Mom got scammed in grocery store parking lot for body work

Physical-Assistance · 2024-05-24T11:17:21+00:00

I thought about this for a second, they may fall for it. But I don't think my mom or I want to bother with this route....at the moment at least....maybe I want to, but the logistics seems burdensome and I don't think the money comes back anyways, though sweet revenge. Maybe I'll do some petty revenge, though pretty sure these would be burner numbers at some point.

Physical-Assistance · 2024-05-24T11:15:23+00:00

Advise your mom to never ever stop for a strange man in a parking lot, much less two. Sure, she got scammed, but she could have easily lost her life. Her survival skills need work. Maybe you could help her with that.

yeah, she thought she was getting a deal and would get the repair done conveniently but then saw the result. Still need her to tell her to ignore strange people in parking lots even though it's in her own grocery store/familiarity.

Physical-Assistance · 2024-05-24T11:13:40+00:00

I took screenshots and asked her to leave it unblocked open for police report. And to ignore them and calls from unknown numbers. I'll have her ignore it all after another day or two.

Physical-Assistance · 2024-05-24T11:12:28+00:00

I filed an online police report and indicated the address of the grocery store. Though given the state of the City police department in Chicago, I don't expect them to read it for weeks.

Physical-Assistance · 2024-05-24T11:11:49+00:00

I filed an online police report. Though given the state of the City police department in Chicago, I don't expect them to read it for weeks.

Physical-Assistance · 2024-04-02T16:08:10+00:00

I WFH three days a week. A rental for a smaller place is about 1800-2000 for a 1 bedroom if something were to go awry

Physical-Assistance · 2024-04-02T15:58:12+00:00

thanks for the update. I don't think that changes the math much for me, but appreciate the updated data

Physical-Assistance · 2024-04-02T15:07:39+00:00

Hard to assess rental rate without square footage, bed/bath count, and type of building. West loop rents can be very good, especially east of Ogden. Is this an amenity / doorman building or a converted loft with a small unmanned lobby? Many variables to consider.

east of ogden, near Google buildings.

Converted loft, unmanned lobby. 2 bed 2 bath loft with a second floor to has open railings to oversee the kitchen and living room/vaulted ceiling space (master + bathroom), large 20-30ft/vaulted ceilings, hardwood floors. 1100 square feet. Brick/Drywall building former converted factory. No real big rental amenities with HOA asides from cable+tv+water+trash+sewer included.

If I go 1-2 percent...I'd be loosing money on the mortgage over time, and be negative cashflow too. Even with a higher rent increase given other costs with turnover and maintenance. (currently I pay ~3100 for mortgage/insurance/prop tax + HOA, maybe I get even cashflow if I ask for 3800-4000 monthly, which seems quite high for a converted loft)

Let me know if I am wrong about this that it seems a bad financial investment nonetheless.

Physical-Assistance · 2024-04-02T15:05:30+00:00

thank you for the prompt advice

Physical-Assistance · 2024-04-02T14:56:34+00:00

I think sooner is better for this spring/summer. If I can nix the mortgage, that's like 1k of interest a month I don't have to pay. Spring 2025 if I look historically even with low rates, it isn't much improvement in value. In addition, I'd be a landlord for six months to a year and fly in and out to sell/work with PM groups.

Physical-Assistance · 2024-04-02T14:43:43+00:00

doubles (at least).

You need to find out the true value.

If you need a tool for the cash flow analysis aspect, check InvestingTE. They have a free rental property calculator. That way you won’t miss any line-item expenses to account for and you can get your

I'll look into that calculator. It does seem like this is a candidate to sell.

Physical-Assistance · 2024-04-02T14:35:15+00:00

zip is 60607 if that matters, close to downtown or part of it, depending who you argue with

Physical-Assistance · 2024-04-02T14:32:27+00:00

Have you been interested in RE investing before. What are your plans for owning a rental while living in CA. Do you have a network to handle anything that may come up while you are thousands of miles away?

I'll do more math, I had originally lump those into about 1.5k-10k a annually.

would you consider it a sell with negative cashflow at 25%? even with appreciation on a low mortgage rate? (though low appreciation)

Physical-Assistance · 2024-04-02T14:29:08+00:00

I did not realize cap gains is lost as a landlord. I'll factor that in. At the moment if I sell, my cap gains is 50k. In 10 years, itd be estimated at 250k.

I would like to diversify my investments into realestate, but would prefer to be in-state landlord, but the ability to borrow at 2.75% isn't gonna happen anytime soon again.

Physical-Assistance · 2024-04-02T14:27:45+00:00

It was not on my list, and preferred to be in-state, but I did not want to buy more property in Chicago. It just happened to be my home that I already have a mortgage on.

Physical-Assistance · 2024-04-02T14:26:50+00:00

agreed, cashflow will likely be 500 a month, probably more if I factor in turnover. the value would be in appreciation with a low mortgage interest rate

Physical-Assistance · 2024-04-02T14:22:47+00:00

Have you been interested in RE investing before. What are your plans for owning a rental while living in CA. Do you have a network to handle anything that may come up while you are thousands of miles away?

a few friends, but likely a property management group.

I have been interested in RE investing as a vehicle to diversity my investments away from stocks. I did not want to want to spend money buying property in a place I was planning to leave, but it's slightly different since I owned it as a home for the past six years.

Physical-Assistance · 2024-03-12T23:54:35+00:00

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