Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

 - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

New Federal Tax Rules Create Advantage for REIT Investments

Chicago skyline

In this post, we discuss how REITs have become more desirable than direct real estate investments because of changes in federal tax rules.

Real estate investment trusts or REITs have long had investment advantages over directly owning properties.

Recent changes in federal tax rules have only increased their desirability by offering improved net returns from REIT investment as opposed to direct real estate investments.

 

The following story originally appeared in FA Playbook on the CNBC website on June 18, 2019, and was written by David Robinson, founder and CEO of RTS Private Wealth Management.

 

New Federal Tax Rules Create Advantage for Real Estate Investment Trusts

Loan Modifications and WorkoutsAs Generation X and millennials inherit their baby boomer parents’ assets amid the so-called Great Wealth Transfer, some will look to invest it in rental property to generate income.

This property might be a duplex, an apartment building or, depending on the location, a single-family house that could eventually become a retirement home.

Yet many aren’t aware that because of the various costs and risks involved, becoming a landlord — a role fraught with headaches — may not turn out to be profitable.

 

An alternative to direct investment

commercial buildingA hands-off alternative to direct real estate investment is a real estate investment trust. These firms sell shares to investors, use the cash to buy residential, commercial and industrial property to lease out, and pay dividends to shareholders.

As an investment, REITs have long had advantages over owning property directly. This advantage gap is widened by new federal tax rules.

 

Click to Continue Reading >>>

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Cook County Property Tax Bills Are Online Now – Due August 1

Cook County property taxes due Aug 1 2019

The due date for Tax Year 2018 Second installment is Thursday, August 1, 2019.

Your Cook County property tax bill is now available online.

DuPage County real estate tax deferralEven if you have not received your paper bill yet, you can still make a payment online at the Cook County Treasurer website.

There has been a high number of requests from property owners and tax advisors for earlier tax bills and payments.

You are urged to consult with a tax professional about possible tax deductions if you pay before the end of the year.

 

Pay Your Cook County Property Taxes Online

The second installment property tax bill has been posted at cookcountytreasurer.com.

You can find your tax bill at https://cookcountytreasurer.com/setsearchparameters.aspx by using your address or 14-digit property index number.

  • Make a payment (payments are now accepted on the August 1, 2019, tax bill)
  • See if a refund is available
  • Download a copy of your tax bill
  • Sign up to receive tax bills by email
  • Find out if your delinquent taxes have been sold

Make an online payment

 

Pay Your Cook County Property Tax Bill at Chase Bank

Chase Bank logoYou may pay your property tax bill at any of the Chase Bank locations in Illinois, including those located outside of Cook County.

You must present with your payment a tax bill payment coupon for the current Tax Year 2018 (payable in 2019).

Your check MUST include:

  • Property Index Number (PIN)
  • Taxpayer Name
  • Property Location, including Unit Number
  • Mailing Address
  • Telephone Number
  • Email Address
  • Tax Year/Installment

 

Pay Your Cook County Property Tax Bill at Your Local Community Bank

Participating community banks allow you to pay your property tax bill at their bank if you have an account there.

You can pay by direct debit from your checking or savings account.

Visit the bank and bring your entire original tax bill. You will receive a paper receipt.

View a list of banks where you can pay Cook County property taxes

 

Cook County Property Tax Due Date – Second Installment

The tax year 2018 second installment due date is Thursday, August 1, 2019

Your first installment should have been paid on March, 1, 2019.

Illinois home with tax lien

Receive Your Tax Bill by Email

Enroll in eBilling and your next tax bill will be delivered via email.

  • The bills are sent by administrator@cookcountytreasurer.com. Add that email to your address book or change your spam filters to ensure delivery.
  • The paper bill will stop coming to your mailbox.
  • If you change your email address, you must update your account with your new address.
  • If wish to return to paper billing, log into your account and unsubscribe.
  • For more information, visit Research a Topic section.

 

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Assisted Living Costs in Illinois

Assisted living helping hand

In this post, we discuss the average cost of an assisted living care facility in the State of Illinois and how this compares to other states.

The cost of assisted living will vary across the country, from state to state, city to city, and even from facility to facility within the same city.

The costs of an assisted living facility will also vary depending on the type of care and level of assistance required for each individual.

 

Genworth Cost of Care Survey

Since 2003, Genworth Financial has tracked the cost of care nationwide to help families understand long term care costs.

Social Security Retirement CoupleIt is the most comprehensive assisted living study of its kind. Genworth Financial has surveyed approximately 1/6 of all assisted living communities in the U.S and covered 440 geographic regions.

The annual Cost of Care Survey has become the foundation for many people and families long term care planning.

Related: End of Life Planning – The Essentials

The data in this article comes from the average costs for a monthly one-bedroom unit in an assisted living facility, as determined by the 2018 Genworth Cost of Care Survey. When a range was provided, the average of the high and low was used for the calculation.

 

Average Cost of Illinois Assisted Living Facilities

According to the 2015 Genworth Financial cost of care survey, the average cost of assisted living in Illinois is $4,050 per month.

The $4,050 per month average assisted living cost is based on the cost for a one-bedroom assisted living unit in the State of Illinois. Additional fees beyond the base rate may apply.

The monthly average base rate for Illinois assisted living is higher compared to neighboring Midwestern states, and also more expensive compared to the national average.

Related: How to Maximize Social Security Benefits for Surviving Spouses

 

Assisted Living Costs by State

Retired Couple on Social SecurityAlabama $3,075
Alaska $5,703
Arizona $3,420
Arkansas $3,063
California $3,750
Colorado $3,750
Connecticut $5,575
Delaware $5,745
Florida $3,150
Georgia $2,880
Hawaii $4,000
Idaho $3,240
Illinois $4,050
Indiana $3,693
Iowa $3,500
Kansas $4,188
Kentucky $3,350
Louisiana $3,010
Maine $4,800
Maryland $3,900
Massachusetts $5,300
Michigan $3,250
Minnesota $3,468
Mississippi $3,150
Missouri $2,525
Montana $3,560
Nebraska $3,628
Nevada $3,238
New Hampshire $5,103
New Jersey $5,725
New Mexico $3,500
New York $4,100
North Carolina $3,000
North Dakota $3,239
Ohio $3,890
Oklahoma $3,345
Oregon $3,880
Pennsylvania $3,555
Rhode Island $5,325
South Carolina $3,125
South Dakota $3,023
Tennessee $3,395
Texas $3,545
Utah $3,000
Vermont $4,020
Virginia $3,933
Washington $4,625
Washington D.C. $7,838
West Virginia $3,500
Wisconsin $3,980
Wyoming $3,900

Related: Senior Real Estate Tax Deferral in DuPage County

 

Base Rates

How is the base rate structured?

48% of the facilities offered a flat base rate while 52% of services have a variable rate, based on disability.

Assisted Living Cost how is base rate structured

 

Average Monthly Base Rate for a Single Room

Assisted Living Cost average monthly base rate

 

The chart below shows the average monthly base rate for a resident in an Alzheimer’s unit.

Assisted Living Cost average monthly base rate alzheimers

 

Average Monthly Base Rate for a Double Room

Assisted Living Cost average monthly base rate alzheimers 2br 3br

 

What’s Included in the Base Rate?

Assisted Living Cost services included

 

Most facilities include three meals per day in their monthly base rate.

Assisted Living Cost meals included

 

72% of facilities allow the resident to obtain additional services also to the base rate.

Assisted Living Cost additional services

 

30% of facilities require a security deposit while 22% require an entrance fee before moving in.

Assisted Living Cost security deposit

 

Total Cost: It’s important to note the full cost of service, in most cases is more than the base rate you can expect to pay for assisted living. 

Assisted Living average total cost

We hope this information can help you with your post-retirement and assisted living planning for you or your loved ones.

 

SOURCE: https://www.assistedlivingfacilities.org/resources/assisted-living-costs/

 

Resources:

Directory of Illinois Assisted Living Facilities
Department of Public Health, Division of Assisted Living
Department of Aging of Illinois
Illinois Department of Public Health

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides estate law representation, including power of attorneyliving willsprobate law services, trustswills, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


How to Become a Real Estate Investor

How to Invest in Real Estate

In this post, we list some tips on how to become a real estate investor from people who have had real estate success. 

Real estate has been a tried and true money making opportunity for investors large and small for about as long as anyone can remember.

Despite being such a popular investment, there is no guarantee you will make money on real estate.

As we’ve seen in the past ten years, many people have lost money on real estate. Without the right investor savvy and location, your real estate could easily lose you money.

Real estate agent with keysIf you’re thinking of investing in real estate, even if it’s just a single rental property, we have real estate investment tips for you below.

A lot has changed in the real estate market over the past ten years, with prices rising, crashing and recovering in a relatively short span.

According to Clear Capital, median home prices have risen by 53 percent nationwide since the bottom of the housing market crash in 2012.

Does that mean it’s too late to make money in real estate? Not if you find the right property at the right price and manage your investment well.

Home prices in Illinois have not risen as quickly as in other places, which means there could still be surplus value in many properties.

 

Here are some key strategies:

 

Location, location, location


apartment commercial propertyYou’ve heard this expression before and with good reason. The right location could be all the difference between a positive or negative investment.

Look for properties in neighborhoods that are economically stable. In this type of neighborhood, you can realistically expect long-term price appreciation.

It will also provide a large, consistent pool of prospective tenants. These are usually the best entry level properties for a new real estate investor to get into the market at.

 

Determine the cash flow

mortgage applicationBefore you purchase, run the numbers you can realistically expect on your new property.

This will include your tenant rent minus all your expenses. Don’t forget to include management fees if you won’t be hands-on, as well as a reserve fund for periods when it may be vacant.

If you’re not interested in short term cash flow, you could work towards a goal of breaking even each month until the property appreciates in value and you can cash in on the sale.

You can use this Rental Property Calculator to determine a property’s potential.

If you won’t be able to manage the property, either because of skills, time, or location, you will need to hire a property management company.

Expect to pay a monthly fee of about 8 percent to 12 percent of the rent you receive, plus a leasing fee, which may cost from one-half to a full month’s rent.

 

Don’t invest your own money

Loan Modifications and WorkoutsIn the ideal purchase, you will put down as little of your own money as possible.

Instead of using all of your own money, you will borrow the needed amount above your down payment and charge enough in rent to pay your loan.

You will end up paying more for a mortgage on an investment property than you would for your own home.

The requirements to get a mortgage on a rental property purchase will vary depending on whether you intend to live in the rental property and who is backing your mortgage.

If you have enough equity in your current home, you can take out a home-equity line of credit against it to buy your investment property.

 

Despite ads that proclaim investing in real estate is a guaranteed path to financial success, developing a real estate investment will require careful thought, skill, and effort on your part.

 

Source:
Investing: How to become a real estate investor – Chicago Tribune

Related Reading:
10 Habits of Successful Real Estate Investors – Investopedia
3 Steps to Get Started As a Real Estate Investor – Investor Junkie
How to Invest in Real Estate Without the Headaches – Kipplinger
Glossary of Commercial Real Estate Terminology


 

Law Offices of Lora Matthews Fausett, P.C.

If you require a real estate attorney in DuPage, Kane, Will, Kendall, or Cook County to represent you with any issues related to real estate, the Law Offices of Lora Matthews Fausett, P.C. are well trained to handle matters relating to buying and selling, short salescommercial leases, as well as foreclosure defense and many others.

 

For Information Call 630-858-0090


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


DuPage County Property Tax Due Dates 2019

DuPage County Property Tax Due Dates 2019

 

DuPage County property taxes must be paid every year by all property owners on the required due dates.

DuPage County property taxes are used to pay for schools, city services, fire departments, park districts, city services, forest preserves and township services.

In 2019, DuPage County property taxes may be paid in two installments.

 

DuPage County Property Tax Due Dates 2019

First installment due date – Due June 3, 2019

Second installment due date – Due Sept 3, 2019

Last day to pay online – Due October 31, 2019

 

How to Pay DuPage County Property Taxes

Online Payments

DuPage County real estate tax deferralThe office of the DuPage County Treasurer offers taxpayers the ability to pay their property taxes online using a Visa, MasterCard or Discover Card.

When making your online payment, you will need your 10-digit property index number.  It is printed on the front of your tax bill.

If the bill is not available, the number can be acquired through the DuPage County website’s Property Tax Payment Status page.

You may want to contact DuPage County 630-407-5900 or you may contact your Township Assessor (also located on the front of your tax bill).

 

Schedule ePay from checking or savings accounts

You may schedule to ePay (electronically pay) your 2017 real estate tax bill on our website for the payment to be automatically withdrawn from your savings or checking account in the amount and date you set.

 

Schedule ePay with credit or debit card

You may schedule to ePay your 2017 real estate tax bill on our website using your Visa, MasterCard or Discover credit card for the transaction.

Please be aware that the credit card service provider will charge a 2.10% convenience fee for the transaction.  No portion of that fee is retained by DuPage County.   

DuPage County Treasurers Office

DuPage County Treasurer’s Office 421 N County Farm Rd, Wheaton, IL 60187

Make payment in person

You can pay property taxes in person at the DuPage County Treasurer’s Office using cash, check, credit or debit card during normal business hours of Monday – Friday 8:00 AM – 4:30 PM.

DuPage County Treasurer’s Office
421 N. County Farm Road
Wheaton, IL 60187

For after hours’ payments, drop off your payment in our Drop Box located in the south parking lot of the DuPage County Treasurer’s Office.

 

Make payments at bank

Taxes may be paid at many participating banks in DuPage County through August 31, 2018 (the 2nd installment due date).   View the list of participating banks

 

Payments by mail

Payments and correspondence may be mailed directly to the DuPage County Treasurer’s Office at 421 N. County Farm Road, Wheaton, IL 60187.

 

Make a Wire Transfer

To transfer U.S. funds by wire, contact us at allcollector@dupageco.org for specific instructions.  Please be aware your bank may charge you for this service.

 

DuPage County Property Tax Information

Kane County Property Taxes

Visit the property tax lookup portal 

This portal leads to the following information for a parcel:

  • Tax bill information plus the ability to pay the current year tax bill and print a duplicate tax bill.
  • Tax distribution information – where do your tax dollars go?  Includes links to the taxing bodies.
  • Assessment information, including any reviews or corrections made to assessments.

 

DuPage County property tax exemptions

View Real Estate Tax Exemptions in DuPage County

 

Property tax prepayments

Schedule your property tax payment via ePay

 

Due dates

First installment due date – Due June 1, 2018
Second installment due date – Due August 31, 2018

 

How are DuPage County Property Taxes Distributed?

DuPage County Board Chairman Dan Cronin explains how residents’ tax dollars are distributed.

Realted Post: DuPage County Property Taxes: Frequently Asked Questions

 

You may call the law office of Lora Fausett with your questions:  630.858.0090


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090