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All Forum Posts by: Xingcai Wu

Xingcai Wu has started 9 posts and replied 27 times.

Post: Mail issue with previous tenant

Xingcai Wu
Posted
  • Posts 28
  • Votes 11

Hi everyone,

How would you deal with a tenant that just moved out and blame you for all her lost mails?

so the situation is this: I don’t live on the property, I don’t even check those mailboxes. I emailed the tenant that she should file a Change of Address form with the Post Office again, so her future mails will be send to her current address. Also, I will have the current resident to write “return to sender” on mails that are not theirs.

But, the previous tenant seems to blame me her holding her missing mails. This situation kind of stressing me out.

How would you deal with this tenant in this situation?

thank you so much,

Xingcai


Post: Court Based Rental Assistance Program

Xingcai Wu
Posted
  • Posts 28
  • Votes 11
Quote from @Bob Floss II:

@Xingcai Wu The court will generally guide you to a program they know is funded. There are many different programs available, but not all of them still have funds to give out. The approval process can take several weeks or several months depending on the program. 

@Bob Floss II Thank you so much for the reply. So, long story short. Me and the tenant signed an Agreed Dismissal Order from the court that she will move out by last month, which she did, and she will apply for the Court Based Rental Assistance Program through Will County to pay the owed rent to avoid Eviction. So, few days ago, I received a notice that the application is denied. I’m not sure why. I’ve tried to email the responsible department without any response. The tenant owes pretty significant amount of money. My question is that now she moved out per the court order, but I didn’t get paid as planned. How am I going to get what she owed me back?

sincerely,


Wu 

Post: Court Based Rental Assistance Program

Xingcai Wu
Posted
  • Posts 28
  • Votes 11

Hi BP,

I’m in Will County, Joliet Illinois. Me and my eviction tenant are applying for the Court Based Rental Assistance Program together so she can pay the rent she owe me without an Eviction. My question is what if the rental assistance gets denied. How can I still recover what she owe me? 

Thank you so much,


Wu

Post: Need opinion on Court-Base Rental Assistance Progran

Xingcai Wu
Posted
  • Posts 28
  • Votes 11
Quote from @Nathan Gesner:
Quote from @Xingcai Wu:

If approved, CBRAP should send the payment to you whether the Tenant is still in the rental or not. If your attorney is not sure, then none of us are. But they typically don't visit the home and verify the tenant is still there before cutting the check.

I do not recommend any extension with the Tenant! Your focus should be:

1. Get her out.

2. Get payment.

Hi, Nathan. I took your advice and did not agree to the extension. I think that was a great advice!

Although, the tenant signed the Agreed Dismissal Order from the Court to be moved out Last Friday the 14th by 6:00pm. However, she left all her stuff there, and verbally told me that she would like to come back sometime this week on my schedule to pick it up. 

any advice on what to do at this point? Because I’m trying to fix the apartment up and get it rent out again.

thank you!

Post: Need opinion on Court-Base Rental Assistance Progran

Xingcai Wu
Posted
  • Posts 28
  • Votes 11

Thank you very much Nathan for the advice!!!

Post: Need opinion on Court-Base Rental Assistance Progran

Xingcai Wu
Posted
  • Posts 28
  • Votes 11

Hi BP,

I have a tenant under eviction. About month ago, we signed an Agreed Dismissal Order through Will Count court states that she will move out on 14th of April and will pay the owed rent by CBRAP through Joliet IL in Will County. Currently, CBRAP( Court Based Renta Assistance Program) application is still review and the move out date for the tenant on coming up this week. I was wondering should I sign another agreement with the tenant to extend the move out date?  

My concern is will the Judge allow this? I meant I asked my Eviction Attorney the same question, he said he’s not 100% sure, but it’s understandable that it takes time for the application review process. Now, we just waiting for it to go through. 

Therefore, any advices and opinions will be greatly appreciated!


Wu


Post: Inherited Section 8 Tenant

Xingcai Wu
Posted
  • Posts 28
  • Votes 11

Hi BP,

Recently I purchased a property in Joliet, Illinois. There was an inherited section 8 tenant in one of the units. Her lease is ending in January 31 2023. But, she gave me a written notice on December 30, 2022 and moved out of the property the next next day. 

I called the section 8 tenant’s caseworker, she told me that she’s allowed to do that because there was a change in ownership. So, she’s not paying my for her last month of rent and section 8 is not pay either.

Is this allowed? Any comments are appreciated!

Thank you very much,

Wu

Post: Looking for An Eviction Attorney

Xingcai Wu
Posted
  • Posts 28
  • Votes 11

Hi BP,

I just closed on a property in the Joliet Illinois area, and I have a inherited tenant who is in the process of eviction from the previous landlord.

Does anyone have an eviction attorney in the Joliet, Illinois who they recommend?

thank you so much,

Wu


Post: Need second opinion on deal ananlysis

Xingcai Wu
Posted
  • Posts 28
  • Votes 11
Quote from @Ricardo Hidalgo:
Quote from @Xingcai Wu:

Hi BP,

My name is Wu. New to BP and signed up for Pro membership couple months ago when I decide to buy my first property to house hack.

I have gotten a four unit property built in 1902 under contract. It is two-duplexes on the same lot with a four-car garage. My plan is to house hack in one of the duplexes and rent out the rest. The asking price is $349,000 with property tax around $5400/yr. Property insurance about $250/month. I’m going with 20% down conventional with rate locked at 6.625%. 

 Currently one duplex is rented to section 8 tenants. The rents on the first duplex is $1200 and $1300, could be higher when leases end. The second duplex is currently vacant, the rents could be $1200/unit when fixed up. Based on what I saw on my walk through, the vacant duplex needs a lot of work, such as new roof, windows and siding. I negotiated price down to $319,000. 

So, after the inspection last weekend, we  found there are more water damages to both duplexes because of missing gutters and holes on roof; also, foundation problems and old knob and tube wiring. And garage roof needs replaced as well.

I will definitely go back on the negotiation table and try to get seller credit. My question is should I walk away
from this deal because it has too much problems and too much money to fix it up? 

Any opinion helps! Thank you so much!


Wu



 I would analyze this deal based on risk management and capital being allocated to make this work. Personally the numbers don't excite with the amount of work you described. There are other markets or deal offering better numbers with less renovation cost or increase in rents. 


 Thank you so much for your reply, Ricardo. I absolutely agree. Currently, working on Plan B.

Post: Need second opinion on deal ananlysis

Xingcai Wu
Posted
  • Posts 28
  • Votes 11
Quote from @Philip Murphy:
Quote from @Bob Stevens:
Quote from @Philip Murphy:

Do you have a contractor you trust? At this point I would walk the property with my contractor and get an idea of how much you are looking at in repairs. Sometimes it is hard to tell how much work/ money is needed to fix a foundation, so if you do renegotiate you want some wiggle room in your repair estimates. 

Whether you walk or renegotiate depends on your willingness to undertake a big project, and if your numbers still work when construction goes over budget and takes longer than you estimated.


 Its a terrible deal , he will be in north of 360k, roof, 8k, at least, windows, assuming 20, 6k, siding 15k, all cosmetic 5k, gross rent about 28k, net about 20k, if that, I would pay 200k MAX, and that still is not great, 

All the best 

I’m not trying to talk anyone into a bad deal, and maybe I misunderstood the numbers. Bob, I’ll certainly defer to your experience here!

I read this as rents of $1200-1300/ unit after fixed up, renting out 3 units and living in one. That’s 43k gross income. And it’s a house hack.

I think the price would need to be negotiated down significantly…completely agree. This would be a bigger and more costly project than I would personally undertake. I also don’t know where Wu is located. Since he wants to house hack I’m guessing he is looking for the best purchase in the market that he lives and works in. 

 



 So, I'm in Chicago. the first unit in the first duplex is renting out for $1200, second unit is renting out for $1300. They both can be rented around $1400 after lease ends. Second duplex, it can be rented out about $1200/unit. Since, I'm going to house hack, and my living expense is around $1200. So, I would get about $4900 per month in total. So, the gross rent is $58800. Is that how you suppose to calculate house-hack?