All Forum Posts by: Hume An

Kai, thank you for your comment.  It's helpful in allowing me to put things in perspective.  Great point about there being a difference between the old owner and the new.  It's something that the tenants should expect and be prepared for. 

Thanks, Nathan G.  That's a great idea.

Thank you, Mike M., Steve Bracero,  and Thomas S.  This is helpful information. The properties I'm looking at are in Cook County, IL where the laws are heavily in favor of the tenant.  My concern is that tenants will refuse to leave, and I'll have an expensive eviction process on my hands.  

Has anyone had to deal with evicting inherited tenants who are unwilling to lead?  For those who have dealt with inherited tenants at volume, how frequently is eviction necessary? 

I'm evaluating a number of different multifamily properties for purchase that are 100% occupied but with month-to-month leases.  The rents the current tenants are paying are well below market rent.  Often, the tenants have lived in the properties for many years and would prefer to stay. This creates two challenges for me:

1) I'd like to do moderate to significant renovations on the units, and my business partner plans on owner-occupying one of the units, so we would need to permanently vacate one or, depending on the property, even all of the units. 

2) In order to make the numbers work I'd need to dramatically increase rents (by several hundred dollars/month) to bring them up to market levels.  I anticipate that the current residents will not agree to pay the higher rent.

I'd love to hear from others who've dealt with asking inherited tenants to leave. What was your approach?  How did it work out?  How long and what did it take (in terms of time, money, effort, stress, etc.) to get the desired result?  Is there a way to ask them to leave that is humane and ethical? Waiting for inherited tenants to naturally leave on their own would likely be very expensive and financially infeasible, but perhaps there is some middle ground between waiting and asking them to leave immediately.  I appreciate your feedback.

I'm actively looking to purchase and renovate small multifamily properties in north Cook County using an FHA 203k loan. Would appreciate referrals for good and reputable 203k contractors that will do jobs in Evanston, Des Plaines, Niles, Wheeling, Morton Grove, the north side of Chicago, Glenview, Northbrook, and nearby areas.