All Forum Posts by: Calvin Rappard

Excellent feedback, thank you @Kevin Sobilo

I purchased a property that already had a tenant - they are now in property for a second year. Lease renewal is coming up and they want to renew again. I am planning on doing a tenant screen as I have not done this for the tenant myself and it is essentially a new lease from my perspective, but curious what others do for renewals. Do you screen your tenants every year / on every lease renewal? What screens do you do, or not do? Do you screen all adults in the household or just the person paying the rent? 

Thoughts and feedback would be much appreciated! 

@Jonathan Klemm the property is in Schaumburg, 2 bed 1.1 bath, attached garage. Purchased for $230k with 25% down. Rent is $1,725 with existing tenant, a little under market so scope to increase in future, especially if I do a cosmetic update. Comps in area go up to $2,200 for fully renovated units. 

Breaking even after mortgage, taxes, HOA, so not getting capex etc. on top right now. But as my first one I learnt a lot doing this deal so hoping to use that for future deals.

Rookie question, hope someone can help. I received a letter from the HOA about a violation of the rules - there is an oil spill in the property driveway. I got a $75 fine and need to clean up within 2 weeks.

Is it legal for me to pass on the fine to my tenant? I assumed it is but want to be sure. The lease agreement has a clause that acknowledges that the property is part of an HOA and that tenant indemnifies the landlord from non-performance ("hold harmless" clause). How would I do that - send them a formal invoice or request, or can it be less formal like a simple email?

Thank you!

I just bought my first rental property in the Chicago area northwest suburbs (Cook county). The current tenants have a lease until end of January, which I will honor. In the closing docs, there was a document that signed over the rights of the current lease to me. Should I still do some sort of addendum to the existing lease to have it in my name, or am I okay to leave until renewal in January? (Existing tenants intend to stay on.)