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All Forum Posts by: Bill Lake

Bill Lake has started 4 posts and replied 18 times.

Post: First eviction in Chicago

Bill LakePosted
  • Chicago, IL
  • Posts 18
  • Votes 4

Bought a fully occupied mixed use building in Chicago a month ago. Two out of three tenants paid with no issues. Third one called on December 30 and said he can pay in full for January but asked for a discount starting February.
- 31 December he was offered $300 a month discount for Feb, March and April with following departure from the unit(he is on Month-to-month). He was upset that he would have to leave and ended the conversation abruptly.

Meanwhile I found out he is renting rooms in his unit on Couchsurfing website. It was time for him to go.

- 03 January tenant was given a 30-Day notice to vacate on 01 February over the phone and hand delivered a copy.(Technically Invalid, had no idea that the notice time starts on the next day...) Tenant got pissed and started yelling that we are throwing him on the street and it's inhumane, threatened to pay only half a rent when HE decides to do it. Also he doesn't see a problem with Coushsurfing. Also sent 5-Day Notice to comply with the Lease Agreement for Couchsurfing. He replied with an angry email that is planning to leave in February and will pay when gets a paycheck. Yay!

Not so fast:(

- 04 January offered him a $300 discount for January rent subject to a signed lease addendum(states he is moving out in February).
No reaction.
06 January Courtesy Late Rent Notice sent. Got an email from the tenant “I have been unable to pay rent because I have been financially affected by the COVID-19 pandemic I also fear I’ll struggle finding a place to reside After February 1st (the date when you want me out)”
Also" it will make me practically homeless, I have not money to pay rent, I hope you don't start the eviction". I can almost feel the sarcasm...

Obviously thinking about cash for keys at this point or eviction.
Would appreciate some wisdom from fellow investors,
Thank you

Post: Commercial loans in Chicago

Bill LakePosted
  • Chicago, IL
  • Posts 18
  • Votes 4

I know it's a tough call but possibility of less than 25% down commercial loans in Chicago area? Thank you for your feedback

Those are condos and you are absolutely right, financing did become a problem.
I don't know why the owner doesn't want to deconvert it first. But it is what it is

Looking at a multifamily with multiple tax PINs.

Condoes were purchased individually and are sold as one multifamily building. How hard is it going to be to finance that deal? Planning to househack with 20% down and deconvert.

Thanks John,
like they say "devil is in details"...

As for the worst case scenario:
what if tenant refuses to sign an estoppel letter?
A lot of great info,
thank you very much guys.
It's nice to know that somebody had similar situations

Thank you Theresa.

Currently there is no security deposit or lease in place but I am requesting 1 month rent for security deposit.

Closing on my first househack. As is sale.

There is a tenant in one unit, who's been there for 12 years. Tenant remodeled the unit, has good relationships with the owner(seller) but was cought off guard by the sale of property.

He is planning to buy the next dwelling and asked for extension of his stay.

I, knowing little about possible issues, gave him a verbal agreement that he can stay until the end of June. Current lease and security deposit was requested but the seller's attorney says that it is month to month with no lease and no security deposit, they are offering an estoppel letter from the tenant. I am requesting 1 month rent as a security deposit and lease signed until 30 June. My agent and lawyer both are convincing me that I am making it bigger than it is. Will appreciate any advice. Thank you

it is. it is and that I should just take the tenant with estoppel letter. Will appreciate any advice.

Thank you