All Forum Posts by: Chris Shuptar

Originally posted by @Caleb Heimsoth:

@Chris Shuptar. Congratulations for posting this same topic again. I believe I saw this not even a week ago. This goes up there with the BP threads about not investing in the stock market. Probably not a great idea. Long story short, use the search function to find the other threads on this and don’t buy your tenants anything. I give my tenants a safe place to live in exchange for rent, and if I don’t get the rent they’re greeted with an eviction notice.

Caleb, thanks for the reply. I’ll be sure to post this question again next week just to hear your constructive response. :)

Hey guys, I have great tenants across the board this year. I'd like to get them all something for Christmas.

What are some good (somewhat universal) presents that are maybe $100-200?

I'm looking into buying some property in Marion, IN and I'd need a property management company to manage them for me because I live in Chicago. Does anyone have any recommendation?

I'm not sure if I posted this in the right forum. Moderators, feel free to move this thread to the appropriate spot.

Thanks,

Chris

I definitely want to work something out with her. This whole situation is strange to me because she has great credit and a good job... but somehow she suddenly can't afford the rent. It makes me wonder if something happened. I don't mind asking her to pay until I can find a new tenant, but it'd likely be difficult to show the place merely because there is soooo much stuff in there. She isn't a hoarder and it's not junk (in fact, it's all very nice stuff), but there is just so much of it. The whole unit is in great shape too. Is there any path that I could take along the lines of her just paying me out a month or two and she can just hit the road? Then I could have that place cleaned up and rented in a day because it's in a super desirable area.

I am in a strange situation. I have a tenant in one of my units and she has signed a 2 year lease. She is about 5 months in and now she is telling me that she "can't afford" the $1500/month rent and she will likely need to move soon. She has been a good tenant for the 5 months she's been there... but now I'm between a rock and a hard place First of all, what can I legally do about this? I don't want to ask her to pay out the remainder of the lease because that'd be pretty unrealistic. But I feel like just letting her out of the lease really screws me over. Secondly, she is the kind of lady that has lived with all the finer things in life... so she has a boatload of stuff in that unit. I think ever square inch of that 1400sq/ft unit is packed with her luxury items. It'd take a full week of work just to pack that stuff into a moving tuck. If she "can't afford" to pay rent anymore, how do I get her out quickly so I can get a new tenant in it asap? Do I give her a deadline?

I currently own three rental properties and I cannot get another conventional loan. I called B2R as recommended on the podcasts. I gave them all the info for the property that I've had my eye on and they said it doesn't fall into their lending parameters. Also, I have a 775 credit score and make about $50,000/year at my day job.

Just a little info on the property:

Purchase price: $140,000

Down payment: 20%

Total monthly payment (including taxes, HOA, etc) (according to a 30 year mortgage): roughly $1050

Rent $1500/month

I just want to know how that wouldn't meet their parameters? I cash flow $400 per month on each of my other 3 properties. Am I a high risk person to lend to or something?

I appreciate all the feedback. I've screened all my tenants for the last 4 years and I've had great luck. I'm just spread really thin these days and I'm not going to have much time to field calls or show the place. This is the first time I'm going to let someone else handle it and I want to make sure it's worth the money.

I'm thinking about having my real estate agent list my latest rental for me due to being in the busy season of my day job. She is an agent for Century 21 and she is also a like-minded investor. I think the fee to get it rented is an amount close to one month's rent. Is it worth it? What are other ways you guys list your properties for rent? What has worked best for you? What kinda of service should I expect from Century 21 if they list my rental for me?

More info: I've gone to several small banks in the area. HELOC's are just not an option unless it is owner occupied. How can my "company asset" (aka my rental property) be borrowed against other than a HELOC?

I'll try to make a long story short. I own a townhouse that I have rented out for two years. Cashflow is great. I have about $100,000 of equity in the property. How can I use that money to finance the purchase of another property? Additional info: I use a series LLC for my two rental properties. Apparently, banks will not do a home equity line on a property that is not owner occupied. Is all that equity just trapped?