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All Forum Posts by: Tim Coppola

Tim Coppola has started 36 posts and replied 160 times.

Post: Section 8 pricing question

Tim CoppolaPosted
  • Investor
  • Chicago, IL
  • Posts 169
  • Votes 29

@Mark Ainley @Joe Splitrock @Scott M. @Sue Hough @Jonathan Klemm @John Warren

Thank you all for the replies. Some really good information here. I'm going to have to spend some time looking into this. It's kind of frustrating that the program doesn't make it a quicker process for both the landlord and tenants.

Post: Section 8 pricing question

Tim CoppolaPosted
  • Investor
  • Chicago, IL
  • Posts 169
  • Votes 29

@Scott M.

Thanks for the information. I really appreciate it. I just wanted to make sure that I could legally deny an applicant if the voucher won’t cover rent. Their voucher is actually for $2600.

I’m not sure I’m even going to pursue this though because I did some research and found that the average voucher for my zip code is well below what I’m asking. I’m in a weird zip code because three of the surrounding ones are about $200 more than what I’m asking. Doesn’t seem fair to the applicant to go through the process and then get denied because the city decided it wouldn’t fulfill the full voucher.

Post: Section 8 pricing question

Tim CoppolaPosted
  • Investor
  • Chicago, IL
  • Posts 169
  • Votes 29

Hello everyone,

I am wondering if someone can tentatively accept a section 8 applicant based on if the program agrees to the rent being advertised. In other words, if I am asking for $2300/month and a section 8 voucher holder applies, can I start the process and then turn them down if the program says I can only charge $2000/month? I am willing to rent to someone with a voucher but I do not want the government telling me I need to lower my rent in order to do so.


Thanks in advance for your insight,

Tim

Post: Applicant has a Chapter 7 Bankruptcy on record

Tim CoppolaPosted
  • Investor
  • Chicago, IL
  • Posts 169
  • Votes 29

@Lynnette E. @Jay Hinrichs @Scott M. @Matthew Crivelli

Thank you all for your responses.

She owned a home for the past 11 years so there's no way to check on rent payment. She mentioned that she is selling it because her mom lived there with her but passed away within the past few years and prices have been going up in the area. Although, I did check multiple websites and haven't seen it listed for sale. I also checked on PACER for more information on the bankruptcy but couldn't find anything other than it was discharged. Is there a specific section that shows why they filed, as in it was for medical bills, etc? I did however see that she filed for bankruptcy once before in 2003 and the one in 2016 was originally for chapter 13. All of this combined leads me to pass on her. Unfortunately I haven't had any other applicants yet but hoping one will come along. 

Post: Applicant has a Chapter 7 Bankruptcy on record

Tim CoppolaPosted
  • Investor
  • Chicago, IL
  • Posts 169
  • Votes 29

Hello everyone,

I have an applicant for one of my units who has a Chapter 7 bankruptcy on their credit report. It looks like it was filed in 2016, settled in 2020 and is now discharged. I am just curious what everyones opinion or experience is with tenants or applicants in regards to bankruptcy. All other aspects are positive for this applicant so I want to know if bankruptcy is a reason alone to move on to another applicant. Also, is it normal for the process to take 4 years to get settled?

Thanks in advance for your response,

Tim

Post: Elvach Maintanence and Remodeling

Tim CoppolaPosted
  • Investor
  • Chicago, IL
  • Posts 169
  • Votes 29

@Francis Rusnak - Appreciate the advice. I definitely follow that rule but thought I’d see if anyone was familiar with this guy.

Post: Illinois Holdover tenant question

Tim CoppolaPosted
  • Investor
  • Chicago, IL
  • Posts 169
  • Votes 29

@Brie Schmidt - Thank you very much for the reply. I actually have a call this afternoon with an eviction attorney to discuss the situation. My tenant said she'll have everything out on Friday so I may wait to do anything until then as this is obviously not something I want to do. It's good to know that this kind of situation isn't covered in the moratorium. 

Post: Elvach Maintanence and Remodeling

Tim CoppolaPosted
  • Investor
  • Chicago, IL
  • Posts 169
  • Votes 29

Hello,

I'm just curious to see if anyone has an experience with Val from Elvach LLC in Chicago. I am getting estimates for a few things in one of my units and their quote was the lowest. He seemed like he knew what he was talking about and had done this kind of work thousands of times but I wanted to know if anyone was familiar.

Thanks in advance,

Tim

Post: Illinois Holdover tenant question

Tim CoppolaPosted
  • Investor
  • Chicago, IL
  • Posts 169
  • Votes 29

@Nathan Gesner

Thank you for the response. I appreciate the information. For the record, her mother is actually a guarantor on the lease.

So to protect myself what is my best option? I already informed them three months ago that I wasn't renewing the lease. I do not want to (and have not yet) accept rent payment so can I still tell them they are on a week-to-week lease and give them a 7 day eviction notice effective immediately? Or is it too late for that and I need to start a 30-day eviction process?

Post: Illinois Holdover tenant question

Tim CoppolaPosted
  • Investor
  • Chicago, IL
  • Posts 169
  • Votes 29

Hello,

I have a situation where the lease of a tenant of mine expired on July 31 and I am moving back into the unit. She signed a new lease somewhere else and has moved the majority of her belongings but has not completely move everything out of my unit. I want to get into the unit to clean it up and start bringing my stuff in, so I offered to let her keep the rest of her belongings in my garage until she can get it all loaded and moved. Her mother (who is an attorney) told me that she still holds the right as a holdover tenant and that I need to change my plans or they can consider it unlawful trespass.

I understand the idea behind a holdover tenant but my question here is, if a tenant signs a new lease with another landlord (and have not made a payment for the new month) are they still considered a holdover tenant with the previous apartment?

Any insight into this would be greatly appreciated as it is starting to cause issues with already scheduled appointments of mine.

Thanks,

Tim