All Forum Posts by: Account Closed

I live in DuPage and all my rentals are in suburban Cook, despite lower taxes in DuPage than suburban Cook. I have found ROI's are usually higher in Cook County. The farther you get from employment centers, the more likely your going to sit on vacancies.

Steven, Foster Premier INC Buffalo Grove IL  Jamie Falconer, not sure if they will handle that small of a association though.   

Hemmed and gnawed over this question for 4 years before pulling the trigger on my license recently. In order for me to make sense out of license costs I need to sell real estate to people other than myself, it took a long time for me to decide if that was an activity I really wanted to get involved with. I may regret the decision in a year or 2, For now the MLS exposure is helpful.

My goals are sort of modest not really resolutions, we have 4 rentals, may or may not sell one or buy one, more keeping options open. Obtained both my real estate and mortgage licences in late 2017 plan to do some transaction activity with both this year, but more importantly build my contacts network, to do more volume in 2019.

In my case my rental condo premiums are so small insurance agents don't want to be bothered with little policy tweaks that lower premium. Most of my condo policies are under $200- per year. Dropping replacement cost on contents, and medical payments helps. As well as raising deductible, I go with $1000 deductible. 

That sounds crazy, but so few details tough to say how competitive that is. Switched from travelers to statefarm for my house during the great recession because they were insuring it 200K over the value with the land. I get the cost to rebuild was more than the appraised value, that just seemed a bit crazy.          

A bit too young to do this now, but the idea intrigued me. Buying a 4 unit with a reverse mortgage. One could have rental income at the same time, monthly draw payments. Aside from some folks not wanting to be a landlord into their ripe old age, I am sure there are some cons to doing this type of thing.        

Actually was not my R.E agent, just a casual conversation. They are building luxury condos and apartments in mass in Oak Park, if they all sell or rent the population increase likely will happen. The question is will they occupy? 

I only invest locally, do my own management and most repairs myself.

Invest in IL, only because I live in IL.   A lot of decisions are instinctive, and instincts work better with more data points you have trouble collecting from afar. Working long distance with tenants and or property managers and contractors seems more risky.        

A lot of interesting things going on in Oak Park IL. A few years back the city made the decision to embrace high rise structures, since than upscale high density condo and apartment construction has increased significantly, and there is more on the way. A local real estate agent told me they expect a 10% population increase over 5 years. The property taxes in Oak Park are both crazy high and unpredictable. Despite the potential for appreciation being a landlord in Oak Park is a PIA. A lot of rental competition, very entitled pool of potential tenants. I own in Berwyn also, my experience is much different there, nothing interesting going on with new construction. Have the same Berwyn tenant nearly 4 years, never gives me a headache. My Berwyn property was purchased about 20% below market, and has about doubled in value from my purchase price. Thinking about selling it and using the funds to purchase another property in Oak Park, because I see more upward potential. Have trouble wrapping my head around if its worth dealing with both the capital gains taxes and likely more difficult tenants, for the sake of greater potential property appreciation?