All Forum Posts by: Kate J.

 Roy, thanks! I hear from them just an hour ago, the current renter pays in time, but the lease ends on the 31st of August. He said to them that he will continue the lease, but he did not sign anything with us, and we will not let him the house anyway. I just googled and he did several bulgaries in the neighborhood. He will certainly try to stay. I never did the eviction. How should I proceed? What should be my first step? Should I find attorney or I can serve a notice myself? Any ideas where to get a sample of the notice?

My tenants subleted a room in the house without my permission, and now the guy is late on payment and refuses to leave. The new lease starts on the first of September - please help. Holly cow, what should I do now???

@Jeremy Hua, things that are broken after we inspected the house are the shades and a window frame. This is not my first deal and even not the 10th one. To buy the house with tenants in my area mean to buy it cheaper, since regular buyer will have trouble buying it (no staging etc). We have negotiated 20k (for as is contract) from already low priced house, so yes, it made all sense to buy. 

My question is more how to deal with tenants. On the top, how do I decide how clean the house should be after they move out? Should it be deep cleaned or brum cleaned? I have 5k deposit on it, and it seems useless. 

I don't mind fixing the existent problems, ie the problems that the house had before the tenants moved in. But I do care if the tenants did damages.

It's not only my property, but the responsibility of the tenant.

Thanks, Craig. I think my main issue is that I feel that the landlord is not well organized. The leasing contract that we have obtained was physically ripped in several parts, which we later have put together. I just emailed the broker, but I am not hopeful. Any other ways to solve this kind of problem?

Hi All! 

I have recently purchased a house with tenants. The lease ends in September. However, the closing went pretty fast and I completely forgot to ask the previous owner about the condition of the house. We have purchased it as is. My question is how do I identify what have been broken by the tenant and what have been broken before they moved in. Do you think it would be reasonable to get in touch with broker of the seller and ask all these questions? The tenant seems to deny everything.

It would be great to see examples with numbers

Do you mean that your profit will be 150k? Or this is the added value, and the profit is much less? Wouldn't the whole project take all 150k or more? 

Thanks, David. All houses I saw have total 3 floors and the 3rd floor has lower sq. ft then others. Any ideas on the income part of such projects?

Hello Everyone! 

I saw in Chicagoland area that people are buying small houses and build over several floors. I wonder what are the potential profits from those? I saw it mostly in the north subs. For example, they purchase house for 250, tier down a roof and build over 2 more floors with new siding and finished basement, then sell for 800k or more. I wonder if any of you did this before and what are the actual profits? 

It seems as a good idea, since there is not much of land and it is not cheap when the land sells without a construction on it. I would jump into this kind of thing, but also how does one finds a contractor who would be willing to take such a project. Speaking of the buyer's side, wouldn't it raise problems that the foundation is very old?