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All Forum Posts by: Brett Allen

Brett Allen has started 5 posts and replied 7 times.

Post: Tenant late rent with a mess

Brett AllenPosted
  • Oak park, IL
  • Posts 7
  • Votes 0

Hi, my tenant is 1 month late with rent. He always was in time, but switched jobs, and told me he was going to be late, and pay late fee and eveything on the 15th. 

So the 14th i got a call from another tenant, (its a 4 flat) say there was water coming from in basement coming from that unit.

So i tried calling him telling him I was coming to check it out. No response whatsoever. 

I get there and, OMG!!. A total mess. It is a first floor unit with basement. So i went in theough the basement, water everywhere dripping from upstairs. Upstairs had a legit plumbing leak from old galvanized kitchen drain pipe, that was coming unfrom next door unit. It seems like they havent been in there for at least 2-3 weeks, just from the amount of water. But the place is a mess in wvery room. It looks like whatever trash they had they just left for years. The weird thing , is that i just did my inspection about 6 months ago.

I cannot get a a hold of lessee, i left 5 day notice to quit on table, also sent one certified mail. 

Question is , if i cant get a hold of him, how do i start cleaning up water damage, and can i assume he is not coming back to claim his possessions?

Post: rental property analysis

Brett AllenPosted
  • Oak park, IL
  • Posts 7
  • Votes 0

Hello, I know the answers will vary, but, when buying a rental property, What is a Cash on Cash ROI that I should aim for as a new investor? Please help, thank you

How and when is the best time to let my tenant know that I am selling my property?

Also I want to ask him if he is willing to buy it. How would I go about this ?

Post: Selling my rental , possibly to tenant

Brett AllenPosted
  • Oak park, IL
  • Posts 7
  • Votes 0

My tenants lease is up in about 7 months from now. I am planning on selling this sfh when lease is up. How and when is tbe best time to inform tenant? Also i want to ask him if he would be willing to buy the house. When he first signed lease 2 years ago, his agent ,who helped him find my place mentioned he might eventually want to buy. I have not yalked to him about it at all.

Let me know if you are looking for a partner on the 4 unit.

Post: BELIZE Placencia, I have found a true paradise

Brett AllenPosted
  • Oak park, IL
  • Posts 7
  • Votes 0

I think it would be a great place to invest

Post: Cash Out loan

Brett AllenPosted
  • Oak park, IL
  • Posts 7
  • Votes 0

I own a 4 unit apartment building worth about 420000. I currently owe 320000 on it. 

My house is paid for and worthabout 200000.  

I live in suburb of Chicago. 

Im thinking about cash out loan on house and invest in real estate maybe rentals. I have not checked out market yet.

Is it good idea to take out loan ? Any good ideas. Would leverage work?

Thank you