All Forum Posts by: David H.

Hi,

In 2009 we bought a SFH. We could not sell the 2 bedroom townhome in Cary, IL due to the market crash. I have been renting it since. Two tenants were problems, but this was my fault due to poor screening ( I am too nice :)

I bought the townhome in 2004 for $200K. $60k (4.5 years) is left on the mortgage. The rent covers the mortgage, but I still pay $5.5K for taxes & $2K for HOA. The townhome would sell for around $145-$135K. Do you recommend selling and taking the $60K - $70K loss?

It took 4 months to find the current tenant - just a steady stream of lookers and not very good quality prospective renters. The current tenant will leave in June - she broke the lease to a non-allowed pet. 

Maybe it is time come to terms with this and sell at a loss. 

Hi,

In 2009 we bought a SFH. We could not sell the 2 bedroom townhome in Cary, IL due to the market crash. I have been renting it since. Two tenants were problems, but this was my fault due to poor screening ( I am too nice :)

I bought the townhome in 2004 for $200K. $60k (4.5 years) is left on the mortgage. The rent covers the mortgage, but I still pay $5.5K for taxes & $2K for HOA. The townhome would sell for around $145-$135K. Do you recommend selling and taking the $60K - $70K loss?

It took 4 months to find the current tenant - just a steady stream of lookers and not very good quality prospective renters. The current tenant will leave in June - she broke the lease to a non-allowed pet. 

Maybe it is time come to terms with this and sell at a loss. 

The 5 day notice must be delivered to the tenant either personally; or by certified mail that is accepted. You can only post a notice if the unit is vacant.

Just curious, on the percentage of tenants cause problems. Could be property damage, breaking leases, evictions etc.

I just did the inspection. I am not sure what all the drama was about. There is an English basement that the tenant refused me to go into. I had a 10 day notice that I prepared just in case and told her I would give it to her if she did not let me see the basement. She told me that the only way I could look was if there was a police officer. So I called the police, they were none too pleased to come out.  Anyway I looked and no big deal. Let's hope she moves out when the lease is up.

thanks for the advice. I am thinking also that inspecting a property will make me too want to evict the tenant after seeing how they live ;) 

Anyway, inspections are written into the lease. I guess as you rent to more and more folks you will eventually have tenant issues including evictions. 

cheers!

This is a new one that I have just experienced. The tenant refused to allow an inspection. I never had an issue with doing inspections on prior tenants. Do you folks all do inspections during the lease? I suppose if they did cause damage, there is not much I could do about it until they left. Hopefully, the security deposit would cover the repairs.