All Forum Posts by: Steve Kachniewicz

Run like ur on fire! This is a scam these sec. 8 people pull. Of course they can pay above their voucher. Don't fall for this. In fact stay away from sec. 8 at all cost unless you have units in the ghetto in which case you have no choice. But sec 8 housing will be nothing but problems. I have a friend who rented to sec. 8 tenants and they stole everything in the unit right down to the kitchen cabinets and all the appliances. Some people go this path with investing but I can't deal with the problems associated with sec 8 tenants.

The neighborhood is ok but you have to be concerned about all of the taxes that will be going up in the city. I would definitely think about it before I invested in the city. It's going to get ugly.

First and last up front with $1000.00 sec. Deposit. I'd rent to him under those circumstances but be firm and tell him if he misses one month your moving to evict no questions asked. But most likely he will be a good tenant. Everyone has different situations.

With condos taxes are low and the Assoc takes care of anything that breaks. All in all I would say it's a draw. Plus Assoc fees are a write off.

I buy condos and cash flow great and the Assoc takes care of just about everything so in 5 years I think I have gotten 3 calls with an issue with a unit and those where all very minor things. I suppose it's more involved with Muti unit properties though.

I had the exact same issue. Insurance would not pay so I had to. This was an issue where the tub leaked and my tenants did not know it was happening. So I paid. Unless you have the correct wording in the lease that the tenant is responsible I really don't know how you can force him to pay. You can try. I suppose you can keep the deposit he gave you for whatever it costs to fix the unit below since he is the idiot who left the water running.

I have a mortgage broker on The near west side who gets me all of my deals. When you develop a relationship with a broker he can usually pull strings for you. He has financed my last four condos without any issues at all.

Difficult to say. The area is prime for comeback for sure but property taxes are going through the roof so many people are renting rather than buying in Chicago right now. If you can rent it I would rehab it and rent it out. Keep it at least 2 years and sell if you want. That way you avoid the capital gains taxes.

I usually put maybe 30% in the market into beaten down stocks like sketchers or Halliburton for example and ride it up until I make a decent return and sell. The rest I just park in money market until I find a deal or ride out the froth. I agree the Realestate market has gotten ahead of itself but I see things coming down in my area because of high inventory all of a sudden. Just waiting in the weeds to pull the trigger on the next deal!

You guys are killing it! Congrats! Sounds like you made a lot of money in the previous endeavors and that's a good thing because investing in property in southern Cali is going to be an expensive proposition! Good luck and good fortune!