All Forum Posts by: Tom O.

See brandon turner's video. 

A tip I've shared to potentially avoid Covoid 19 for landlords and tenants

Finally, some personal advice to all. I've sent this message to all my tenants. I've been listening to hours of interviews with doctors and the epidemiologist expert at Johns Hopkins. He said the common cold/flu is a type of corona virus, just not this one. Based on that, and knowing the common cold is seasonal and correlated to low D-3 levels in the body, it is obvious that having high or at least normal D3 levels could prevent the Novocorona Virus. Covoid19.

My brother is a doctor who has been in a decade-long-term Vitamin D-3 research project. Take 5,000 IUs of Vitamin D-3 a day. If you have not been supplementing with D-3 (your multi is too low, only 4-800 IU) previously take 50,000 IU a day for 5 days. Then drop down to 5K a day.

He also said that all the docs he works with take 50K a day when they feel a cold or flu coming on and it seems to knock it right out. I've done that as well with some success. Not always.

It's illegal in Illinois now. 

Just saw Brandon's video and it's good. It's something that can be done and sends the right message. 

I'd love to give my tenants a "rent holiday" for April but then what about May or June? If I say don't pay April, they won't pay May either. Everyone will think the rent holiday is for the duration of this, whatever this is. 

I may have to forgive rent entirely at some point but we're not there yet. 

Questions: 

1. Is there a ERDP document anyone has drafted yet? 

2. The paying over 10 months is a good idea but what if the lease ends in 3 or 6 months? We will need a clause in there about that. 

A tip I've shared to potentially avoid Covoid 19 for landlords and tenants

Finally, some personal advice to all. I've sent this message to all my tenants. I've been listening to hours of interviews with doctors and the epidemiologist expert at Johns Hopkins. He said the common cold/flu is a type of corona virus, just not this one. Based on that, and knowing the common cold is seasonal and correlated to low D-3 levels in the body, it is obvious that having high or at least normal D3 levels could prevent the Novocorona Virus. Covoid19. 

My brother is a doctor who has been in a decade-long-term Vitamin D-3 research project. Take 5,000 IUs of Vitamin D-3 a day. If you have not been supplementing with D-3 (your multi is too low, only 4-800 IU) previously take 50,000 IU a day for 5 days. Then drop down to 5K a day. 

He also said that all the docs he works with take 50K a day when they feel a cold or flu coming on and it seems to knock it right out. I've done that as well with some success. Not always. 

Let's think about this. You're about to spend hundreds of thousands of dollars on something and you don't want to spend a few hundred on an attorney to make sure you don't get screwed? I'll let you figure out the math. 

My banks would look at the rental income for the mortgage on my next building. That helped reduce my DTI. As others are pointing out, you'd be better off putting everything into an LLC and getting a business loan at a higher rate. But, I think you can still find a banker to give you a regular mortgage or a HELOC and count the rental income. Especially if it's showing up on your tax returns.

 Pardon me but you didn't invest "in Chicago" and you didn't invest in the "southside neighborhood of Chicago Heights." 

You invested in a south suburban city called "Chicago Heights." That's not "in Chicago." Correct me if I'm wrong. 

Property taxes are a killer in Illinois generally and suburbs especially as they rely on them very heavily. In the City they're going up drastically as well. But less on the south and west sides and more on the north side.

Um, yeah this is all that my attorney friend does so you're gonna lose that bet. 

Now, of course it depends on how you define the terms, and what happens and what time of year and all sorts of other factors. 

The first trick of course is to AVOID eviction with cash for keys. 

The second trick is to file and work out a settlement that gets the tenant out without having to wait for the final order and sheriff to serve. A skilled eviction lawyer like my buddy can get someone out in 2-3 months using eviction. That's the bottom line. Remember: it's in the tenant's interest to NOT have an eviction order on their record so it's worth their while to negotiate once the thing is filed AND if you work it out you can agree to seal the file so there's no record of it against the tenant. 

But I do love how you armchair attorneys know more than the litigation attorneys. 

First, I am NOT investing for appreciation. That's speculation. I'm investing for cash flow. I didn't get lucky. The area is right next to one of the hottest neighborhoods in Chicago so I knew this hood was next. 

None of your concerns worry me. Yes, these buildings are now making money. I didn't get lucky. I knew exactly what and where I was buying. I bought another. The first has appreciated almost double it's value. I bought for cash flow. I'm making money even if they don't appreciate at ALL. 

And, no, evictions don't take that long. My lawyer buddy can do them in 2-3 months. And I've had some vacancies and I'm fine. Heck 2 apartments alone pay the mortgage. I am losing money my first year with fixing deferred maintenance, a new roof, plumbing stuff. 

It's not hard to make money in Chicago even buying off the MLS. That's total BS that you have to get off market deals and all that nonsense. It's just silly. Just get a good realtor (I can recommend mine) and set up the email to search the MLS and you're good to go.