All Forum Posts by: Bradley A.

@Rj D. with all the good info.

On the flip side, I generally don't suggest using web referral services such as Angie's List, CraftJack, or HomeAdvisor. While it is possible to find a decent contractor through these sites, the professional, quality driven contractor will have a strong, local network of satisfied clients and fellow tradesmen to funnel work their way.

I've found that many of the individuals relying on HomeAdvisor leads are doing so because their work doesn't speak for itself or their clients have not been telling everyone they know about how well their awesome new renovation turned out.

Definitely an attractive area for short term rentals, but the city of Chicago is pretty strict in their AirBnB host approvals and enforcement, not to mention the rules and regs of the particular building you're looking at.

AirBnB offers an FAQ on the Chicago registration process here.

While most investors will charge the security deposit, many landlords we've spoken to the Chicago area are trending toward non-refundable move-in fees, higher than typical pet fees, and higher than typical application fees.

Security deposit laws are rather burdensome in Chicago, so the non-refundable fees can be a bit easier to manage and lower risk when paired with proper background and credit checks and vigorous tenant screening.

@Brie Schmidt @Erin M. @Stephen DiNanno

I've installed a number of click-lock LVT/LVP floors and definitely prefer the click lock system to glue down. The mechanical connection between click-lock planks/tiles is solid and allows the floor to float as an integrated system rather than individual, glued down pieces. Installation is a breeze with a bit of practice and the proper tools. That said, @Gary Siver makes a valid point on the ease of peeling off a single glue down plank when repairs are needed.

Home Depot's LifeProof brand is solid, with consistent manufacturing and a great price point. For higher end projects - such as a single family homeowner client vs one of my rental units, I'll typically go through a flooring supplier such as Yonan, where quality is generally higher and colorways are truer to genuine hardwood. 

To clarify - for what it's worth, I in no way intended to call the tenants themselves filthy. The owner's lack of upkeep, poor maintenance, lack of management, and general disregard for creating safe & comfortable living spaces has created this situation. This is a slum lord situation with an owner who - as far as we can tell, has no respect for their tenants, neighborhood, or business.

 Fairly new to this. Is it a true eviction if leases are month-to-month and the owner simply chooses not to renew? I understand removing tenants in any scenario can be difficult, but would this fall under the definition of an eviction? Thanks!

 Agreed. We're going to move forward with a final offer and walk away. Perhaps they'll be back when they realize how difficult unloading the tenant situation will be at their asking price. Thanks!

 We generally agree here, but their request to close in just a few weeks makes us curious otherwise. In any case, we do agree a final offer then walking away is the best use of our time.

@Michael Anthony Definitely -  I can recommend a few. What's your general scope of work, timeline, and location?

Hi all,

Working on a deal and need advice. 1st offer in.

Property listed at $665K, offered $500K cash with the contingency that tenants must be removed by closing. Tenants are on month-to-month leases and in our area, you need to legally give 60 days notice. Seller has turned a legal 2-unit coach house into 5 highly illegal units - total squalor with many code violations.

Seller has lied multiple times on the listing and in talking to us, and they are essentially housing people in filth. Not a highly ethical individual.

The property has two buildings - a legal 3-flat and a legal 2-unit coach house. Both need total gut rehabs to the studs - crumbling plaster, rusted out plumbing, broken joists, old roof, outdated electric, ready to fail HVAC. Really desirable, high-rent neighborhood, however.

Seller countered with $660K and no willingness to remove tenants prior to closing. They'd like to close in under a month. We're not willing to do any deal with tenants remaining at the time of closing.

Advice on countering? We're willing to go up some in price, but not at all on tenant issue.

Are we correct in assuming this seller almost certainly needs to find a cash buyer? What legitimate commercial lender will touch a property with the above tenant & structural issues?