All Forum Posts by: Atul Mohlajee

It states: Occupants:   "The said premises shall not be occupied by no more than 1 adults and 3 children"

It also states,  Assignment and Subletting:  " Lessee shall not assign this agreement or sublet any portion of this premises without prior written consent of the lessor".

I have a tenant I inherited when I bought this 2-Flat in July 2013 in Cook County, Illinois.  She has 3 kids and has been a good tenant so far.  Timely rent, no damage, no excessive complaints.  Police called me today and notified that a person released from prison is moving in this property I own, on this Friday with my tenant.  She did not notify me nor seek approval to move in this person with her.  I donot want this person in my property.  I signed a "No Tresspass" clause with the Village so they will have authority to arrest any tresspasser on this property.  Tomorrow, I will be putting  "No Tresspassing" signs on this property.  It is a month to month lease.  I am also planning to give her a written warning that she cannot move in anybody who is not on the lease with her.  I would actually want this tenant out ASAP in order to avoid any more problems with her in future.  This person was convicted of large amount of dangerous drugs and spent a few years in prison.

Any advise will be appreciated.             

I am in Western Chicago suburbs of Oak Park, Forest Park.  I just bought a foreclosed       2 Flat in Forest Park for $155000 with about $18000 remodeling cost.  I am expecting total rent of $2300.  In nicer areas of Chicago and Suburbs it has been a challenge to get even 1.25% to 1.3% lately because foreclosures are on a decline. 

Thanks for your comments. I have four rentals that have no mortgage and are fully paid for. Currently I have only four mortgages, fourth one was on this 2 Flat bought last Tuesday. I manage these all by myself with help from a handyman. I have a combo, 2 condominiums, 3 Single Family, 1 Towntome, 2- 2 Flats. Best cash flow is on 2-Flats and best appreciation is on SFH. I still did not figure out how I will buy next, maybe after I pay off one more property. It keeps risks lower and gives better cash flow. I am in A, -A neighborhoods, so cash flow is relatively lower than B, C class neighborhoods which are very cheap to buy. Next buy may be a multiple 6-8 unit down the road, which I will likely have a PM Company manage. Currently all 8 properties are less than 1.5 miles from home which is great for self managing.

I am thankful fior BP because of expert advise I get anytime I have a quesion or a concern. Members are great and generous with their advice. It has helped me in expanding and knowing that others are in the same boat with same concerns.

Thanks for your kind co,mments.  It is a nice village government.  They are recovering water bills from an SF tenant for me.  I own 8 rentals all of them in Oak Park/ Forest Park.  All rentals are at a distance less than 1.5 miles of my home.  It is getting impossible to find something well priced in Oak Park and very difficult to find something in Forest Park  Two three years ago was great,

I just bought a foreclosed 2-Flat in Forest Park for 155000 and it needs $10000 work. It sold in 1997 for 156000. It was a foreclosure with multiple bids and I am happy to get it even if I revised my bid when the REO seller Company said that the had multiple bids. It is 8 miles west of Chicago downtown and is a nice muiddle class suburb about 1.5 mile distance from my home. Expected total rent is 2400 which is pretty good ratio for this area. Very few foreclosures are available now and if there are they have multiple bids.

Thanks all for valuable information.

I have a fulltime job and do not pay myself from RE.  I use RE money to pay off RE one at a time.  I have 4 properties fully paid and 4 properties with a mortgage.  I also like to have a reserve of $50000 or so.  Anytime I buy a property, reserve goes down and I save it back.

It is forced air heat.