All Forum Posts by: Terry Ingram

Just a Note on the 2020 Conference When booking a room at the Shereton you have to tell them that "BiggerPockets is one word" or they will not fine it.

The ONLY reason for a degree is to be able to get into a corporate type job. For some Treason those hiring seem to think just because you have a degree you are more advanced or will be a better employee then those without a degree.    I did kill myself and got a degree as I was in the corporate life and saw too many people that worked themselves up in a company only to get laid off and not be able to get another job because they did not have that piece of paper saying they graduated college. 

I wish I would have found this rel-estate stuff 30 years ago and I would have spent my degree money on a few flips/rentals.   

Advice I received from a Lawyer that does evictions (in Illinois), there is a benefit IF you have funds direct deposited into an account.  

When/if it comes time to take someone to court for eviction the last think you want to do is accept any dollar amount that is not 100% what is due including late fees.  If you receive a check you just don't cash it, however if the rent is being direct deposited into a single account you have just accepted money, however if you a separate account for each rental he says to close the account so you dont receive any money.  

By receiving money (depends on the Judge) the judge may side on behalf of the tenant as they were trying to make good on the rent and give a month or two for them to pay up (professional renters are good at this) and then you wont see another dime. If you are able to close the account you have not accepted money and that changes things. 

I am sure there is a little more to it but this really only applies if you are accepting direct deposit for rent. 

Henry Lazerow Real Estate Agent from Chicago, IL

I guess I could clarify a bit.  

The $655 includes Taxes and it is self managed.  I agree that a multi family is the way to go, however you have to start some where. 

The first house i bought to rent was in Aug this year.  I put $12,000 into it to update and rent out.  

The list of things completed 

• $350 - Dumpster rental
• $0 - did myself laber tore out old kitchen and put in New kitchen
• $3200 - Replaced all kitchen cabinets (find a contractor friend that can get you cabinets at cost.. saves approx 50%)
• $1200 - replaced Refridgerator, stove, microwave, added dishwasher, washing machine, (Nicks Used appliances came with 90 day warranty)
• $3500 - added central Air and had some duct work done. 
• $250 - Paint entire inside of house. 
• $1200 - new carpet in 4 rooms
• $150 - Updated Kitchen and bathroom lights. 
• $350 - Vinal plank flooring in Kitichen ($0 in Labor did myself) 

Other Misc stuff including replaced all outlets and covers, closet door replacements and ??

$10,000 can go a long way depending on how much you are going to do yourself.  If you hire a contractor you will get less for the 10k 

You need to go further North and west to be able to get a good deal and afford taxes. I am working on my second home this year.  First one renting for $1350, with mortgage of 655.  and second one will close this month and expecting ~ $1450 Due to it having a t car garage... taxes ~ 2700

Feel free to contact me as I am kind of getting hooked on this real-estate thing now.   

Nice Find!!!  I am from the Waukegan area north of Chicago and was looking for a two flat, however found a single family house that I could not pass up so hoping to close on that this month and will rent out for approx 1350-1450.  rental market seems pretty good in the chicago area currently.

@Jessie Staples

I bought my first rental in August with the goal of having rent to double the mortgage cost (including escrow) as I figured the market I the area is not going up too fast but there is a lack of rentals. I would think you need to look at the monthly potential $$ from the 2 flat vs that of a single and then go from there. I just put in an offer on a second house that looks like a potential flip or keep and rent. Haven't decided which way to go yet. But will base it on the local market.

Not sure that helps a lot.. just look at income potential and I think I would lean towards a two flat if one unit rented would cover the mortgage.

@Daniel Infante

I just put I a bid for a foreclosure that I found out to be due to tax issues. I did not know the tax issue up front but would be interested in others take on your question. Sounds like a reasonable way to get properties if there is a way to find out early on.

Newbie here.. Just found this site a few week ago and love it!!

Looking to get input on how those that rent and flip determine which one you are going to do for a given property.

I purchased my first rental in August for 100K put 10k into it and figured I would not get enough in profit for a flip so I decided to rent it out. Mortgage (with escrow) is $ 655 month and rent coming in is $1350. So not bad. I have not put a bid in for another house same area for 60k with estimated repairs/update around 10K to make it a nice rental ($1350-$1400 rental potential) maybe 20K for a nice flip. The homes in the area go from 100-150K

Terry