All Forum Posts by: Ronan M.

Thanks for the mention @John Warren

@Kelechi Anyanwu and I have been in contact today. 

@Kapil Gupta That's a pretty tough neighborhood. Very challenging if you are out of state and do not have really competent boots on the ground who are experienced in that area. 

Also, you ask if its a good block. A good block is no good to you if all the blocks around are bad.  You need to be looking for at least a few good blocks or preferably a good neighborhood as a whole. 

Check this one out.....

https://www.biggerpockets.com/forums/84/topics/212000-ductless-hvac-zone-systems

It’s in the Tools section. Under file place. Just type Chicago lease in the search bar in that section. I just downloaded it from there yesterday. 

And ditto everything that @Nathan Gesner said. Great post. 

@Connor O'Brien

You seem to be second guessing yourself and your attorney here. You wrote.

"My attorney demanded the bottom unit be vacant by closing"

Then further down you wrote that you plan to ensure there is no Sec Dep, offer cash for keys, contact the tenant before closing

Why ?

Stick with what your attorney has demanded that the bottom unit be vacant and you don't have to worry about any of that.

Tenants aren't paying, tenants ignored the 30 notice, leases are all "lost"  too many headaches here man. Follow your attorney's advice and take the unit empty. Trust me...he's looking out for you based on the details that you have shared. 

 @Connor O'Brien 

"Do I need an inspection or anything else to continue receiving the voucher?" 

No. Not for a change of ownership.   They will schedule their annual inspection as normal when the time comes. Could be a month after you close...could be 11months after you close. Depends on when they did the last annual. 

But what you do need to do is contact CHA right after you close and inform them of the new ownership. They will put a hold on the rent payments. Then you need to furnish them with your paperwork, proof of ownership etc and your bank info in order to get an account with them and start receiving rent payments. That can take a while as they ask for a lot of paperwork and details. But when they do start sending payments to you they will retro it back to when you took ownership.  

Hope that helps. 

"I figured my best plan is to save up while I'm in college and then buy a 2-3 flat, live in one apartment, and rent out the rest so my tenants essentially pay the mortgage" 

YES. Good plan. Do that.

Also when you are in college go work part time for a Property Management Company. You will learn a LOT about land lording real fast in a position like that.  You will learn a lot of the do's and don'ts BEFORE you own a property which would be of great benefit.

Then, when you are old enough get your RE License and do that.. even part time.

Follow a path like that and by the time you are 25 you will have tons of great industry experience and be well on your way to success. 

@Danny Maller

Next time, and as you build your empire use the link below to look up any City of Chicago code violations. 

https://www.cityofchicago.org/city/en/depts/bldgs/...

And if you cant remember this link just google "Chicago Building Violations".  Enter the address or the PIN and everything in the file for the building will pop up.  Certainly don't need to wait until day before closing to get surprises like this.  Before I even go look at a building I am on this website to check out the building and its history of permits or violations etc.   If you find something that concerns you have then have ample time to investigate and get it resolved. 

I know a good guy. Did a number of policies for me on the Southside. Will send you a PM. Thx