All Forum Posts by: Keith Jablonowski

The fact that the tenant does not have to pay to restore modifications that were made for their benefit. 

 Complete BS, but at least you know the law in your state now regarding this situation.  Now you just have to figure out what is reasonable and what is not. 

 This is why I advised consulting with an attorney.  Getting legal advice from the internet would not be my choice. 

 This doesn't always apply is the tenant is on federal assistance, which this one may be.  I would consult with an attorney knowledgeable in your state laws and federal law pertaining to this topic.

https://dhr.illinois.gov/content/dam/soi/en/web/dhr/publicat...

I believe anywhere in state of IL you need to be a licensed broker and your LLC must be licensed as well in order to legally manage a property that is not owned by you. I would start there to make sure you are compliant.

In that case this is a fuzzy area.  You will have to do whatever you can get the tenant and owner to agree on.

f you make it a clear requirement in your application and lease signing process it should never be a problem.   You typically have a min of a few days to a week.  Just have to give the utilities a few days (they like a week) notice to come out to do final meter readings. 

Is this a multi-family that does not have utilities split between units?   

If SFH the tenants should put all utilities that they are responsible for in their name prior to getting keys. The owner/you should contact each utility and inform them to end service in their name at 12:00AM the morning of move-in. So the owner/you will receive a final bill through the day before move-in and all amounts accrued after that go directly to the tenants bill.

With the new NAR laws you should never be hit with an unexpected tenant agent commission. If it's not agreed to in writing with a signed agreement between the tenants brokerage and you, there is no compensation,, the tenant is responsible. At least how that is in IL.

The tax consequences alone of just straight up selling should scare you away from that idea. If you do decide to sell, make sure to explore 1031 exchange into a DST (Delaware Statutory Trust). You will defer your tax hit and keep a lot of your cash flow with 0 stress.

Is this 6 weeks on the market, or they have been working on the turn around getting it make ready for 6 weeks with no feedback?  Sounds like the latter, but not sure from your post. 

Did they provide a list of must-do and optional make ready items?    If they are doing major upgrades, then that could be reasonable.   The biggest issue sounds like the lack of communication.