All Forum Posts by: James Syed

Real estate is inherently local, and in certain Midwestern cities, it is possible to purchase homes for as little as $30,000. By utilizing leverage, such as a 20% down payment, which would amount to $6,000, investors can allocate an additional $24,000 for closing costs, property rehabilitation, and other associated expenses, thereby maximizing the potential for future growth and returns.

Hope it helps. 

@Scott Morongell

Make sense. 

Thank you for your advice. 

Thank you @Scott Morongell. 

I wonder those brokers will share the mailing list because they might be losing business. Your thoughts? 

Hello BP, 

I am in search of multifamily mailing list providers. There are a quite a few for single family, absentee owners, etc, I only want multifamily. 

Any suggestions.

@Javier Perez

In Illinois, we have a 5 day notice for non payment. If the rent is not received in 5 days (excluding Saturday & Sunday), lessor can file forcible entry detainer (eviction). 

In addition, if your property is under an entity i.e, LLC, corporation, etc, you will need to seek legal counsel. You can't represent yourself so it's costly.

We have omitted grace period from our lease agreements so rent is due on 1st and it's late on second. 

Hope it helps.

@Denise Gabbard

Thank you, Denise. I appreciate your input.

@Jennifer T.

Great advice there. 

Welcome to BP. 

I don’t know Wisconsin Landlord Tenant Law.

In Illinois, if a tenant doesn’t pay rent and 5 days has elapsed, lessor can file foricible entry detainer (eviction), even though you have already given them a 30 day notice. 

Also, in Illinois, you can’t just simply “post” the 5 day notice on the door, you have to serve the tenant. 

Hope it helps. 

Welcome to BP. 

I recently had to evict a tenant. He was late every month, his gf moved in with him along with her 5 kids and lately he became hostile towards me. 

I tried taking to him. It didn’t work. 

I agree with one of the Members comment, you have to be clear what the state law is and what the lease says. 

You served him a 5 day notice, if you haven’t received the rent in 5 days, start eviction process. 

Hope it helps.