All Forum Posts by: Tim Coppola

@Jonathan Klemm

Thanks for the response. I'd say her price range is anywhere up to $1700 for a 2-3 bedroom with garage parking that allows dogs. Right now she's in North Park and would like to stay in the area. I am sending her links to apartments in Lincoln Square and Ravenswood as well since I think she'd feel comfortable there. Honestly, she's an ideal tenant who will most likely stay long term. Rent payments are on time and she even helped shovel and vacuum every once in a while when I couldn't make it up there. 

Greetings everyone,

I am wondering if I can get a good recommendation on a reliable company in Chicago that helps people find apartments. I own a 3 flat which I currently do not live in but due to unforeseen circumstances I will need to be moving back into. I have a tenant whose lease is up at the end of July and I will not be renewing it. I have let her know and told her that if she finds a place before the lease is up she can move out without finishing the remainder. She is disabled so I am hoping to find a company that can help her find another place that fits her liking. If anyone has any suggestions please let me know.

Thanks in advance,

Tim

@Harjeet Bhatti @Stephanie Medellin

Thanks for the replies, I appreciate it. I like the idea of having buying power later if I want it. And paying the amount I would on a 15 year loan will reduce the 30 year quicker. 

Hello everyone,

I am currently in the process of refinancing a property into a 15 year loan. Yesterday I spoke with my real estate agent and she brought up something I hadn't thought of before. She suggested that I refinance into a 30 year loan and pay it every month with the amount I would've paid on a 15 year. That way, my payments will "look" lower when/if I go to buy another property.

My question is this, I am well into the process with the 15 year loan and will probably be closing within a few weeks. Is it ok if I contact the company I'm going through and ask them to change to a 30 year loan? I'm guessing they'd have to start the whole process over which will prolong the closing date but is changing the terms of the loan something they can do?

Thanks,

Tim

Hello everyone,

I am currently in the process of refinancing a property into a 15 year loan. Yesterday I spoke with my real estate agent and she brought up something I hadn't thought of before. She suggested that I refinance into a 30 year loan and pay it every month with the amount I would've paid on a 15 year. That way, my payments will "look" lower when/if I go to buy another property.

My question is this, I am well into the process with the 15 year loan and will probably be closing within a few weeks. Is it ok if I contact the company I'm going through and ask them to change to a 30 year loan? I'm guessing they'd have to start the whole process over which will prolong the closing date but is changing the terms of the loan something they can do?

Thanks,

Tim

Do your research and get a good CPA that is familiar with RE. They're an invaluable part of a team if you plan on continuing to invest in RE. 

I use Zelle and it works great. I don't have an LLC though. Some new tenants have to call their bank on the first month and have them accept the payment but after that it's seamless and easy for my tenants.

You said it yourself, it's not a great idea to rent to friends. Go with your gut. What happens if one month your friend says they can't pay all or any of the rent? 

My opinion, in your personal life help your friend find a place to live. In your investing life, find another tenant.

@David J.

Your first post started with the words "Some Perspective... 0.15%". Everyone has read what you wrote after that, yet no one has mentioned that what you wrote isn't the cause of your issue you are talking about. This has 0% to do with who actually has the virus, and 100% to do with who is affected by the pandemic. And that number is far greater than 1%. Most people in this country have taken a hit financially, meaning they may not be able to even cover their rent let alone anything else. 

Unless I missed something, the government isn't saying tenants don't have to pay rent, they are saying that this is an unprecedented event affecting everyone and by stating that landlords can't evict anyone for the time being is their way of acknowledging that. At some point we landlords will be able to start evicting again if we choose, meaning tenants will have to make up for the payments they have missed, or else get evicted. You mentioned that you didn't like the idea of forbearance because you'll have a ballon payment at the end (and I completely agree with you which is why I haven't taken that route yet) but along with that balloon payment should come a balloon payment of your tenants past due rents.

If you haven't already tried working with the one tenant who is causing a problem, I would suggest doing so. She may be saying that she's not paying you right now because you can't evict her, but in reality maybe she's just saying that because she wants to feel like she's in charge. Talk to her, let her know you understand the stress this is causing everyone and if she doesn't want to make the payments now then you can work with her on partial payments until she's paid in full. The "paid in full" part being the most important thing here, because eventually she will need to make those payments. Try killing her with kindness, that usually works.

Now, if the government comes back at the end of all this and says renters that didn't make any or all of their rent payments do not need to fulfill that financial obligation then we have a real issue. I doubt thats going to happen though.

We are in unprecedented times right now. In the end (and there will be an end) everyone will be affected by this. Unfortunately some people will never recover from it, but those that remain as cool, calm and collected (as possible) will make it through to the "remember the coronavirus" stage of life and will be better off for it.

Greetings everyone,

I have no idea where to start with this but if anyone has a suggestion on who to contact in order to get either the government or banking/mortgage industry to jump in and work on allowing a stoppage of mortgage payments until, at the very least, they allow businesses to reopen; please let everyone know.

I'm not stating anything that we already don't know, but there are going to be millions of people who aren't able to pay mortgages or rent in the upcoming months. There needs to be some sort of proactive decisions made now in order to keep this from getting out of control. 

Thanks in advance for your responses.

Tim