All Forum Posts by: Weston Harding

@Michael Guzik agreed! Always look'n out for a fellow Texan :)

@Michael Guzik you are right to LOL, I would try to stay clear from any that are offering a "class, or education course" Just get you're brokers license and join an REI team then if you are going to spend the money, just my opinion. BP is a much better and affordable way to learn about investing.

I would also look for local smaller meet ups on BP, I have attended a few and also my team hosted one last month and we all had a blast! We had a discussion panel about house hacking and I had it professionally taped, waiting for them to send it over to me so I can post it up here on BP. We are starting to plan for our second event in early February, just a great way to get a lot of like minds from here on BP together :)

@Account Closed Love the post

@Carl Lee I would suggested for them to talk to an attorney to really get the best advise. I can PM you a referral, but for some free information you can call the Metropolitan Tenants Organization and explain the situation with them and they can give you more information for both landlord and tenant side of things. 773.  292.  4988. Rental agreement or not, there are standard laws tenants and owners are to follow. Their lease would be considered month to month. 

As far as turning the property over and selling it, or you potentially buying it, I would just offer cash for keys and get new tenants in there with leases that are paying. I don't know the back story of the tenants, but if you can get them to sign new leases great, if not cash for keys I think will be your best option. 

I also don't know what the condition of the property is and you're situation but if they leave you can upgrade and fix somethings to get the property in a better state. I would avoid eviction if possible, it is a very tedious, lengthy and expensive process. So work with the tenants, and hopefully they work with you!

@Jeremy Dixon Welcome to BP! My team and I just held our first event last month and are working on hosting our next event probably in early February. 

We also had the event taped, hoping to add the video to BP soon for those who missed our last event, keep an eye out hope you can make our next one!

@Chaz Black I personally use granite is all my projects, I know the big concern with granite is the potential of staining. Just make sure it is sealed probably and if you do have a stain, just use a baking soda pumice recipe and cover with plastic wrap overnight and then wipe up in the morning. Here is one from Angie’s list

https://www.angieslist.com/articles/how-clean-different-types-countertops.htm

I find lighter granite counter tops to be very popular right now, with some light grey tones. (Chicago market) Pairing with either dark cabinets or white cabinets. Depending on your project or budget if there are current cabinets and they are salvageable in a rehab, painting is a low cost option. 

Hey @Joey Nakayama it is true what everyone is saying winter can be hard for rentals, I see this especially true in the 3 bedroom market. Winter for studios and one bedrooms seems to maintain okay, as a lot of renters relocate this time of year for their jobs, often relocating alone. 

There are a few things you can do as everyone has said. Now I would say if you go the free month or 1/2 month incentive route, I would offer this on the second month and not the first. This way you can get one full month of rent to start, it gives you a little buffer and then the second month take a reduction. I also see specific incentives for the owner's desired lease terms. Also like @Brie Schmidt said posting it on the MLS and offering a commission for an agent to assist you will increase you're opportunity. and definitely like @Johnny Hastings said I would throw up a for rent sign, if you have not already. 

When posting you're ads on craigslist, it is very easy to get lost in the shuffle. Make sure you are renewing you're ads, I believe they allow you to do this every 3-5 days. I would also make sure whatever incentive you are offering you post that in the title and not the text, many viewers may skim over it and not notice. 

@Michael Piccolo Congrats on you're first purchase! Are you thinking of continuing to grow your portfolio? I started with one building myself then acquired about 30 units total, I just sold a few of the buildings recently. Just takes 1 to get started, so congratulations!

Hello @Rachael Britton thanks for the post! Yes it is true, the commission owed on the buy side is paid by the seller. Now if you are not being represented by anyone and locate the property yourself, typically the selling agent will have an owner agree to dual agency and the agent can represent both sides. (At least in Illinois, laws can vary by state)

Sounds like they are trying to get you to sign a buyer agreement which is not a very common practice today, some agents still do this but not all. 

@John James We are hoping to do events like this every other month. This was our first event and it was a great success! We look forward to doing more events in the future. Adding in some new topics, different panel members etc. We we will probably starting planning our next one after all the holidays, maybe January.

Keep an eye out for our next one! We also had a videographer come and record the panel discussion, that will be posted online and on our website www.xplusrealestate.com in the next coming weeks, those who could not make it can still get some great information! 

Hope to see you at the next one!

Today is the day, Can't wait to meet all of you from BP to learn and share experiences with everyone. Panel discussion starts at 7pm so come meet up at 6pm so we can all talk before we get started! After the panel we will open up for questions. Remember no question is stupid, we have all had challenging experiences that we have learned from. So come share your stories, and grab a drink! 

See y'all at Bitter Pops!