All Forum Posts by: Frank Lodge

Hi Scott am i a tight financial position so at this point its a good plan. Good idea John will work all this into my lease. Seepage is not uncommon in Chicago house basements. Appreciate it.

Thank you Max and Jon, I kinda caved in and offered a $200 discount for a year then the rent goes back to $1500 a month. I will emphasize that they get renters insurance or take the risk and I will  make the wording stronger about seepage and flooding of the basement .  The reality is I cant afford another vacancy at this time or I would take a stronger stand but for the next couple months the taxes are covered and am not paying additional heat in the winter.  Brie thank you see you at your next meeting .

Hi BP members:

      I was wondering if anyone in Chicago has had this experience. About a month ago we had some heavy rains in the west Chicago area. As a result there was some seepage in the basement of my rental house and now the tenant is claiming $3,000.00 worth of damages. In the rent lease under the section headed basement it states that the basement should not be used as a bedroom and that its susceptible to seepage in heavy rains so that anything stored in the basement should be elevated. These tenants moved in about 3 months ago and now this. We had discussed this when they inspected the house.  Many of the houses in the area had inches of flooding in the basement. Are they entitled to recovery ?.

Hi All

I appreciate all the response, they were very helpful. I still would like to try airbnb on this property but the luxury of the funds are not there right now to experiment so am going to try section 8. 

Hi BP members, 

I am reaching out because I have a property for rent and am not getting qualified prospective tenants. I am looking at the option of using it as an Airbnb. I have heard mix results about airbnb and was wondering if this would be considered a good property for an airbnb. This is a brick 4 bed room 2 bath plus Jacuzzi and garage about 15 minutes from Ohare aiport. The property has all new utilities but no furniture. Am not sure what adequate furniture would be since different contributors on BP have totally different experienes and I would need financing for the furniture so its important to figure out. I even thought about used furniture ???

Hi Cameron listened to your podcast and gained some knowledge. There are quite a bit on empty lots here on the west side of Chicago some for as low as $5,000 per lot.  However I have no idea what a 1,300 SF home would cost to construct. It was very informative.

Chase I appreciate it as well.

Hi Cameron, I went with a local accountant not far form me. He also has rentals. His fees are steep but as you said I think it will be worth it since I am starting from set up using Qb.  I will jump to your Podcast since am only at podcast 091. Thank you for the feedback.

Hi Chris and Steven,  am in the same situation looking to setup my bookkeeping system so if either of you gentlemen have any contacts I would appreciate the link as well.

Thank you for you very helpful response. This info has gone a long way to solving my problem. I know I should have search the thread here on BP but when desperation sets in, well, you know.  So thank you again Daniel, Brian and Jana.