real estate brokers license to either work as a property manager, no separate license for property managers. Unless your managing for condo associations, that requires a separate license altogether. 

I actually prefer zillow over MLS for rental data because many rentals are not on the MLS and are listed on Zillow. Zillow loads faster on my phone than realtor.com Redfin often updates contingent properties faster than Realtor.com If your going to do much transaction volume in your local market getting a license is the way to go. I can get a real estate agent on the phone and flushout the truth much better than with a 2nd buffer.