All Forum Posts by: Peter M.

@Wenping Zhu Could be the property itself. Talk to the management company about why they think it is happening. Maybe offer an incentive to the PM for lease renewals.

@John Lee It looks like the buyer just took the inspectors recommendation word for word. A lot of those requests are BS. First I would just try to do a price concession for all of it. 500-1000 seems appropriate. Maybe offer to pay for a home warranty if they balk at that, 350 bucks well spent. Otherwise most of that stuff you could do yourself pretty cheap. Probably should I install a CO detector asap but that's cheap and easy.

@Amy T. Yes every time, no matter what state laws say.

@Sheena Varghese I had a very similar issue in 2011, short sale, inherited tenant, ceiling leak, no rent, building uninhabitable. Luckily for me there were no kids involved. I did the same thing, gave her options, tried to work with her etc. In the end it just prolonged the inevitable. Evict her as soon as you legally can.

@Alyssa Lebetsamer Send her the letter with very clear terms what she must do. If she wants justification you can call it outside storage and a fire hazard. Comb through the municipal or state property ordanance if you want to cite it but most places allow for landlord rules that you can change as long as you give them notice. Fire codes are usually pretty broad so it's a good starting point.

@Ryan Howell Try to call the appraisers from the past appraisals and maybe they will give you some professional advice. Their contact info is on the appraisal.

@Nancy Zhao It depends on what your loan docs say. Typically yes the interest payment is calculated on the principle so it should lower the payments but probably not by enough to make it worthwhile. Unless there is some weird extenuating circumstance it would be better to keep the cash until the project is complete.

Series LLCs (actually regular LLCs for that matter) differ by state so what is true here for me may not be the case for you in IL. I don't want to give you the wrong advice so I am not sure how to answer this. I actually looked on Wikipedia quickly and it mentions that IL has a different structure for series LLCs than most states. You probably need to ask an attorney. In fact, you should be using an attorney to set this up because it is much more complicated that LegalZoom would have to believe to get the proper asset protection. 

@Greg H. Yes my mistake. Definitely typed that out too fast without thinking it through.  @Darshan Patel Ultimately, if a NJ lawyer told you this is how it is there, then you have to play by those rules. Mitigate risk by stricter tenant screening.

I use smartmove as well and if they are actually motivated they will turn in the complete application and go online and do the smartmove application. I only process one application at a time that way people aren't paying for a credit report and I never make it to their application. That way the onus is on the tenant. If they really want it that bad they will fill out both, pay the money, and wait to hear. I give them 24hrs from when they receive the smartmove email before I move onto the next applicant. I don't charge a fee on top of what they pay to smartmove-less bookkeeping for me, less income to report on, and the tenant doesn't feel like you are just keeping their money as long as you explain that the money goes to smartmove and not you.