Wednesday, April 22, 2015
Money Smart Week
Just a reminder that I am doing a seminar on buying 2-4 unit apartment buildings tomorrow, Thursday 4/23, from 6 - 7:30 at the Logan Square Library. 3030 W. Fullerton.
I will be working with a great Loan Office, Marla Barch, from Prospect Mortgage.
We will be discussing the mortgage process included down payments and tax benefits, as well as buying distressed properties and mixed use properties. Marla is an expert in renovation loans so you can also find out more about the FHA 203K loan if you want to buy a fixer upper.
Please come out and join us.
I will be working with a great Loan Office, Marla Barch, from Prospect Mortgage.
We will be discussing the mortgage process included down payments and tax benefits, as well as buying distressed properties and mixed use properties. Marla is an expert in renovation loans so you can also find out more about the FHA 203K loan if you want to buy a fixer upper.
Please come out and join us.
Friday, March 20, 2015
Money Smart Week Event
I will be hosting a workshop for Money Smart Week with Marla Barch from Prospect Mortgage:
Join us to learn about buying a small apartment building (2-4 units)
Thursday April 23, 6-7:30 at the Logan Square Library, 3030 W. Fullerton
If you have been thinking about buying a small apartment building to live in or as an investment you can learn more about the process. We will also discuss buying a foreclosure to fix up with a rehab loan and even Live/work options for artists and entrepreneurs.
This is a free event.
Join us to learn about buying a small apartment building (2-4 units)
Thursday April 23, 6-7:30 at the Logan Square Library, 3030 W. Fullerton
If you have been thinking about buying a small apartment building to live in or as an investment you can learn more about the process. We will also discuss buying a foreclosure to fix up with a rehab loan and even Live/work options for artists and entrepreneurs.
This is a free event.
Saturday, February 21, 2015
Another event for Landlords
Not sure why I am getting all of these all of a sudden. Might be because the spring Real Estate Market is picking up. It is a good time to consider buying rental property if anyone is on the fence interest rates are rumored to be going up later this year. Let me know if you want to talk more about a purchase.
If you already own a rental building, especially if you don't already have an LLC, but even if you do this should be very educational.
http://tanisgroupllc.com/INVESTORSERIES
If you already own a rental building, especially if you don't already have an LLC, but even if you do this should be very educational.
http://tanisgroupllc.com/INVESTORSERIES
Friday, February 20, 2015
New apartment finding website
CoStar.com is launching a new apartment search "experience". We will see if this is as good as they say it is going to be. I am a bit skeptical.
http://www.costar.com/News/Article/New-Apartmentscom-Website-Dramatically-Improves-Online-Search-Experience-for-100-Million-Americans-Who-Rent-Their-Homes/168966
Friday, February 06, 2015
Up coming event for Landlords
Here is an event that I am going to try and make. More info about bed bugs among other land lording issues.
https://www.eventbrite.ca/e/2nd-annual-homestead-landlord-forum-tickets-15368719253?ref=estw
https://www.eventbrite.ca/e/2nd-annual-homestead-landlord-forum-tickets-15368719253?ref=estw
Wednesday, January 29, 2014
Security Deposit or No Security Deposit?
The Chicago Association of Realtors has come out against security deposits.
http://www.chicagotribune.com/classified/realestate/ct-mre-0126-podmolik-homefront-20140124,0,4166623.column
I am really torn about this. Reading the article did not help me make up my mind either. There are real risks with holding deposits and complying with the rules that the Landlord Tenant Ordinance has. Interest is the hardest one, have you ever tried to get your tenant to cash a check for $.42? I have, it is not easy. In my opinion, the other rules are reasonable, but you do have to know what they are in order to comply with them. You have to send written notice to your tenants in 30 days if you are going to keep any portion of their deposit and you need to itemize all deductions in writing at that time. You also have 45 days in which to return the actual money, but I would stick to 30 days for everything. Less chance of you missing a date. If you don't know where they are then you need to send the check certified mail to the old address so you can show that you tried. If you don't think you can handle tracking everything it might be better to just charge a move-in fee, but keep is reasonable, just a few hundred dollars a the most.
http://www.chicagotribune.com/classified/realestate/ct-mre-0126-podmolik-homefront-20140124,0,4166623.column
I am really torn about this. Reading the article did not help me make up my mind either. There are real risks with holding deposits and complying with the rules that the Landlord Tenant Ordinance has. Interest is the hardest one, have you ever tried to get your tenant to cash a check for $.42? I have, it is not easy. In my opinion, the other rules are reasonable, but you do have to know what they are in order to comply with them. You have to send written notice to your tenants in 30 days if you are going to keep any portion of their deposit and you need to itemize all deductions in writing at that time. You also have 45 days in which to return the actual money, but I would stick to 30 days for everything. Less chance of you missing a date. If you don't know where they are then you need to send the check certified mail to the old address so you can show that you tried. If you don't think you can handle tracking everything it might be better to just charge a move-in fee, but keep is reasonable, just a few hundred dollars a the most.
Thursday, November 21, 2013
New App for Tenants and Landlords
My friends at the Chicago Metropolitan Tenants Organization announced their new app yesterday: Square Away. I think it is pretty cool. It will allow your tenants to communicate a problem with you and send you a photo via their phone. How many of us have gotten that call on a Sunday morning where you tenant tells you about a leak or lack of heat only to inform you that it has been going on for days, but they are just getting around to calling you. I think it would be helpful if they could tell you about an issue before it got really bad. Hopefully this will make it easier.
Even better the app offer landlords easy links to the Chicago Landlord Tenant Ordinance, which you need to provide to your tenants and now can from your phone. I was just checking out the landlord side of the app and realized that there is new Bed Bug Flyer that has to be shared with tenants starting December of 2013, that is only a week away! Go to the app yourself for info about Bed Bugs and more:
http://www.squaredawaychicago.com/
Even better the app offer landlords easy links to the Chicago Landlord Tenant Ordinance, which you need to provide to your tenants and now can from your phone. I was just checking out the landlord side of the app and realized that there is new Bed Bug Flyer that has to be shared with tenants starting December of 2013, that is only a week away! Go to the app yourself for info about Bed Bugs and more:
http://www.squaredawaychicago.com/
