any rental property owners here? - Chicagoland Sportbikes
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post #1 of 13 (permalink) Old 08-25-2003, 10:26 AM Thread Starter
stuck in 6th gear
 
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any rental property owners here?

I was thinking of purchasing a rental property or two and becoming a suburban slumlord

Any gotchas that you guys have experienced that I should look out for? Tax or other loophole advantages to know of?
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post #2 of 13 (permalink) Old 08-25-2003, 10:37 AM
YO MAMA
 
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my best advise is an apartment complex type investment.
or a 3 flat in the city, be ready to pay alot of your gonna do any repairs yourself if you arnt handy, usually the tax write offs are more then the income, which offset the collected monies gathered.

in anycase, you can make some money, increase your gross worth, and get alot of shit on credit without anything up front, which means after 1 good property you can double what you did on less monies upfront.

just watch you dont dig a hole, sitting on emtpy property and claiming it empty, the IRS doesnt like that to much. and ya better have your paper work in order.



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post #3 of 13 (permalink) Old 08-25-2003, 10:47 AM
IDK WTF TO PUT HERE NOW!
 
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Ernie,
All I gotta ask, is there a CLSB discount for rent? If so, you can count one spot filled! Heck, I wonít even bug the landlord!

Ciao,
Lupi
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post #4 of 13 (permalink) Old 08-25-2003, 11:08 AM
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One caveat to buying investment property within the Chicago city limits... as a non-resident landlord you will be subject to the Chicago Landlord-Tenant Ordinance. Be prepared to pay additional interest on tenant security deposits and watch those back porches!

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post #5 of 13 (permalink) Old 08-25-2003, 11:15 AM Thread Starter
stuck in 6th gear
 
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nah, screw that city crap. I'm gonna stick to the burbs near the train lines.
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post #6 of 13 (permalink) Old 08-25-2003, 11:18 AM Thread Starter
stuck in 6th gear
 
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Quote:
Originally posted by Lupi
Ernie,
All I gotta ask, is there a CLSB discount for rent? If so, you can count one spot filled! Heck, I wonít even bug the landlord!

Ciao,
Lupi
sure there's a discount, but you wouldn't get past the steady employment section of the interview
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post #7 of 13 (permalink) Old 08-25-2003, 06:28 PM
 
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Our Family has a townhouse in Liberityville,il that is currently rented out for about 1300 or so a month.....and it's paied off already.....will be happy when I get it.
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post #8 of 13 (permalink) Old 08-25-2003, 07:10 PM
Work In Progress...
 
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I own a 3 flat in the City, We live in one unit and rent the others, I have owned for about 10 years, If I ever decide to move, I would do it all over agian. I hardly have any portion of the mortage myself, renters take care of most of it. I am very handy so repairs are a snap. The only thing to worry about is GOOD renters.... do a thorough inverstigation into their back-ground. Once they are in, it costs Thousands to get them out, if they want to fight it.

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post #9 of 13 (permalink) Old 08-25-2003, 07:11 PM
Jim
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Quote:
Originally posted by Ernie
sure there's a discount, but you wouldn't get past the steady employment section of the interview

ooouuuucchhh!!!!!

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post #10 of 13 (permalink) Old 08-26-2003, 12:37 PM
 
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Ever thought of rental properties in Slater????

Land of opportunity!!!
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post #11 of 13 (permalink) Old 08-26-2003, 12:50 PM
Human lawn dart
 
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Re: any rental property owners here?

Quote:
Originally posted by Ernie
I was thinking of purchasing a rental property or two and becoming a suburban slumlord
That's not funny man. I rented from a guy that turned out to be a slumlord. He was very good at hiding the faults in the place.

See now I'm pissed at the guy just thinking about all the crap I had to go through. And that was 4 years ago. I need a break to calm down now.

I'm not short. I'm aerodynamically efficient.

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post #12 of 13 (permalink) Old 08-26-2003, 01:24 PM
Your friendly Crazy Canuk
 
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Ernie,

I have had rental properties both here and in Canada. The ones I had in Schaumburg were residential, which sucked, I highly recommend a maintenance company, or else you'll get calls at 2 in the morning, informing you the ligth in the back of the fridge is burned out and needs to be replaced.....don't laugh I have actually had that happen, or July 4th in a middle of a BBQ I get a call telling me a toilet is overflowing. Your always in court, chasing down dead beats, trying to evict them....get a really good lawyer. Now on the other hand.....commercial property.....can you say cash cow Back in the late 80's myself and 3 college friends bought a small warehouse in Toronto on Queen Street (fashion district) converted the 4 story structure to retail space and small business office and two lofts. I get a nice check every month If you have any other questions just ask.

Rick

Sometimes goodbye is your second chance.
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post #13 of 13 (permalink) Old 08-26-2003, 04:17 PM Thread Starter
stuck in 6th gear
 
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Quote:
Originally posted by TheReason
Ever thought of rental properties in Slater????

Land of opportunity!!!
Slater??? Isn't that where they buried Hoffa?

and change your sig, you ain't got a SV for sale no mo
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