All Forum Posts by: Tim J.

Small claims court is the best option. Highly unlikely LL will recover balance of rest of rent.

Even if you "win" in small claims court you have not gotten anywhere - you still need to collect. that means knowing of their bank account or assets or employer. SSN, etc.

0 Votes

Columbus, Ohio

Once you make an LLC or s corp its time to get an accountant and hand the books to them. Not worth the hassle to do it yourself.

1 Vote

Columbus, Ohio

Quote from @Adah N.:

@Tim Jurik

Interesting, big difference. Is the 30% one just as profitable regardless? Due to property condition or interest on property?

Mine are in GA.

C property is a 4 unit in Conyers, about 25 mins SE of Atlanta. 14.5%

B property is a SFH in East Cobb Marietta, about 20 mins North of Atlanta. 16%

The SFR is not as profitable now but that's because I keep pulling equity out of it through refinances. I bought it in 1995. It is hard to beat a multifam/6 unit - its comparing apples to oranges.

The SFR is under market rent. I had not kept up with rent increases for a few years. Big mistake. at current market rent it is likely about 25%

0 Votes

Quote from @Henry T.:

two months rent should cover the yearly prop tax.

That may or may not hold true in some markets and certainly doesn't for many of my properties in the past. In spite of them not meeting that arbitrary criteria, they were all good to excellent investments

0 Votes

Concur with Greg - I used more reasonable numbers when coming up with the land vs depreciable asset. Something like 25% and 75%.

But, if you own a shack in Malibu, then perhaps the ratio is the other way around... :)

0 Votes

I have two data points for you

Central Islip NY Single family. around 30% B-/C+ neighborhood.
Barre vt 6 unit building. 13% b-/c+

1 Vote

Did you look on Furnished Finder?

1 Vote

This is at least the second rant message you have posted this week. As others have pointed out - perhaps your screening process is flawed and it sounds like you are not a good fit for this investing strategy - at least not in Chicago.

If you do invest again, pick a municipality that is not so anti-landlord.

The whining is not productive. You made a mistake buying in Chicago. The irony and karma is actually a little bit funny to a libertarian like me who got a bit of a kick out of a self described "liberal socialist" getting to enjoy the fruits of his political views.

As I mentioned on your previous post, and someone mentioned in this thread, there are a-hole tenants across the social and economic spectrum. You got bit - it happens. Learn the lessons and move on.

Suck it up, move on, or sell and go into some other venture.

2 Votes

Chicago, Illinois

Quote from @Dan H.:

Quote from @Tim J.:

Your assumptions that you can just keep paying her loan after her death are naive.

As another poster said, tread carefully here.

Not sure what your relationship is with the friend or what other conversations have been. I am sure that person has other things on her mind. Important things.

If it were me in your shoes I would offer to help with any logistics with her house. I would NOT suggest a course of action. Let her discuss that with her family, accountants, lawyers, etc. The house may end up encumbered if she goes into a care facility, etc.

To reiterate - ask her how you can help. Listen.

Best wishes for you and her

>Your assumptions that you can just keep paying her loan after her death are naive.

Why do you call this naive? It is my belief that a bank cannot call a loan due to death. I have a loan of a deceased that my brother is supposed to be paying (he is not very capable, so I suspect that I have made more payments on this loan than he has but I digress). It was initially with BOA who of course knew about the death (they knew prior to receiving a death certificate but still required me to provide a death certificate) and the loan has since been purchased by Mr Cooper who also is aware the initial borrower is deceased. A loan being paid for after death is one of the safest loans against being called for title transfer (It is my belief that it cannot be called just because the title transferred and I had multiple conversations with BOA on this subject).

BTW I like all other parts of your post and agree to ask her how to be of assistance.

My understanding about the situation for a mortgage upon death is the following:

- an co-signer may keep the loan/keep making payments
- the executor can/should make payments from the estate (if possible)
- an heir can keep/assume the loan (I am not sure if this is limited to family members or not - when attempting to research this was ambiguous, but at the very least, one needs to be an heir or executor)

1 Vote

A death and real property involves probate, estates, etc. Unless you have a clear, legal plan of action that is fully supported by the parties involved, you could be in for roller coaster.

I would not call it "overstepping", but you definitely want to avoid forcing a decision, pressuring, or prioritizing something that for her may not be important.

1 Vote

All Forum Posts by: Tim J.

Tim J. has started 9 posts and replied 297 times.

Post: Damages after deposit returned??

Post: Help with form 1065 schedule L

Post: Ratio of RE Taxes to Gross Rent

Post: Ratio of RE Taxes to Gross Rent

Post: Valuing Land vs Improvements for Depreciation

Post: Ratio of RE Taxes to Gross Rent

Post: Traveling nurses in Berkshires/Pittsfield MA area

Post: Do you enjoy giving money away?

Post: dying friend has a vacant house- want to help

Post: dying friend has a vacant house- want to help