All Forum Posts by: Lois Ginter

I have the lock box codes.  I agree that going into an occupied unit is a bad idea.  

I have no mortgage and enough of a cushion. 

There is always the risk that the seller will back out, but I think it is low since I am paying cash and I bought the properties as is.  They were an extremely good price and well maintained.  

Here are the pics.   

The units are not currently occupied and will need work for other things before I can rent them.  I own the properties out right. The drawers and insides are pretty busted up.  I am planning on using Home Depot stock cabinets and counter tops.  The blind corner is staying. 

I am comfortable explaining the situation to the potential tenant.  Good idea about the lease clause.  However, I don't want to cause any stress for the seller.  The seller inherited the properties, so they were not a landlord, and may not understand why I want to do this. Should I expect the seller to accomodate me? 

I have three kitchens in my properties that have kitchens that look like this.  Would you replace these cabinets and counter tops, or try to repair and repaint?  There is about 15 linear feet of cabinets, and I will be adding a dishwasher.  

The rents are $600 per month.  I am budgeting $3000 per unit.  

I am closing on the properties 2-26. My thinking is to get the renovations done now so that the units will rent quickly, I will have fewer maintenance issues going forward, and I can recognize depreciation for the repairs on sooner. 

Hi All - My first BP post.

I will be closing on my first properties in Illinois in February 2016.  There is one vacant unit that can be rented immediately.  Can I start advertising now, or do I need to wait until I close?  I have all of my financing approved and inspections done.  

I am planning on waiting until the close to sign the lease agreement.