All Forum Posts by: Steve Hyzny

I talked with another investor who did have the title stolen on a vacant property that was sold under a forged signature and fake notary stamp, it cost him 30K and a lot of time to fight it before the title insurance company paid off.

I'm hoping not to have this happen as it seems no matter what it will cost you a lot of time and money upfront. Thats a problem with anything just because you are right doesn't mean it won't cost money to clear up.

I just saw a commercial for title monitoring of property titles. For about 33 cents a day they would monitor your title and help if someone forges a quick claim deed and steals your property.

Is this a real problem, is this something that we should be discussing to protect each other?

@Kevin Romines thanks, that was what I was thinking but wanted more minds then just mine

I have been lucky so far to have a slow but steady plan to grow my real estate, but I am now having an issue.
I think I'm headed down a good path but could use a good resource for the next step.

I have 7 properties, 5 in my name and 2 I bought in my LLC's name.

I used a Heloc on my house to buy two rental properties so I was able to buy them in the company name. I have credit services with Home Depot and Menards in the companies name and have a D&B number and have over a year with the LLC.

I now would like to refinance the 2 houses in the company name to build company credit. I would like 75K out of 130K house and 100K out of 150K value house to pay off the heloc and put the loans on the right properties.

I am looking for advice on the best place to go for the loans. Is a local chain bank a good place, local credit union, local savings and loan, a broker? What path to finance in the company names should I try to follow?

How did you get loans in your company names to build future credit?

Thanks for any help.

Thanks, but they were cheating by signing tenants forms, is there a way since its listed to do it legally?

I'm checking to see about anyone who is looking at IL property taxes.

Under Eligibility is the line

"Either own or have a lease or contract which makes you responsible for the real estate taxes of the residential property"

So with a long term tenant is there a way in a lease to file for the exemption? 

Homeowner Exemption provides property tax savings by reducing the equalized assessed value of an eligible property. Most homeowners are eligible for this exemption if they own and occupy their property as their principal place of residence. Once the exemption is applied, the Assessor’s Office auto-renews it for you each year.

Automatic Renewal: Yes, this exemption automatically renews each year.
Due Date For New Applicants: March 31, 2021

How can a homeowner see which exemptions were applied to their home last year?
Check the website, then review the Exemption History and Status section.

📌 Reminder: Exemptions appear on your second installment tax bill issued in the summer. To learn more about how the property tax system works, click here.

Eligibility

1. Either own or have a lease or contract which makes you responsible for the real estate taxes of the residential property
2. Occupy the property as your principal place of residence on January 1, 2020.
• This exemption will be prorated if you purchased a newly constructed home that was not ready for occupancy until sometime after January 1 of the tax year in question. For further assistance regarding a newly constructed home, please contact us.

I have seen the no money down lessons way back to Carlton Sheets in the 90's,

Seller financing - they don't tell you the seller will owe taxes on the whole sale amount

Other peoples money, partner or borrow but who is loaning you money without experience.

There are many more but all have a flip side that makes them harder then they sound.

I bought my first property for 27K put 10K in and rented it for 7 years to the same tenant. I used the rent money and my paycheck to do it again 2 years later. After 7 years I'm looking at doing 2 deals this year and maybe more next. I have learned to work on many things myself, my father was a handyman that taught me to figure things out. I worked for the company that sold the Carlton Sheets packages sending them out when I was a teenager.  No one that worked for the company ever did anything in real estate. It took me years to start, wish I had started earlier.

Look at house hacking to get the money you need and look around not every house need to cost 250K, I learned on a 27K house. I could recover from a mistake of 27K a 250K mistake takes longer.

Educate yourself here on BP and go to meetups and REI groups to listen and learn. You don't need to spend $1000's for courses when you put that into your 1st property.

Steve

I self manage and do some of the work myself, I have been using the vinyl plank flooring to redo bathroom floors. Clicks together, water proof, looks good and is easy to install. Great for small bathrooms, a few hours at most to complete.

One point you missed is by taking action, you may not have gotten appreciation or the best price, but for 3 years someone else has been paying off your property. So you have built equity that if you waited to find a maybe better property you would have missed a year or two of getting someone else paying for your house.

Property does not have to appreciate when you're not paying the mortgage. Its a bonus.