All Forum Posts by: Franz Fernanez

@Fernando Angelucci

There is a parking ratio issue for it to become a medical office, could be resolved with a variance meeting with the village. May I ask what are you looking for?

Thanks!

Franz

Thanks for the suggestions!

@Fernando Angelucci - the property is at 620 N River Rd, Naperville. The property is currently in the market.

@John Bauer- Send me more info- appreciate it. Thanks!

I have a tenant that has been delinquent in paying up the lease on my office condo. Because of a previous business commitment with the tenant, I have been quite flexible in collecting rent. (Not a good idea!) How do I go about collecting unpaid rent? Do I need legal assistance to write a demand letter? The lease has since been terminated so I could lease/sell the property. The property is in the Chicago suburbs.

@Steve Vaughan; @Gautam S.; @Vishal Gadhia;

@Jerry Bruckenheimer

Thanks guys! ..really appreciate it. It looks like it's going to be a rental increase if the tenant agrees Or maybe a lease option. They are currently into their 3rd year on a yearly renewal. 

@John Powell

Hi John! Yes, it was a personal house and turned into a rental. I think I'm gonna break even with current appraisal .

@Rafael Norat 

The maintenance is built in to the lease-that the tenants are responsible for. 

If I did a refi just to break even on expenses (Zero Cash Flow) and with appreciation rate being slow in the area,... would it make sense to hold just for the equity it would generate for another 2-3 year lease?

Thank you for everyone's input!

Thanks Gino!

I am trying to hold off on selling since we have good tenants. I think I could get at least couple more years from them. I am hoping the refi would take care of the negative cash flow, build equity then sell..but then the property hasn't appreciated much since the bubble and I'm afraid of another downturn. 

Hi. I currently am renting my house in Illinois and moved out to Arizona. I still owe 145K on the mortgage with 15 years to go on a 20 year loan. It currently appraises at 260-270K, I am renting the property for $1500. After all the expenses, I have a negative cash flow of about $300. Would refinancing to a 30 year loan and building equity make sense? 

Thanks!