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All Forum Posts by: Andre Davis

Andre Davis has started 4 posts and replied 29 times.

Post: Sending Tenants to Collections

Andre Davis
Pro Member
Posted
  • Real Estate Investor
  • Chicago, IL
  • Posts 29
  • Votes 6

Ahh yes the pain. I’m definitely leaning toward this option. Thanks for your feedback.

Post: Sending Tenants to Collections

Andre Davis
Pro Member
Posted
  • Real Estate Investor
  • Chicago, IL
  • Posts 29
  • Votes 6

Hello BP,

I have a tenant who I started the eviction process who recently moved out before the court date but left with a substantial balance. I’m wondering if it is worth it to send them to collections? And if so, what is the cost and prospect for collecting something, certainly not all, but something.

My thinking is that if it shows up on their credit, it may hamper employment, car purchases, rental applications, education funding, etc and at some point they would need to pay me to go forward with some major life steps over the next 10 years.


Post: Guidance on rent increases

Andre Davis
Pro Member
Posted
  • Real Estate Investor
  • Chicago, IL
  • Posts 29
  • Votes 6

There is a rent estimator at the bottom of these very post. Start there with your evaluation. I have a 6 unit, and using the BP rent estimator I’m doing a 5% increase which is about $360 per month and $4,200 per year!! Why leave that kind of money on the table. You said you provide a great product, so get paid what the market is willing and able to pay. Your expenses aren’t getting cheaper or even staying the same…right. Be blessed.

Post: Chicago Residential Lease Agreement 2024

Andre Davis
Pro Member
Posted
  • Real Estate Investor
  • Chicago, IL
  • Posts 29
  • Votes 6

If you’re a PRO Member, you can get a lease from this website. It’s not the realtor version but it is vetted for CRLTO by a lawyer. And it comes with a bevy of other useful documents. And it’s FREE. The downside is that it’s a 15 pager, but it is landlord friendly. 

Post: Help with inspection notice

Andre Davis
Pro Member
Posted
  • Real Estate Investor
  • Chicago, IL
  • Posts 29
  • Votes 6

All you need to do is bring your closing documents and show that you weren’t the owner at the time of the complaint and you have no knowledge of what was going on then. Of course currently, this is not the case under your ownership…CASE CLOSED

Post: Landlord pays gas and Tenant abuses

Andre Davis
Pro Member
Posted
  • Real Estate Investor
  • Chicago, IL
  • Posts 29
  • Votes 6

In the short-term, get a wifi thermostat put it in a place where it can't be touched and program it however you like. You can get plug-and-play internet, no wires no dishes, for as little as $30 per month.

Post: Tenant screening requirements question

Andre Davis
Pro Member
Posted
  • Real Estate Investor
  • Chicago, IL
  • Posts 29
  • Votes 6

I rent in Chicago on the south side and there is no way in hell, I would rent to those two. Ask yourself, "what do these two have to lose?" Then ask "what do you have to lose?" DUI, what does that say about that person's character versus paying a bill, they are willing to drive in a state that could cause a death! Do you want to bank your retirement, or child's education fund, or hell just paying your bills on someone who clearly doesn't give AF about their life or someone else's? Are these the only people who showed up? Like Gandolf said...RUN YOU FOOLS.

Post: I hate my rentals- should I just sell and be done with this game?

Andre Davis
Pro Member
Posted
  • Real Estate Investor
  • Chicago, IL
  • Posts 29
  • Votes 6

I would first say take an inventory of your whole process from financing to ending a relationship with a tenant. You want to find what exactly is bothering you as accurately as possible, then ask if you have the skill to make it better or do you have the tenacity to fix it through gaining the knowledge or farming that pain out to someone else.

Now you can weigh the pros and cons Ben Franklin style. I always try to keep in mind that growth is painful and I remind myself that I've been there before. For example, going to college, first job,  getting married, having children, HELL changing careers at age 50, and obtaining a master's degree.

I have a 6 flat and 3 tenants at the same time are being evicted. My cash flow is gone and easily half my profit for the year is gone and it's only February. This is one of those times where I can say I hate real estate too, but I'm going to evict them, fix whatever, and get back to the profit I had when everyone was paying, but I'm going to go with all Section 8 tenants this time and visit the current home of prospective tenants and not ignore my gut. 

I have no choice but to succeed, at my age, I'm never going to have $1MM to invest to only pull out $40,000, the 4% rule,  but I can take $80,000 to make that $40,000 using leverage in a C area. The bottom line, if you're going to run at least know exactly what you're running from and just make an informed decision. Be blessed.

Post: Realistic Expectations for FHA Low Down Payment Duplex

Andre Davis
Pro Member
Posted
  • Real Estate Investor
  • Chicago, IL
  • Posts 29
  • Votes 6

Hey Brad,

I'm a newbie as well and I'm in a similar situation since I'm about to go thru a divorce and will need a place to stay. I look at the rents for a nice place here in Chicago which are about $2,000 for a 3 bedroom 2 bath for 2000 sqft. I would look at how much you are saving versus paying rent. Invest the savings into marketing and find a real deal off-market for a discount. That is the name of this game. Hope that helps and good luck.

Post: Self Directed IRA or Take Loan from pre-taxed Retirement?

Andre Davis
Pro Member
Posted
  • Real Estate Investor
  • Chicago, IL
  • Posts 29
  • Votes 6

@Rodney Marcantel as I mentioned you can move it to another 403B provider, the key is to not lose the 403B status by doing a tax free transfer to another provider. It can be invested in a mutual fund like annuity featuring bonds or stocks, with loan provisions. 

Be sure to check with the current provider for the ability to move to a more aggressive fund where it stands, so that you don't have to worry about new surrender penalties.  

Staying flexible and keeping it simple will work to your advantage.