Agents plan for a hot market this January – pent up demand from Chicago proper for “oh my gosh we need more space” has many buyers on a flight path to the suburbs and beyond…the silver lining for sellers is real. Grab your spot in line if you’re ready to sell regardless how you look =) You still have to be priced right – no crazy money here – but the buyers will definitely be looking because supply is so thin. The private network (yes it exists) is allowing sneak peaks and consumating many off-market sales. North Shore weekender just recapped this in the January issue.
As a 28 year landlord (who still feels like she’s “28” some days – thank you VitaMix) – the school of hard knocks has learned me well and I’m still learning every single day. I found this article from my friends at Baird & Warner and thought it worth reprinting. While this article spotlights just 3 things…there’s easily 103 things I would advise on for prospective clients & business friends also in the game. Read on and at any time please ask me about All Things Real Estate related….ciao.
Anyone looking to earn some passive real estate income has probably thought about purchasing an investment property to rent. But whether you’re thinking about buying a single-family home or six-flat, as a first-time landlord you’ll likely have many questions. Here are the 3 things to consider before you take the plunge to become a lessor:
1. It’s Not Show Friends, It’s Show Business
Even if the investment property you purchased is a passion project, being a landlord means you often need to take the heart out of decision making. For example, avoid renting to family and friends as this is a business venture. Set office hours so tenants know when you’re available. And be clear about penalties for breaking a lease or late rent. It’s also smart to take photos of your property before and after a tenant moves in.
2. Build a Budget
Before you can build equity, you first need to build a budget. Chances are there will be a delay before you start earning steady rental income, especially if you have to make any improvements to the property in addition to covering the mortgage before it’s tenant-ready. Make sure to prepare for any lapses in rent collection —- either due to a delay in leasing the unit(s) or some other blip.
3. Think Ahead to Tax Time
Seek the advice of an accountant or tax planner with experience working with landlords so you know how to organize expenses going forward, and understand which documents you’ll need at the end of every tax year. Also, consider how your planned income will affect federal and state taxes.
Taking the step to become a landlord is an exciting one, and I can help you find an investment property if you’re ready.
“Any investor would be curious to see how these factors affect the market on the micro level. Millennials have shown a preference for renting rather than buying…”
READ MORE HERE…https://www.auction.com/blog/investing-chicago-real-estate/
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For those looking for returns outside the stock market, CDs, annuities, etc, we are hosting another workshop at the Five Seasons in Northbrook for those interested in creating a legacy for their families or seeking long term gains through real estate investing.
**Participants in this program normally have a minimum of $50k liquid assets and the ability to get a mortgage/good credit. For questions or to obtain a flyer, contact:
Please RSVP to Chris Johnson: email@example.com
**not a securities offering. Past performance not a guarantee of future results.
make up the largest population group right now and since no one is getting any younger, there’s no time like the present to help them. Since we’re all going to be “mature” eventually, I got armed with the SRES accreditation to make those transitions easier for mature clients. My toolbox was already full of amazing resources – now I just have a bigger toolbox. Why Use a SRES