All Forum Posts by: Account Closed

@Scott Rogers

Thanks for your advice, Scott.

I do have compassion for people but as you said it's a business and I should take 100 % responsibility of it. 

@Marc Winter Yes, I meant the buyer that bought my property on Contract for Deed.
Yes, I will not have to evict him instead of foreclose.

I was only a bit concerned about ejectment, as i don't want any damage in the property and want this issue to be resolved on simple terms. Thank you so much for your advice.

I bought a property in IL few months ago which I sold it to another buyer on seller financing (AKA Contract for Deed).

The seller is going through some sort of financial issues and is not able to make this months mortgage payment.
On further looking into the details, I found out that he has also not paid any association fees since last few months and now this months water bill is due as well.

What should I do at this time to take control this situation to get worse and reduce my loss ?

@Brie Schmidt I listened to one of your podcast on BP yesterday.
Thank you so much for sharing your knowledge and experience.

Found a lot of good resources (such as 'Handyman Matters') for handling my real estate investments. 

I know you manage all your properties here in Chicago by yourself but do you know any reliable property management company in Chicago that can take care of my rental properties ?

Great question Michael. Its very inspiring to see someone of your age looking to get into real estate.

I think at this point you should speak with some investors and try to build a rapport. Just from your gut feeling and relationship with them, you can decide whom you want to work with

From an investors point of view, I can tell you that I would love to have someone like you in my team.  A smart investor should never hesitate in paying anyone or sharing the profit if someone can help getting good deals while saving some personal time. 

Sorry, I didn't answer your question properly but I am not aware of legal issues related to Bird dogging.

Hello,

What are the Qualifying questions to ask for a Terms deal to separate the suspects upfront ?

I will be thankful if you can mention it in sequence and also share how you ask so as not to sound it like interrogation.

Great Decision @Shelly F.

I have been investing in the N/NW Suburbs of Chicago since a year now.
I focus more on creative financing and Subject To buying RE strategies to acquire good properties in nice neighborhoods.

Lets connect and see if we can do business together.

Best of Luck !

-Abhijeet Parihar

Hello,

I have recently acquired a 4 bedroom 2.5 bathroom house in Matteson, IL.
I want to turn around and sell it asap on either lease option or Seller financing.

What should be my marketing strategy  and how can i do it fast ?

Thank you friends for your input.

I spoke to one of my attorneys yesterday and he said that I don't have to return the security deposit and the tenant is also responsible for a month of lost rent.
I was just trying to avoid any ugly situation and offered my tenant half of his security deposit back. However, he refused the offer and is now threatening to take legal action if he doesn't get the security deposit in a week. 

According to my attorney, I am already exempt from a lot of city rules since I live in the property. Also, on a month to month tenancy, the tenant is required to give a written 30 days notice before moving out. So, I am going to write him a letter stating that I will not return his security deposit and he is also liable for another months rent. 

Again, I am not sure how this will go but at least from my side I always try to be a good landlord and make it very clear to my tenant that I will not be able to return their deposit if they don't give me enough notice in advance.

Hello,

So I rented one of my room in my 3 bed 2 bath condo to a guy on a month to month lease in IL.

According to the law he should have given 30 days notice before vacating the property. 

He vacated the property on 1 June 2018 and told me 2 hours before leaving that he is going out. 
The room is vacant since then and I am already loosing a month's rent. 

Question: Do I have to return the security deposit back to this Tenant ?