All Forum Posts by: John Hauser

Thanks for organizing @Brie Schmidt ! I can't make this one but at least I don't ditch you like @John Weidner does! ;-)

In my opinion it is not worth poisoning the relationship for a short-term savings on commissions. Thinking long-term and building your reputation will pay itself back in terms of deal offers and in lots of other ways. Good luck with your decision!

John

Good problems to have, @Michael Limjoco . Good job on managing everything so well. I understand the proponents of paying down a personal residence. But from a numbers perspective, the opportunity costs are much higher paying off your mortgage than using the same money to invest in properties that cash flow. Could you compromise and put the additional cash flow from your properties to pay off your mortgage? One way of looking at it that might make it more palatable is that if your investments are appreciating, you can refinance out and use that money to pay off your personal mortgage.

@Leland F. welcome. I invest in Chicago but live here in the DC area. I've attended some BP meetings in Fairfax so if that's convenient for you, it's a place to start. Roger Lin hosts the meetings. From everything I have heard, Baltimore is an excellent place to start. Best of luck and let us know how you're progressing.

John

Good luck @Ally O'Donnell ! One possibility for you to consider is to post the specifics of your rental on the Deal Analysis forum. I understand you're probably not viewing this as a traditional landlord commercial property, but if you post the numbers and ask for feedback, you're sure to get feedback that will help you spot risks and opportunities that you otherwise might not have seen. Take care and welcome to the site!

John

Thanks for these posts @Wendell De Guzman . Enjoy your vacation!

John

@Mike B. and @Sherrice Baines are two other Chicago area wholesalers that I know of. Good luck!

I agree completely with @Eric S. . Security deposits have become such a minefield in Chicago that there was even a realtors' association that recently recommended that landlords do away with them. http://articles.chicagotribune.com/2014-01-24/classified/ct-mre-0126-podmolik-homefront-20140124_1_security-deposits-chicago-landlords-tenant-ordinance

All of the concerns about having a tenant not have an incentive to keep the place clean are well-founded. But even a non-paying tenant can use tiny errors in the security deposit rules to negate the amount they owe or even come out ahead. We do a move-in fee ($400 on an $850 place) and make it clear that the fee is non-refundable.

I like @Mark Ainley 's solution the best, of giving the tenants a choice. But Ive read the RLTO three or four times and I'm still not sure I could feel confident I know what to do, especially against a tenant lawyer who is looking for mistakes.

I agree wholeheartedly with @Mark Ainley

Welcome @Jeremy W. ! I'm another Chicagoan. Good luck in Vegas. There is a good podcast dealing with the Vegas market in Podcast 13 with Leon Yang. Hope it's helpful to you.

John