All Forum Posts by: Steven J.

Are you aware of the 7 federally protected classes that you cannot discriminate against? How about the 10+ protected classes in Urbana? What records do you need to keep on applicants and for how long?

For March we are going to touch the surface of the incredibly in-depth topic of Fair Housing. We could spend hours learning about this topic and luckily, Rachel Joy of the City of Champaign's Office of Equity, Community and Human Rights will be covering the basic concepts of Fair Housing. She'll be able to help you ensure that you're complying with the best practices in your advertisement, policies, and screening.

Our location will be at Lodgic Everyday Community; show up by 5:45 (or earlier) to order food and network. We'll get the presentation started at about 6:00pm.
As always, feel free to bring friends, colleagues, partners, spouses, etc.

You can find out more information here and remember to RSVP! Seating will be somewhat limited

WHEN: March 18 at 5:45pm (ITS A MONDAY)

WHERE: Lodgic Everyday Community - 1807 S Neil St

TOPIC: Staying in Line With Fair Housing

*If you find value and would like to contribute a donation to defer the meeting costs(mostly catering-related), please do so using the Chip In link here

Ugh... repairs on your rental! Who handles them and how? What happens as the work orders start to pile up? Whether you handle repairs yourself or you don't know which end of a hammer to pick up you're sure to get some tips and tricks with how to deal with repairs that you can add to your toolbelt. Coming all the way down from Bloomington, this month we'll be having Marshall Ryan, a maintenance manager of over 200 units, providing us tips and tricks for maintaining your rentals.

If you've been to the Bloomington Real Estate Meetups and newly formed Illinois Rental Property Owners Association you'll recognize founding members Marshall and Marti Ryan. Marshall and his wife Marti of almost 20 years (next month), live in Lexington, a small town about 15 miles north of Bloomington, with 2 of their 3 children. The Ryans have been involved in real estate investing since 2006 when they purchased the property they currently call home, and kept the property they moved from, as a rental. Since then, they have been very involved in real estate, doing fix and flips, buy and holds, and property maintenance for landlords who manage their own properties. Marshall also manages the maintenance department of a small property management company. In all, Marshall has been maintaining the maintenance aspect of approximately 200 units for the past few years.

Our location will be Perkin's Restaurant in Urbana (the back room). Show up by 5:45 to order food and network. We'll get the presentation started at about 6:00pm.

You can find more information here .

As always, feel free to bring friends, colleagues, partners, spouses, etc.

*If you find value and would like to contribute a donation to defer the meeting costs(mostly catering-related), please do so using the Chip In link here ( https://secure.meetup.com/Chambana-Real-Estate-Investors-Meetup/contribute/ )

As we get into tax season its time to get an expert to help us with the new codes that came out recently. Michael Berl, a local CPA who works in town with a number of real estate investors will be bringing his latest and greatest knowledge regarding the new tax codes that pertain specifically to real estate investors. He'll be able to guide us through the changes pertaining to write-offs, tracking meals and expenses, and much more.

Our location will be the Perkins in Urbana as usual, show up around 5:45 to order food and network. We'll get the presentation started at about 6:00pm.
As always, feel free to bring friends, colleagues, partners, spouses, etc.

You can find out more information here and remember to RSVP!

WHEN: January 21 at 5:45pm (ITS A MONDAY)

WHERE: Perkins in Urbana 1214 W University Ave

TOPIC: 2019 Tax Changes

*If you find value and would like to contribute a donation to defer the meeting costs(mostly catering-related), please do so using the Chip In link here

I've recently transitioned to using Rentec to manage properties in my portfolio. I later came across a software program call Zinspector to use when doing move-ins and move-outs and was hoping some people out there may have had experience with either or both platforms? So far, I've been quite pleased with Rentec minus a few issues here and there. Zinspector is just a trial run right now that seems like a good tool to have further down the road perhaps.

If you've got input on either software platform I'd love to hear it!

In my experience these programs can be helpful but it is certainly difficult for refugees to adjust our expectations. These charity services also end up just dropping support with refugees after either a certain amount of time or they violate a condition with the charity. That puts them in a tough position because they often don't have the resources to continue on their own. 

I had a single mother who couldn't afford the daycare after her work hours at Mcdonalds were cut because she didn't have a car to get there and didn't always have someone to watch the kid. She tried really hard but it was very much a catch-22.

Dang Illinois and its strange requirements! Before you commit to the new water heater, if you're at all DIY inclined, check that the elements and thermostats are working first. Our personal one stopped heating a good amount of water so I ended up with new thermostats and replaced the bottom element for under $50 and thats with a good element. Eventually, replacement is a necessity though.

Check out more on your comps. Paul should be a great resource in your area. Mobile homes have a negative appeal to some people and the lending is difficult. Luckily, the age is pretty good still. Keep us posted if it works out as you plan!

@Chris Actis I'm going to assume this is a commercial property. You're likely not going to find traditional lending sources with out the 20% down AND some experience. If you've already built a relationship with a commercial lender then you can get much more flexible lending.

I'm in a similar position looking for a partner to help provide the down payment while I'm the sweqt equity partner of the flip project. 

Check out scotsmanguide.com. You can filter what type of loans you're looking for with lots of options. 

I suggest that if you plan to apply for credit cards to help support business expenses, etc. then apply for as many as you can in (I believe) a 14 day period. Similar type inquiries count as one credit pull (usually) within that period. Secondly, you'll likely get approved for more credit because the companies aren't quick enough to check others. Even Bank of America is slow. I got three cards from them at one point at the same time. Its scary having this many credit cards but you also have more available credit. Like said above, its hard to get credit when you need it.

@John Hagen and @Chang Hee Lee I run the meetup the Chambana Investors group and we've got a good number of attendees coming for Tuesdays meeting so you can meet some other folks. There is another one on Thursday as well this month that meets at the Champaign Library. Lastly, there is CIRPP - google that one as its not on meetup. This is a much more formal meeting and where the really active industry members go. They have apartment owners, wholesalers, lots of property managers, lenders, and some other vendors that usually attend. 

If you're willing to drive further Bloomington and Decatur have meetups to. I usually attend the Bloomington one.