All Forum Posts by: Elias Betondo

I've heard of other landlords doing inspections at potential tenants residence, and I will consider incorporating it into my future tenant  screening.  Just like @Frank Woodin mentioned it is a good way to get a feel of how they will treat your property.  I would be up front with the tenant and tell them that you are interested in how they keep their current residence, as it is very important that your property is kept in good condition.

Thank you for the reply @Ryan Naylor. I'm thinking  a few months down the line. I am definitely planning on completing the second property before making any other moves. I do have the 20-25% cash needed for the type of property I would like to purchase. I am worried that due to my new job, I'll have trouble getting financing.

I am looking to expand on my investments, but I am not sure on how to get financed for my next property.  I currently own 2 multi unit properties, 1 is cash flowing well, and the other was recently purchased with a 203k loan, and I am in the process of renovating it.  I recently took a new position at my "full time" job and due to the pay structure it seems like lenders cannot even make a refinance work at this time.  A large portion of my pay (about 80%) is based on gross sales combined with a low base salary.  I have been in the same line of work for over 5 years, and all my previous positions had pretty similar pay structures, but due to this recent position change lenders are telling me they will need 1-2 years of history. I definitely do not want to wait 1-2 years to expand my business.  I have excellent credit, and get paid fairly well.  What are my options?

Thank you for all the replies.  Very good points by everyone.  I appreciate the input.

I want to get everyone's opinion on investing in non brick buildings.  I know that every market is different, and maybe a non brick building may not be an outlier in certain areas.  The potential property that I am interested in is located on the North side of Chicago in an area that most buildings exteriors are composed of brick.  The property will cash flow well based on similar units in the area, but how concerned should I be about appreciation, or difficulty to sell in the future?

Thank you Lumi! I will definitely contact them.

Hopefully I am posting this in the right area.

I am looking for an a pest control/exterminator in the Chicago area.  This is for preventative maintenance.  Has anyone worked with any good companies?

I'm in!

I would also be worried about evicting the tenant.  Just because the lease agreement states that it will end at 6 or 12 months doesn't necessarily mean that the tenants will move out without a fight.  

It could be that they are "pro" tenants and they are looking to take advantage of the long eviction process in Chicago.

Thank you! @Brie Schmidt