All Forum Posts by: Ricardo R.

@Urvesh Patel I am going to try to assist you so that you have a different perspective moving forward but I'm going to say somethings you are not going to like: 

I'll start by saying that we are PMC too and we don't do business in this manner, meaning that you as the Owner would NEVER have a say on what Tenant we place in the property nor have any say on things like 'honoring' a move out request... instead we would have provided you with our tenant approval criteria way before there were applicants in the picture and we would honor selecting tenants based on that criteria... the end. This is how we do things at G3 and to date all or our Owners have had zero (0) issues.

With that said, your PM does things differently, it's not right or wrong, it is just different and every PM has at least some leeway on how they choose to manage BUT you knew this going in which is quite possibly one of the reasons why you picked them. From what you wrote it seems that your PM allowed you to review the application and YOU got to decide (approve) the applicant... so no one to blame here other than yourself. Next, a Tenant issue popped up and the Tenant provided you proof of it, then made a request to move-out and again YOU honored the request, again no one to blame here other than yourself. Next, the Tenant made a payment via a credit/debit card, then filed for a 'charge back' with their card issuer, DID YOU ASK YOUR PM NOT TO ACCEPT CREDIT/DEBIT PAYMENTS FROM TENANTS? ... Most PM's accept credit/debit payments across the board, I won't say all of them do but, MOST professional PM's do... regardless... the charge back wasn't initiated by you or your PM it was initiated by your Tenant (the one you selected)

Now, before we all go saying the PM should or should have not accepted a card payment, the same could happen via checks... think you'll mitigate that by not accepting personal checks and only allow cashiers' or bank checks well guess what?... those can bounce too!!! Think you'll get rid of all the those things and only accept cash... well guess what? now you open yourself up to a whole other mess of issues i.e. liability, he said/she said, robbery, short payments, etc. etc. 

Yes, you and your PM can pursue this.. file a claim within the court system, this is no different than a missed rent payment. 

@Marisa JManker I'm a Realtor in Michigan so I don't have full access to your MLS but do have some access via co-op and I agree with @Jaron Walling that you are over priced, by a lot. Here are a few examples of comparable properties which offer more but are listed for less: 

1100 E 173rd PL, South Holland, IL - $250,000 | 4BD/3BA | 2,875 sq.ft. - It shows not as updated as yours BUT it offers more sq.ft., one additional full bathroom, a normal sized kitchen, a 2-car garage, and better curb appeal - for $60,000 LESS

16419 Wabash Ave, South Holland, IL - $229,000 | 3BD/2BA | 1,800 sq.ft. - Yes it's one less bedroom BUT it is comparable in terms of sq.ft., interior quality and kitchen - for $82,000 LESS

17151 Clyde Ave, South Holland, IL - $295,000 | 4BD/3BA | 2,450 sq.ft. - more sq.ft., an additional bedroom, 2-car garage, better curb appeal

This is just a super quick preliminary search online, in contrast your property is nice on the interior but has some drawbacks and some are quite frankly deal breakers for buyers. 

The drawbacks: Kitchen is 'quirky' meaning it is not conventional, stove placement is not to code, dishwasher placement is awkward and away from the sink, and kitchen just seems overall 'tight' in the photos. Ceilings in the bedrooms are slopped many, many, many buyers do not like this. Curb appeal is lacking. There is no garage. 

The deal breakers: The house looks to be located right on a main double yellow line road, this will be a deal breaker for some. The slopped ceilings will be a deal breaker for some. The kitchen, although nice, will be a deal breaker for some. The garage will be a deal breaker for some especially going into the winter.  

I think it should be more closely listed at around $240K-$260K but again I'm not from the area and this is based on a super quick search. I hope this helps. I sent you a DM on BP, hope you can assist. 

@Ran Iarovich that looks really good. Would you be able to share which AI you used to do that? 

@Nimisha Doongarwal element outside of your control... no, that is what renter's insurance is for. 

@Kion Filipovich sure I can send you one. I just sent you a DM on BP. 

@Jill Keller yes you are correct, flip flopped, you are the Landlord, the clause applies to the Tenant. Regardless Jill, it's a mute point... being a Landlord then you would know... you can put ANY THING you want in the Lease such as limiting the Tenant's right to notify you to move out BUT IT DOESN'T make it legal nor enforceable... what you should have done (which maybe you did) is write in a fee for not completing the lease... that you can enforce... but other than that... you can put in there that the Tenant can't give you notice to move out until 2100.... it doesn't work that way and the court system won't let it work that way either... is it right no, but neither is having someone pay for a product they are no longer using.... what you CAN DO (as per above) is assess a penalty IF IT IS WRITTEN IN THE LEASE. 

@Korey Harmon It depends on your subject property. Here I'll give you an example: 

3 car garage = $45K

2 car garage = $40K

1 car garage = $30K

Price per bedroom = $50K

Subject property: 1,800 sq.ft.| 3 bedroom | 2 car garage

Comp #1: 1,800 sq.ft. | 3 bedroom  | 1 car garage =   + $10K

Comp #2: 1,800 sq.ft. | 4 bedroom |  2 car garage =   - $50K

Comp #3: 1,800 sq.ft. | 2 bedroom | No garage =  + 90K 

Comp #4: 1,800 sq.ft. | 4 bedroom | 3 car garage = - $55K 

Comp #5: 1,800 sq.ft. | 3 bedroom | 2 car garage = $0K (here's  your answer)

You should aim for at LEAST 5 comps.... remember they are comps = comparables ... so you need to make sure your comps are AS CLOSE to the subject property as possible and then you make your adjustments, so the only reason you would use a 4 bedroom comp in my example would be if there are no other 3 bedroom options. 

The main gist is that in comparison to your subject property you are ADJUSTING the comps so that you see what the price would be IF they were exactly the same... so a 2 bedroom comp in the example would get a bump UP in value to try to mimic what it would have sold for if it where 3 bedrooms like the subject property. Of course there are many other adjustments other than garage, bedrooms and sq.ft.

I hope this helps. I sent you a DM on BP; I hope you can assist. 

@Brady Mullen Debt is used for --> Appreciating Assets and assets make you --> Money, preferably immediately and/or on a recurring basis. EVERYTHING ELSE is not a use for debt. 

That is the only measuring stick you need and you can apply it to real estate, education, transportation, everything. 

@Jill Keller no it doesn't... it states that YOU can terminate ONLY after 28FEB2024. --- In addition, even if it said that, which it doesn't, no judge would grant that considering that the Tenant gave you proper notice and is no longer using the product. No at lawyer, but that is leasing 101. 

@Jill Keller hard to say... you didn't provide the full section. But according to what you posted... NO they do not owe your rent after giving you 60 days notice. 

"..unless sooner terminated as provided in this section."

They "sooner" terminated.