All Forum Posts by: Dooreuhn Cee

@Andrey Y. I like beenverified.com for background checks on a monthly flat fee, but no credit check.  Although you have to be careful about citing these resources as the reason for making a decision.  

Background check is a landlord's condom, don't get burned!

@Sebastian K. A license will get you access to the MLS rather than waiting around on realtors. Also, commission fees can cover closing costs, as long as your are confident enough in the purchases. Investors quickly outgrown typical realtors.

You CAN get 100k, but will you really?  Only your experience can tell you if the paper value would ever be a reality on the market.  Also, the current deal is doable without a broker saving you 6% or 6k.  I might be happy splitting it between the offer and market price.

I'm not so sure that egress window is code if you have other means of egress, such as a walk out basement.  There are way too many houses in these areas with glass block windows in the basement bedrooms for it to be code given a basement door.

Price to punch in a window will vary significantly between brick and frame construction. 

I love the 2% rule for cash flow areas!!!  

If I can't gross a certain amount of rent then it is not possible for the cash flow to be interesting (equity is a different game tho!).  As long as your are comparing apples to apples it makes a lot of sense.  On the south side of Chicago 2% is right on, while in California its more like the 0.5% rule which is not a cash flow areas and thus, many other factors come into play.   

Because I have a very tight niche in Chicago, they are all apples, and I know that a 3 BR house is 1200/mo rent and that a budget of 60k will generally leave 900/mo profit.  As I quickly scroll through listings and see 50k properties with more than 10k of rehab (threshold for light rehab) won't work.  As the price drops to 40k I can do more rehab.

If the property passes 2% then I make further assessments.  If a property fails 2% then I ignore unless there is something else compelling enough to make an exception.  Less than 2% typically just doesn't generate enough gross cash to be a sufficiently profitable cash flow property.

see you there

Blanket loan... however they are very rare nowadays

Redfin.com is fantastic.  For comps they list nearby sold and nearby on market.  History of prices and details about room sizes and photos are available.  There is a mobile app that works nicely as well.

I don't even buy 2 bedroom units because they are a pain in the butt to rent.  But different demographics may yield different results.

Already have a judgment against a tenant that is a city employee.  Looking for an attorney to pursue the wage garnishment.  Many eviction attorneys but not many for garnishment.