All Forum Posts by: John Hauser

@Mike B. I'm curious if you ever ran across this issue. Thanks.

John

Thanks @Brie Schmidt . Yep it's just the end of the lease term, but it is a difficult tenant. I thought about certified mail but if the tenant doesn't sign then I don't think I'm any further along. I agree that the RLTO says written notice and nothing more, but often times how that language has been interpreted by courts can be more complex than meets the eye, and they might require proof that the letter was delivered. Normally I'd say I'm way overthinking this but Chicago is pretty tenant-friendly and I don't want to inadvertently give this tenant any more time in our property than necessary, based on some technicality. My business partner is at the property occasionally, so he can also hand the letter to the tenant if the opportunity arises.

Hey everyone. We are ready to tell one of not-so-great tenants that we are ending the rental agreement with him (we are at the end of the 1-year lease period). I'm wondering if more experienced folks like @Brie Schmidt or @Mark Ainley or @Ryan Steele have dealt with the procedure for notifying our tenant that we want the property back. For example, I know that the Chicago RLTO requires 30 days' written notice, but do we have to give it personally to the tenant and show service, like a rent payment demand? I have seen some online sample forms, but again I'm wondering if we have to use those or if a letter will suffice? Or a text message? Thanks everyone.

John

Thanks @Mehran K. thank you too. This really encourages me to expand more quickly and is a big morale boost for me!

John

My two cents from a South Shore investor. I think if you look you can find better numbers than a $1735 gross monthly rent for a $148,000 investment on the South Side. We're looking right now at a deal for a place that gets $1350 per month and we will pay about $65k all-in (lots of rehab). I'd recommend finding a Chicago-area wholesaler, tell him or her your criteria, and see what else is out there. Especially as a beginning investor it's easy to get tunnel vision on the deal that's right in front of you. Working with a wholesaler or broker will get you some additional familiarity with the different city areas, and you will stop thinking about "Chicago" as an investment and see that appreciation, cash flow and headaches are all very neighborhood-specific, like @Mark Ainley and everyone above has said. And you can always run any other deals by BP Nation. Good luck and let us know how it turns out either way.

John

Question for investors who borrow from peer-to-peer lenders or private lenders for the purpose of buy and hold (I know @Wendell De Guzman

and @Mehran K. and Dawn Anastasi have written/podcasted about these types of loans). How and when can a bank refinance you out of those higher interest loans? What criteria are they looking for? What factors will give a buy and hold investor some certainty about getting refinanced out after a year or so? Thanks for any replies!

John

We have off-street parking, which is a big benefit for our tenants. The biggest downside is that the driveway goes behind the house, which means it's a pain to keep plowed in the winter (Chicago). Ours is a neighborhood that's transitional, so having a place to keep a car for our tenants is a big deal. @Tom Henderson I agree with the refinished hardwood floors. Makes a place show great, is easier to keep clean than carpet, and sets a place apart. One extra honorable mention that I would add is a motion-activated light by the front step. Makes tenants feel safer.

John

Thanks @Brie Schmidt !

Welcome @Simone Withers . I'm a fellow Chicago area investor (South Shore) and always glad to see others on the site. You will find this site to be a great resource for any type of RE investing. Best of luck!

John

Hey BP Nation! Just curious if anyone has used Capital Three Sixty for financing, and if so how the experience was. Looks like a credible place but nothing beats testimonials when you're considering whether to do business and share personal info with an outfit you've never used before. Thanks.

John