All Forum Posts by: Nancy Curran

6 unit, 1 commercial space, 5 apartments. 3 units in front, 3 in back. The commercial space is rented to a restaurant on the first floor. Owner of restaurant wants to break through to the apartment in the back of his restaurant and expand his business. He wants to expand so he can get a liquor license. His restaurant is very delicious, the ambiance is beautiful, but his success is less than stellar because he feels his lack of liquor license is a problem. However, he always pays his rent. If I don't allow this expansion, his business will go under and I'll have an empty storefront to deal with. For the record, I've had about 10 different businesses in there that have all failed or moved on and I'm left with an empty storefront. This current tenant is from the neighborhood and is committed to making this work. But not sure if I want to deal with a liquor license and what that could bring to the property. Im not sure what to do. Opinions?

I used to use a company but they were awful so I  just do it myself and call a repair guy when I  need it. Works out great. And I keep all the quarters. 

But, they are difficult to sell because many condos come with a space and rental spaces are ubiquitous. so just somebody wanting to buy a space isn't on every street corner. 

I don't even think you need to do that. The lease is a legal document that needs to be honored by the buyer. You don't need to put in the lease that he parks in the yellow lines or he pays his HOA fee or you won't sell. You don't need to put in contingency that he follows the law. Just make sure he is aware of the lease and all other pertinent matters. Because, if he decides to kick out your renter after he buys that is between those two anyway.

what are you holding off a little while for?

I love afternoon events. After working on my properties all day, I just want to go home, enjoy my family, glass of red, and turn off the phone. I'll definitely come to your afternoon meet up. Unless a toilet overflows somewhere.....

Tell them you can't release keys without the first months rent. Never, ever worry about losing a month or two to find better tenants. I used to worry about a month loss of money, let living disasters move in, and end up more in the hole In money and time. 

Good luck.

Chicago doesn't allow late fees but they do allow court costs so be sure to add that.  I wouldn't settle. Just put them on bad credit. You will hear from them at some point when they need a loan. 

Hi, Chicago is large. You need to give an exact location. 45k for a 4 unit is certainly in a bad area. Not C, more like F.  I'm an experienced investor,  I just put an offer for a 6 flat, in a C area, up and coming, for $550k.