All Forum Posts by: DJ Cummins

@Alex Bok --plenty in southern illinois.  Chicago is a different world from the Illinois i live in.  LOL.  I am 20 minutes from St. Louis, but in Illinois.  Example-we bought a 4 plex last year for 95k.  Gross rents are $1900.00.

Congrats @Ben Mizes. Sounds like a pretty solid deal. I invest over on the Illinois side of the rive(with the cheaper prices)so i didnt see this one on the MLS like several of the others on this thread, but it sounds like everyone wanted this one...good for you! Good luck to you!

@Derek Rocco - i think the numbers look pretty solid even at a higher price.  As long as the water in the basement isn't a river, it can't hurt to try again.  Going up a few thousand dollars from the current offer will not make a huge difference in cash flow.

My suggestion would be to decide on what "your number" is.  Start with whatever your personal cash flow requirement is, and work backwards like a story problem.  If that comes out to an offer that was higher than your original offer, i would shoot them another offer.  Can't hurt to try.  Plenty of good advice on this thread already.  Good luck to you!

@Devin Haertling  I self manage for now.  I hope to someday have enough units that i HAVE to have a PM!  I need to at least triple in size first :)

 I will message you her info.  she is great.

Hi @Devin Haertling I am in Bethalto, Illinois(near alton--Fast Eddie's Bon Air--people always know this area from that bar. lol). I am about 30 minutes from Fairview Heights, and went to college about 10 minutes from there. This is a good area to invest--i have a 4 unit, and 1 SFH right now, and am happy with where i am. Prices are rents are a tad lower where i am that in Fairview, but i know a few people with multi families in fairview and Belleville, all do pretty well.

Shiloh has seen a TON of growth in the past decade, but the prices are going to be quite a bit higher there.  If you do the research, i am sure you could do well in the area.  I'd be happy to answer anything i can.  I also have a good real estate agent who works with investors if you need a contact.

@Anders Rodland -thank you.  Yes, I agree, I hope that he moves out without major damage.  We have had a good relationship over the past 1.5 years, and I have really bent over backwards to help him after he lost his job.  Hopefully that all wasn't for nothing!

@Jeff B. - Thanks Jeff!  My name and the word bright don't get thrown together all that often! haha.  I hope it all works out for both me, and the tenant.

@Chuy Gonzalez thank you for the advice.  I already have the lawyer ready.  Just hoping we don't have to make that call :)

I have to admit, in the less than two years I have been a landlord(5 units now) i haven't really ever had to be the bad guy.  I can already tell that is something i need to get more comfortable with.  I was firm, but gentle when i explained everything to him.  He was mad, but also understood where i was coming from.  I felt "shakey" during the conversation, and sick to my stomach.  But this was the right thing to do for my business--it had to be done. 

The one thing that i have learned is that no matter how much help/kindness/generosity that you show to someone...it doesn't always matter, because they don't want/respect that.  My wife and I gave all of our tenants a $50 discount for December, so they each had a little extra spending money for Christmas.  Then, just over a week later, this happens.  All I can do is keep on treating people the way that i would like to be treated.  I feel like I will definitely win more than I lose with that strategy.  Thanks everyone!

he signed, and will be moving out.

I didnt mention suspicion of drugs, he was violating a couple other items in the lease

thank you for the advice.  Im just giving him thr option to leave before the eviction process,  or police involvement 

So one of or tenants at our 4plex has had some minor issues/violations over the past year, but we have worked thru the issues.  it appears that over the past two months he has taken on a roommate, and the word is they are dealing drugs. Great.  so today my plan is to nicely tell him to get the hell out.  I am a bit nervous, and really sad to do this right before Christmas, but i have no choice.  i have 3 other great tenants in this building, and they are all about ready to leave.  I truly feel bad for the guy.  

Wish me luck!

DJ

Hi @Randy Gillespie I have a good friend/family member who is an agent that i work with...this one actually came from a conversation at church.  Always talk about real estate...you never know who has something they are looking to buy from you or sell to you!

@Kyndall Ogle You can renovate and buy and hold. That is the BRRR strategy that is talked about on her. buy a property that needs some work, put your own touches on it, rent it out, and then later you can refinance it and get your money back out(if you want). If i have learned anything, its that if you work hard enough, you can do anything you want in this business.