All Forum Posts by: Tom O.

ALL are welcome so that's cool. I'm a N00B as well only buying my first building this year. 

I've invited another friend who owns a few doors and a realtor friend who's getting into it as well. 

And I'm going to try and invite this banker guy who is also a real estate investor. 

Bring more people. 

OMG Mark Angebrandt you work in THAT building? How cool is that? Confirm for everyone that the food down there is pretty good and reasonably priced would you? 

Alright let's do this thing. Let's make it late next week so there's time to rustle up more interest. 7/19/18 at 12:30

How about Thursday July 19, 2018, at 12:30 at The Field Building, 135 South LaSalle. It's formerly the LaSalle National Bank Building and before that the Bank of America building. 

Meet at the east lobby, first floor. Inside the revolving doors. I'll wear my red Hawks hat. ENTER ON CLARK JUST NORTH OF ADAMS

Downstairs is a great cafeteria/restaurant/food-salad bar with rooms on the sides we can grab. 

This is the North/West corner of Clark and Adams. Across from Revival. 

Thkx

Aleks, Jay,  Matt: OK, WOW, this is much much bigger than I thought. Yeah, criminal RICO would be nice but does anyone think Trump's DOJ is going to go after Real Estate scams? I mean, maybe. It's very very hard to get the DOJ interested in doing any kind of case. 

Well, again, if anyone's interested in actually suing, I would help them get a kick *** attorney. That's a good first step. But we need actual investors to step up and say, yeah, sign me up, I've been screwed. 

Seems like a huge investment and a lot of work (12 units) for only $700 a month.

So, hi from Chicago. Non-conforming, illegal units are pretty common in Chicago and especially in the area I'm looking. (BTW, I'm planning a lunch hour meetup downtown if you're interested. See other post: 

https://www.biggerpockets.com/forums/521/topics/58...

I would ask your real estate attorney these questions. I would ask an inspector who has experience dealing with Chicago Building Department/housing court cases. You can also ask the Alderman or their assistant. They love answering "constituent questions." If you have a relationship with your Alderman (do you live in the City?) you can ask them or try the Alderman in the area where the building is located. 

I was looking at a 3-unit the other day and was alarmed to see the illegal attic unit with a toilet and hotplate. Where's his shower? My pure guess would be you could rent out the illegal units for years without being caught. But if you are doing improvements to the place and getting plans, building permits, etc., then they may find those units and cite you. 

Safest course: get the seller to evict the illegal units. If there's written leases with them can they be terminated due to the sale? I think an eviction will rise and fall on whatever the facts are of the eviction and not change too much just because the unit is not a proper unit. But this is a guess; I'm not your attorney and you need to talk to one who knows this stuff. Hopefully that lawyer will do your closing. 

If you need the name of such an attorney, message me. I know a good one. 

Actually, come to think of it, a class action may not even be necessary. What's the guesstimate on how many have been screwed if any? It's a finite number. In discovery, that number can be ascertained. From the complaints here it appears that someone could maybe consider it fraud to promise one type of property, one amount of return but deliver another. 

This thread says its a scam and you should run away. 

Anyone harmed by him, I haven't seen any evidence on google  that a class action suit has been done against them. If there's interest, I know some good class action attorneys. 

https://www.biggerpockets.com/forums/92/topics/563...

https://www.biggerpockets.com/forums/92/topics/563...

I'm looking and not finding any class actions against Morris Invest that have popped up in the news on Google. If anyone has been harmed and needs to consult a class action attorney, let me know as I know several good ones. 

Not trying to hijack this group or event and looking forward to attending but would there be any interest in informal weekly meetings downtown during the week for lunch?  I am thinking very casual, meet at a foodcourt and grab a table or two together. Outside if the weather allows. 

Who would be interested?