All Forum Posts by: Tony Vrolyk

I have a SFH rental in Rockford IL and I issued a 30 notice to my tenants last month. That 30 days ends this month - Aug 31. They need a couple extra weeks to finalize their new housing which I am willing to do on a prorated basis. Is there any special procedure for this or can it be an oral agreement. My relationship with them is good so I don't anticipate them taking advantage. I just don't want to be in some weird legal bind where I have to start the 30 notice period over again or some such thing.

Thanks

@George Skidis, the Occupancy permit must be something from your local city or county. I did some searching and don't see that my city or county has anything like that. 

Are there Illinois occupancy limits that would require me to cancel a month-to-month lease if the renter's family grows beyond those limits?

I have a single family home that has been rented by the same family for a little over 2 years. They signed a 1 yr lease that went month-to-month after that. The house is a 3 bed/1 bath with about 1000sf. The couple moved in with 5 kids - so a total of 7 people. The kids were all 8 and under and one of the older ones is there part time. They have since had a baby and I think they are pregnant again. They pay mostly on time and have not caused any serious damage. is there any reason that I can't continue leasing to them based on IL occupancy rules?

Here is what I have for expenses

Mortgage is based on 35000 ale price with 20% down. I am working with a local bank and at last initially they didn't balk at the price and 20% down. Taxes are base on the 2018 bill which will be paid later this year. The insurance is based on a quote from my agent. My realtor got me the average utilities - the previous owner is paying for water/sewer/garbage. This is not uncommon in our area though at my other property the tenant pays all utilities. 

The maint and vacancy expenses are paying myself. I plan to self-manage. There is no HOA.

Zillow says this property has a rental estimate of $750. Since my other property is in a different part of town I don't have anything else to go on. Even if that is off some, I am pretty sure I can justify a 25-50 increase. I am also considering leaving as is and gradually switching to the tenant paying utilities. 

I'm looking at purchasing a single family house with tenants in place as my second rental property. My first was our former residence so there was no real transaction to deal with. 

Purchase price is around $35,000 (my area is very affordable and it is a somewhat depressed neighborhood)

I calculate monthly expenses at about $400(and I am trying to estimate high) and the current renters have been paying $600

The current owner bought it late last year as part of a package deal and doesn't want to be a landlord so is selling. He already did a number of improvements including a new metal roof so there is no major work to be done. As far as I can tell just a few minor repairs and probably a new stove. Siding is a possible unknown - it has some kind of faux stone veneer that was then painted and is now peeling.

Renters have been there 14 years and say they are happy with that place. I met the wife, she seems very nice. No pets, non-smokers. the Place looked decently clean. They are month to month with no lease. I don't yet know if their rent amount has had any changes recently.

My plan would be to have them sign at least a month-to-month agreement and possibly a year lease if I can. I was thinking of raising rent of month-to-month or offering to keep it the same or a smaller increase if they sign a 1 year lease.

I just learned about an estoppel cert but from the current situation there may not be much on that cert since there is no lease. There may be a deposit to be transferred - I am finding that out.

There is no opportunity to do a BRRR here but I am thinking I like the idea of immediate revenue even though I can't get my original money back out.

I am planning on traditional financing with 20% down. The expenses above include an estimated mortgage payment

Any thoughts? What else should I be looking for?

This is my first post so be kind.