Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Frank S.

Frank S. has started 105 posts and replied 853 times.

Post: Chicago Inmediatamente Lease Termination

Frank S.Posted
  • Specialist
  • Chicago, IL
  • Posts 870
  • Votes 345

Hi there 

Continuing with some research in Chicago. 

Do we have to always default to the 30 day termination even if we want to cancel sooner, let's say 3 days or a week?

This also involves return of security deposit and no other fees.  There is no need to charge move out fees, no concerns for vacancy,  etc.

is this a legitimate way to terminate this contract and move on?

Thanks, 

Frank

Post: Security Deposit, Check Not Cashed

Frank S.Posted
  • Specialist
  • Chicago, IL
  • Posts 870
  • Votes 345

All, Thanks for the feedback.  I paid the security deposit for a place I'm renting temporarily.   After checking my records,  I realized it was cashed.

I wasn't given a W2, however.  I was simply curious if this was an allowed bypass to the CRTLO.


I don't take security deposits,  I charge a processing fee equal to 1/2 month's rent. 

Curry

Post: Security Deposit, Check Not Cashed

Frank S.Posted
  • Specialist
  • Chicago, IL
  • Posts 870
  • Votes 345

The Chicago Ordinance is very strict as it relates to security deposits for non-owner occupied properties.   Many, request move-in fees instead.

What happens when a check used for the deposit is not cashed? Is that a violation of the ordinance or a trick to avoid getting in trouble with the law. 

Post: Chicago House Hacking Frustration

Frank S.Posted
  • Specialist
  • Chicago, IL
  • Posts 870
  • Votes 345
Originally posted by @Sam Lee:

did you end up buying?

******

Yes, we bought remote rentals instead of house hacking. We will deconvert a two flat unit as our home and have the remote rentals help defer the cost.  That's still going on.

How fun is to read one of my early posts! Gosh, several things happened since then.

During this journey,  we met extraordinary people (and a few horrible ones),  but this was a very positive experience. 

Cash flow and appreciation is nice,  setting up the systems was hard,  the rehabs were brutal, we enjoy it. I will like to get a few more, the market is not cooperating in Chicago.

Post: Non-Section 8 Tenant Wants to Sublease to a Section 8 Tenant

Frank S.Posted
  • Specialist
  • Chicago, IL
  • Posts 870
  • Votes 345
Originally posted by @Theresa Harris:

@Frank S.  Why would you let your tenant sublease the unit?  Tell them to break the lease and find a new tenant.

That's a better option for both.

Post: Non-Section 8 Tenant Wants to Sublease to a Section 8 Tenant

Frank S.Posted
  • Specialist
  • Chicago, IL
  • Posts 870
  • Votes 345
Originally posted by @Mark Ainley:

@Frank S. Most sublease topics/laws can be put to rest when you agree to allow the tenant out of there lease so long as they are responsible for any commission, turnover repairs, and rent until the day the new tenant moves in.  

The home does need to be vacant to inspect for a section 8 tenant and the process can take up to 60 days so you might want to share the facts of the process if the current tenant is on the hook for the rent until new tenant moves in.  

If you want I can share with you are breaking lease policy that we created in 2009 when we had so many people up and leaving across country for jobs because they were scarce at the time.  Our policy lines up a win/win/win for tenant, owner, and us as the management company.

Hi Mark,  

I would appreciate a copy of the document at  sanchez.frank.f. at gmail.com. Thanks for the offer

The vacancy requirements are considerable.

Post: Chicago Tenant Smoking Outdoors

Frank S.Posted
  • Specialist
  • Chicago, IL
  • Posts 870
  • Votes 345
Originally posted by @Nicole Heasley Beitenman:

"The premise" should be clearly defined at the beginning of the lease.

I have the building address. I reached out to my attorney.

Post: Non-Section 8 Tenant Wants to Sublease to a Section 8 Tenant

Frank S.Posted
  • Specialist
  • Chicago, IL
  • Posts 870
  • Votes 345

Thanks, great answer. I'll wait for the paperwork.

Post: Chicago Tenant Smoking Outdoors

Frank S.Posted
  • Specialist
  • Chicago, IL
  • Posts 870
  • Votes 345

What is exactly "the premise unit"?

Post: :) New Investor - Little Village, Chicago

Frank S.Posted
  • Specialist
  • Chicago, IL
  • Posts 870
  • Votes 345

Yep. It's a good area.  Cost triple in the couple of years. It no longer makes sense to me to invest there.  

The area is very interesting and it can change drastically from block to block.  

Best of luck,