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Old 01-05-2017, 02:27 PM   #71126
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Location isn't ideal. But I get what you're saying

People cannot get loans for 30-40k homes. Renters don't have money sitting around to fix it up enough to live in. Places like that have to be bought by flippers/investors.



Yup. I know what you're saying.



Were they section 8?

This will be hard Gonna ask Laura to teach me

I have read this as well. But it seems that the tables have been turning to more of a 50/50 situation. Thing is , a lot of people don't have their documentation straight.



It's a gamble. I'm thinking if they take a lowball then its worth it. Really I need to see how it is inside. What NEEDS to be done and what can wait.



This scares me.
Has nothing to do with paperwork. Had to go to court to get them kicked out. The police could only give them a notice to evict but were not allowed to go in before the judge ruled. He had cameras up so he could see who was at the door. He would show up to court and ask for a continuance and I think he got granted one twice so that dragged it out farther.
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Old 01-05-2017, 02:31 PM   #71127
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my buddy had a renter who "knew the system" and lived in his condo downtown (3k per month in rent) rent free for just over 2 years
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Old 01-05-2017, 02:34 PM   #71128
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After the judge ruled, he had like 48 hours to evict or something like that. Police came and basically said you're being dragged out and going to jail or you can get out. He ended up leaving "peacefully" but left a bunch of trash. They had to fix a bunch of drywall, replace carpet/flooring, replace stove and fridge and replace the back door that he seemed to kick open so broke the door and jam.
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Old 01-05-2017, 02:36 PM   #71129
 
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talk to daturbosix, if your in cook county you cant evict from november till march or some shit like that, it takes months of court to get people evicted while they trash the place, I almost bought a rental the deal ended up falling through getting a loan on a shit hole is very possible unless its in totally fucked condition my bank had no problem lending me the money even though the foundation was caving in on one wall, 15k to have fixed right off the bat plus a new roof, I ended up calling it quits on the deal, I was looking into section 8 atleast you get paid on time if the house is cheap enough it dosen't matter if they trash it, and section 8 actually pays decent, the only other thing is you want to form a llc so they cant personally sue you over stuff they have to sue your llc and you need insurance for that also
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Old 01-05-2017, 02:37 PM   #71130
 
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cook is heavily tenant friend vs kane and others landlord friendly
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Old 01-05-2017, 02:39 PM   #71131
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They're in Des plaines, so Cook county.
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Old 01-05-2017, 02:39 PM   #71132
 
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to do it right and make decent money you really need a few rentals to get started
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Old 01-05-2017, 02:41 PM   #71133
 
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I just looked it up and when it's cold out like it is now you cant even serve them an eviction notice.... So no need to pay in the winter months I guess. SMH

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Old 01-05-2017, 02:43 PM   #71134
 
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my buddy had a renter who "knew the system" and lived in his condo downtown (3k per month in rent) rent free for just over 2 years
I couldn't imagine making payments on a rental property for almost two years with absolutely NOTHING coming in from renters....

Stories like this is why I decided to just buy my own place.
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Old 01-05-2017, 02:45 PM   #71135
 
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Once my inlaws renter flooded the place she stopped paying rent. She said she wouldn't pay until it was all fixed. Then they talked to her about just leaving because they didn't trust her not to do it again so since she was leaving she just stopped paying until she found a new place. Thankfully she didn't break anything else but I think it was like 4 months of free rent and she never paid a dime for what she fucked up minus the security deposit.
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Old 01-05-2017, 02:47 PM   #71136
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Nope, shes broke as can be and if I had to guess I would think her credit sucked. I went over there to swap out the sink and faucet in the kitchen and will never set foot in there again. I feel like i needed a tetanus shot after leaving there.

Section 8 would be the scariest to me. Yeah your guaranteed to get paid, but they're also guaranteed to not give two shits about your property.

Reward isnt guaranteed because you took a risk. I of course wish you the best of luck, just would hate to see you getting screwed over. Start a thread called Adventures in Landlording once you buy it.
How the fuck did she get a loan then? I certainly cant.

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talk to daturbosix, if your in cook county you cant evict from november till march or some shit like that, it takes months of court to get people evicted while they trash the place, I almost bought a rental the deal ended up falling through getting a loan on a shit hole is very possible unless its in totally fucked condition my bank had no problem lending me the money even though the foundation was caving in on one wall, 15k to have fixed right off the bat plus a new roof, I ended up calling it quits on the deal, I was looking into section 8 atleast you get paid on time if the house is cheap enough it dosen't matter if they trash it, and section 8 actually pays decent, the only other thing is you want to form a llc so they cant personally sue you over stuff they have to sue your llc and you need insurance for that also
Fuck that. I'll have to look at Kane county to see how it is there. But that's some good information.













Remember guys, this is just a thought. Still up in the air. Having support from my Uncles helps a tons.
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Old 01-05-2017, 02:48 PM   #71137
 
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@RICH17 is having a stroke at work right now...
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Old 01-05-2017, 02:51 PM   #71138
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We're actually pretty busy so I cant write out the paragraphs that I want.


Definitely reading and appreciating everyone's feedback tho
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Old 01-05-2017, 02:53 PM   #71139
 
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How the fuck did she get a loan then? I certainly cant.
Beats me. Shes worked at shit fast food places her whole life basically. Went from Zippys to Beef Shack. Its not like shes making a fortune or anything.

You cant get a loan for 40K but are looking at 100K+ houses? I'm lost.

Maybe it was easier because it's a condo?
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Old 01-05-2017, 02:54 PM   #71140
 
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We're actually pretty busy so I cant write out the paragraphs that I want.


Definitely reading and appreciating everyone's feedback tho
Don't they know we need you on Thursdays ?!?!?
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Old 01-05-2017, 02:58 PM   #71141
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Section 8 doesn't pay the rentee. they ppay the landlord.
that is the part that i mean, you get your money, but it comes with a cost of typically bad renters. there are several S8 people in my court. most of them are quite and i dont even know they are there. but there have been a few across from me that we had issues with. alwasy loud, 5-6 little kids running around with no adult supervision. junk all over the backyards.
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Old 01-05-2017, 03:02 PM   #71142
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hm.. at&t trying to give me a tablet
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Old 01-05-2017, 03:02 PM   #71143
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I haz att
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I had a girl like that once. Everytime I put my hand down her pants, it felt like feeding oats to a horse.
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Old 01-05-2017, 03:06 PM   #71144
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I have thier home internet because when I moved in it was the only thing available. I have a discount that is falling off at the end of the month, so trying to get another one. If I get this tablet its 10 bucks a month but my internet is 50.
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Old 01-05-2017, 03:07 PM   #71145
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@Mook what internet service do you have?
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Old 01-05-2017, 03:08 PM   #71146
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comcast
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Old 01-05-2017, 03:10 PM   #71147
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comcast is the worstest, comcast is the fastest
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Old 01-05-2017, 03:11 PM   #71148
 
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I have an ATT GO Phone as my cell phone. Thats enough ATT for me.
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Old 01-05-2017, 03:14 PM   #71149
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$45 activation fee
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Old 01-05-2017, 03:19 PM   #71150
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Other than them trying to rape you every few years, they've come a long way. X1 was a huge step in the right direction for their cable shit.
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