All Forum Posts by: Account Closed

Option 3 is definitely a solid choice. If other people are inquiring then make the deal really appealing to them and then you can exercise the option of refinancing at a later date maybe a year from now. People will say, "Yeah, but you don't know what the lending environment is going to be like so you can't bank on that" - there's some merit to this, but if you can make this work now with the seller financing arrangement then you're ahead. Even better if you can eventually refinance to a set of better terms. The goal right now should be to acquire to own the assets, look into how this can benefit you from tax perspective, and then keep your eyes open for refinancing options.  One thing we can definitely look forward to is the gov't bailing out mortgage companies (given their unprecedented activity lately) as well as long-term low rates (which the Fed confirmed recently they have no intention to raise rates any time soon).

@James Wise - I had a lot of success with deploying specific prospecting strategies - tons of people own outright and want to sell but lots of buyers have no cash or banks are hesitant to lend. Surprised by how many deals turned into seller finance options - I think a lot of it depends how you present things

Seller financing is definitely the way to go - I tripled my portfolio spring 2020 by creating seller financed opportunities. It was easy, mutually beneficial for buyer and seller, and led to a great outcome

Is seller financing possible here? DM me about it - I tripled my portfolio the past couple of months by taking advantage of it - properties were not listed upfront as offering seller financing

Alex - just DM’d - I’ve had some great seller finance experiences the past few months and would love to share what I learned

Recently I had a tenant break a lease with 3 months remaining. The unit was in good condition, but she abandoned the property and simply sent in her keys (not written or verbal notice).

I was able to find her new address and her new cell phone. I spoke with her and she said that she doesn't want to go to court and is willing to do a payment plan to pay for the missed rent.

What would you do? Would there be any unintended consequences to agreeing to a payment plan? (ie, forfeiting future opportunity to go to small claims court if need be?)

Thanks Rob - that's really helpful!

Would anyone be able to provide me a referral of a Chicago attorney who focuses on filing judgments for landlords?  Thanks!

I was wondering if someone could clarify steps for filing a judgment - my rental is in Chicago; i live in Virginia.

- Tenant abandoned property in late June - lease ends at end of Sept

- We will fill unit by Sept 1, so everything has been done to mitigate losses.

- I want file a judgment for lost rent from July and August.

Is my first step to file for a judgment in Chicago via an evicrion attorney? Any idea what this might cost? Thanks!

Thanks @Crystal Smith - I did exactly that this morning