All Forum Posts by: Jason Albasha

5 year balloon from what I know. 

Check out Lakeside Bank and Byline Bank. 

You'll either need to spend money to get your money, and it's not guaranteed that you'll get it, or you can just leave it alone and chalk it up to the cost of doing business.

If it was a scumbag I'd spend the money to report it, it'll come back to bite him later down the road.

You can do multiple analysis and take an average yet it would come out to the same as if you took an average from the beginning. 

For example, just use 5-7% for vacancy rather than taking one analysis where you have 0% vacancy and another for 10% vacancy. Well if you average those, you’ll get 5% vacancy. 

I offer longer leases, 2-3 years, with built-in increases. I do this if it’s a situation where I want to do work on the unit now yet don’t want to force the tenant out. Idea is, if I put this off now, I’m not putting it off for 12 months, I’m putting it off for 24-36 months. 

@Marco Pangilinan

To add to @John Warren's statement, I tried getting quotes for the commercial stuff and it ends up being almost as expensive as replacing the darn thing.

Reglazing a vanity top was $400-$700! The entire vanity was $300. I get it, they have to have someone come out, do all the labor, etc. when the world we live in materials are cheap and labor is expensive, hence why you toss your toaster out when it stops working instead of taking it to the repair guy.

A tub and tiles a are bit more costly and permanent so it might be worth it yet be cautious and make sure you compare before paying $800 to reglaze a bath for 5 years when replacing would've cost you $1,500 and lasted 20. 

@Brian Van Pelt

Is that Docusign's lazy sibling?

Hi Chad, you simply upload the pdf file of the lease (you can scan it or shoot me a DM, I have one for IL) to one of those sites, HelloSign is another that I use (3 free documents/month). You mark where you want a signature, where to initial, where to insert date, etc. and send it. Once everyone has signed you all get copied of the lease.

I only do edocs, I've never done a wet signature for a lease.

@John Warren can you message me your contact for this? 

Use a new lease. 

$471k loan max + $40k down payment = $511k is your max budget.

Unless you're willing to borrow money from some friends/family, hard money lender, etc. then your max purchase price is about $500k for this; unless you can find a property that's "self sufficient".

That third unit is great yet you have to trust the tenant. If you have issues, you have no rights as a landlord. In the eyes of the law, you are selling something that you shouldn't be, so it's great to get that extra $1,000 in your hand every month yet understand that this is illegal (even though everyone does it!). This is why the bank does not recognize it; not only is it illegal income, it can also end at any time if the city makes you rip it out.