All Forum Posts by: Atul Mohlajee

I own 4 two/three flats bought between 2013 and 2020 in Forest Park, Illinois, at low interest rates and prices in 200000's  They cash flow nicely and prices have increased a lot.  But at current prices and interest rates, this will be very challenging unless you go to cheaper areas or nearby suburbs that are cheaper.  NW Chicago is very expensive as a rental.

I would wait 6 months. Then raise 75 or even 100 if below market by that much. 

Very true.  Immigrants look at opportunities differently when they see them. I am an immigrant who came in 1986 with $20 and have quite similar portfolio in real estate and other investments.  The only difference is that I had education and had good jobs.  I can understand their struggle with limited education and language skills and still achieving so much that majority of people 99% donot.  They had extra challenges of language, culture, and education which they overcame.  Everyone can be inspired by their journey.

I had same feelings while buying during 2008-2016 years and was always a little fearful/cautious.  Now I wish I had taken even more mortgages at those interest rates and home prices.  Key is to have reserves.  I reached reserves of 6 months of personal and rental expenses.  I could manage 6 months even if I lost my job and none of the 15-16 tenants at that time paid me rent for 6 months straight although it never happened.  Had some vacancies which is normal, some major capital expenses handled easily but nothing drastic happened.  Current cash flow is much higher as I paid off half of my properties with time.

Thanks Colleen.  

When they sent written renewal notice , it was written if you are not renewing " No action Required", This statement shows no action required and that is why they backed up and what example they are giving by not clarifying things and manipulating it.

These property management companies have their own Lawyers, If they paid me back they knew they are Foul playing, I play by rules and Expect the same from others , and I don't agree with people who are siding with wrong side and attacking back and also taking their grudge on others is far from being Professional rather they should not be in the jobs where they donot have patience

Actually they demanded 3.5 months of rent for automatic renewal of lease earlier.  It was reduced to 1 month rent that was security deposit.  $1400 loss vs $4900 demanded earlier.

I hired a lawyer who wrote a letter and was able to negotiate loss of just 1 month of security deposit vs 3 months of rent that was earlier demanded by property management company.

The attorney is currently working on this.  We will handle this as it comes.