Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Steve Balinski

Steve Balinski has started 30 posts and replied 82 times.

Thanks John.  From what i've been researching a 4 unit should be around 2k/ yrs.  Travelers quoted me at $4500.  The ONLY broker through Geico said 8K and has a rebuild cost of over 1 million!... (buying for 275k, built in 1990)

Liberty mutual said $2800

I will definitely let you know if I continue to struggle.  Its tough getting to local brokers because I work 8-5 every day and I'd assume most of them are closed on the weekends, but I will definitely make some calls.

Hello to all, I have a question about home-owners insurance for a 4 unit rental im looking to purchase.

I have called Geico and Travelers so far and told them im looking to purchase a 4 unit rental property and I will transfer the title to my S-Corp when I am done. So far everyone is acting like they don't insure properties owned by businesses. Geico could not find me ANY of their brokers who would work with me.
  Travelers said they could, but they still acted like they have rarely dealt with this. Am I saying something wrong? I should be saying it will be owned by my business or S-Corp right? Is this what most people say when they call to get insurance?
My fear is if I say I am the owner and God forbid something happens to the property, I transfer it to my business entity, and the insurance company says "we didnt insure the property owned by balinski investments, we insured the property owned by steve balinski"
Any suggestions?
Thanks

Hello Biggerpockets followers.  I have an odd scenario on a "property" i just had an offer accepted on.  The building is 6 units, but the seller has it listed as 4 units, in 1 listing.  Its 3x 3/2's and 1x 2/2

My question is what concerns/ complications/ cons does this propose, if any?  Its a rare scenario, but i'm just not sure if that matters.  My main concern is resale, but if the numbers work well, why couldnt I do the same thing and sell the 4 units.  The other 2 units recently sold in a week or two.  

Thanks

Post: App to track where you place bandit signs

Steve BalinskiPosted
  • Roselle, IL
  • Posts 83
  • Votes 10

Just found one called Map Marker... havent tried it yet though

Post: Please help with an app to put pins for bandit sign

Steve BalinskiPosted
  • Roselle, IL
  • Posts 83
  • Votes 10

Andrew, I believe he wants to put a pin permanently on the map so he can keep record of where each sign is placed.  I'd like to know as well, good question.

Hello Bigger Pockets community. 

 I recently had a very bad flooring contractor experience I wanted to share.  Lesson I learned, DO NOT make final payment until you have approved the work and are happy with it!!!  DO NOT hire people who don't have credibility ratings and a reputable name, or hire at your own risk

Here is my story...

CR8 FLOORING in Chicagoland... 

WOW, where to start..... a month later and my floors still aren't complete. I've had to cancel my moving crew 3 times now.

I hired Ralph to refinish my hardwood floors. He came to my house, looked at the floors and gave me a quote. He came a few days later to do the job. He seemed like a nice guy, saying "we're cool man, I trust you, I got you, you're good people, etc etc." After 3 days he mentioned the floors were in really bad shape and there was some type of waxy coating which is why it took so long (as an experienced professional, something he should have noticed from the start I would think). He completed the job. Once I reviewed the work, I noticed there were several issues. There was a 12"x12ft strip where the stain was very inconsistent from tthe rest of the floor, there were polyurethane drip marks, bubbling from the polyurethane, parts of wood which didn't get any polyurethane, staples and nails left in the floor, all together, about 10 spots which needed to be corrected. Gaps in the wood which weren't filled, didn't even buff the closet. He came back a few days later (at this point I didn't pay him yet besides the $500 down payment) to fix the errors. He re-stained some spots and put polyurethane over the errors. Once the poly is put on, it needs to be buffed which means it needs to dry...which means thats needs to be left for another day.........After he started to fix the corrections, he made it very clear he expected payment at this point, so I paid him the full amount of the project NOT realizing that I already gave him the 50% down payment which I told him about within a few days of noticing my mistake.

A MONTH LATER!!! and ****8***** blown off appointments and he still has not come back to fix the floors and give me back the overage I mistakenly paid him. He's accepted multiple new projects since he "finished" my project, he's told me several times he couldn't get to my house because he was working on others. As an already paid customer, Ralph, if you haven't completed 1 job, don't start another one, don't argue with the customer, if you made mistakes, you say "sorry Mr. Customer, i'll fix them asap" until they are satisfied. He has missed appointments now because "his tire blew out, he needed brakes, it was raining, he fell asleep, he forgot, he had a bad day, he was backed up...the list goes on and on. Ralph, why don't you tell another customer THEY have to wait because you need to finish a job you started long before theirs!

After speaking with Ralph recently, he claims that I have been "harassing" him. Well, after blowing off a customer 8 times over the course of 3 weeks, and not paying them the money you owe them, i'd say yeah, most people are going to start to light up your phone! I have a signed contract by both of us stating that I paid him in full, PLUS the check image proving I over-paid him by $500. He claims I tracked mud on the floors (while it was covered in saw dust), in all reality, it was a few pieces of DIRT, which i knew could be easily vacuumed up with the saw dust.  He claims I was not available for a few of the appointments, which is comical because I usually left the back door open for him and other contractors to enter my home.  Not once did he show up and say "Hey, where are you, im here" or "im heading to your house later, can you make sure the door is open".  I could always make sure the door was open (if it wasn't already) or leave a key around, or make sure someone in my family could open the door.  

The last POV is that most of these errors weren't because of condition of the floor, but how they were re-finished.

Lets let the investment world decide...am I being picky?

DO THE HONORABLE THING, OWN YOUR MISTAKES, MAKE IT RIGHT, FINISH THE JOB!

^^^^^obvious

^^^^obvious

^^^^^ large strip of un-even stain/ poly

^^^^ 12 ft strip of uneven stain/ poly

^^^poly drip marks which were requested to be removed 3 times

Hi Phillip, I just saw you posted this after I sent you a message.  I'd love to gain any knowledge you are willing to share.  Please let me know when you would be available.  My schedule is pretty packed right now searching homes w/ my agent, but if we happen to have availability on the same day, i'd love the opportunity.  I work m-f 8-5

Thanks!

Hello to all,

I'm looking for the best Yellow Letter websites to use to contact probate/pre-foreclosure property owners.

What sites do you all use for Yellow Letters, and to obtain lists for pre-foreclosures/probates/vacancies/ auctions etc

Thanks!

Hello to all,

As a new investor I'd like to pursue probate properties.  I have watched hours and hours of videos on YouTube on how to find probate homes.  I understand the general idea, but nobody has walked through the entire process of what to do once an Heir agrees to sell the home.

I'd like to learn more about what paperwork has to go through the court system, what to look for (under water, taxes not paid, etc etc), what the actual process is like once they agree to sell the home. You don't know what you don't know. Are all those details a REIA attorney would/should find for me? Either way, knowledge is power and i'd like to know for my own benefit in case an attorney failed to check any of those boxes.

If anyone here has experience with Probates please shoot me a message, I'd really appreciate a couple minutes to discuss these details further

Thanks!

Hello to all,

I am new to this forum, but have been watching the youtube videos and following REIA for quite some time now, just never pulled the trigger...which brings me here. I am very eager to get into REIA investing. I chose to pursue a fix and flip because adding a lump sum of money for me right now would relieve my financial worries for a good 2-3 years. As little as a 15K profit would give me "financial freedom" for quite some time. I consider myself to be a humble person and would really appreciate anyone who is willing to give me their time and share their knowledge.

I am finally (temporarily) in a financial situation where I have enough for a pretty good down payment on a home up to 250K. I would like to do my first fix and flip and am looking for an agent/investor who can help me find my first property.

Also, if anyone knows of a good GC in the Northwest Suburbs, please let me know. I am compiling a list to see who I want to work with.

DETAILS:

I'm looking in the territory from: NORTH to Vernon Hills/ Mundelein, WEST to Crystal Lake, SOUTH to Bloomingdale/Naperville, EAST to DesPlain.

CRITERIA: Single family home, condo, duplex (exception), townhome

Min Purchase: 80k Max Purchase, 250K

Max Repair: 40K

Min Profit: 20K

Thanks to all!

-Steve B.