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All Forum Posts by: John Robinson

John Robinson has started 3 posts and replied 23 times.

Post: Storage Unit Eviction

John RobinsonPosted
  • Real Estate Investor
  • Yorkville, IL
  • Posts 23
  • Votes 15

Thanks @Dave Van Horn -
  I assumed as much, but was hoping for better news.   

Better get started -

John

Post: Storage Unit Eviction

John RobinsonPosted
  • Real Estate Investor
  • Yorkville, IL
  • Posts 23
  • Votes 15

Bought a multi-use commercial property in December, with retail, residential and some 11 storage units.  
  Previous owner rented the storage units out with a handshake (no lease whatsoever) and I've inherited a renter that's now 6 months behind and another guy that's 2 months behind.  The rest (that are rented) are all up to date and no problem.   I sent out letters informing everyone of the new ownership, have left voicemail messages letting the deadbeats know I can work with them but NEED to hear from them, even if they can't afford to catch up on rent right now.


  No responses.  Units are only setup with a single lock system (unfortunately) so I can't double-lock them.  I can't even install a 2nd lock option without first cutting their lock.

 Since they have no lease, do I still need to do certified letters, post public notices and sit on my hands while they unload everything in the unit some night, or can I at least cut their locks and install new ones?

  Tried searching the forums and internet with no luck. 

Thanks for your advice in advance,

John

Post: Should I list my Flipper now (Winter) or wait until early Spring?

John RobinsonPosted
  • Real Estate Investor
  • Yorkville, IL
  • Posts 23
  • Votes 15

Very first condo I owned and lived in, decided to put it up on the market.  Met with realtor, showed messy home - myself, wife, 2 kids - stuff jammed everywhere.  Had outgrown the home years ago but kept buying more furniture, kids toys, etc.  Laminate kitchen counter tops had popped off from the glue, laundry room door had fallen off the tracks, rooms need to be painted - house de-cluttered - items fixed.

     Wanted to get it all set before putting it on market.  Realtor convinced me to simply list it that night (Thursday).  Sold it on Saturday without having to do all of that work in a mad rush.  Buyer still wanted fixes done but I was going to do them anyway!

  Glad I listened to the realtor!  Guy needed a home quickly and mine fit the bill.  If I hadn't put it up on the market he most likely would have bought elsewhere.

Post: DeKalb County IL Investor Meetup

John RobinsonPosted
  • Real Estate Investor
  • Yorkville, IL
  • Posts 23
  • Votes 15

Please keep me on your list as well @Nate Shields - just bad timing that I couldn't make it yesterday.  Hopefully the next one!

Post: New member from Sycamore Illinois

John RobinsonPosted
  • Real Estate Investor
  • Yorkville, IL
  • Posts 23
  • Votes 15

@Stephen Dodd - there's a meetup scheduled for this Tuesday in Sycamore, put together by @Nate Shields!  

You should try and attend!

Post: 1st Multi-Use Commercial Property deal - numbers seem okay

John RobinsonPosted
  • Real Estate Investor
  • Yorkville, IL
  • Posts 23
  • Votes 15

Multi-Purpose property
3 retail units out front
3 apartments in back
2 warehouses in back
10 storage units in far back

price: $1 million

bank wants 25% down (250,000) - I'm going in on this one with another investor, I'm only able to do 25% of the 25%.  Partner will own 75%.

Annual property taxes: $22,000
4.5% interest rate on loan (20 year)
current gross monthly rent = $11,206
water & sewer monthly = $117 (tenants pay other utilities)
monthly insurance = $473
5% vacancy = $551
repairs & maintance (2%) monthly = $220
capital expenditures (3%) monthly = $330
other monthly expenses = $400

everything seems good as we'll be cash flowing positive right out of the gate.  There's one empty warehouse at a potential of $550 a month to bring in, as well as 5 storage units at $75 a month if we can get them rented.  Most times the storage units are 1/2 rented - 1/2 vacant.

   Never done a commercial property before - my BIGGEST worry on this one is that the town decides NOT to grandfather us with the property (doesn't have sprinklers - only one point of entrance/exit for apartments, etc.)  No guarantees that they'll allow what was previously grandfathered as being okay.

Any other thoughts on what I can be missing.  Environmental report & inspection went as expected - as these reports all seem to be about cya.  'Unit appears fine, seems okay, might be, who knows, not sure'.  They also charge a whole hell of a lot more for commercial inspections than residentials, but still give you vague information and do little to give buyers any confidence for fear that someone will sue them for not pointing out something...

Appreciate any and all feedback -

John

Post: New Member from Illinois

John RobinsonPosted
  • Real Estate Investor
  • Yorkville, IL
  • Posts 23
  • Votes 15

@Danielle Christian

  Welcome to bigger pockets!  Lived in Bolingbrook for years - bought my first condo off Lily Cache, then my first starter home (ranch) - both increased quite a bit and helped me into my 3rd home as the kids grew bigger.

Still lots of potential in Bolingbrook ~ I'm sure you're getting to know the various neighborhoods - good luck with your REI, sounds like you two are in the perfect position to buy a quad or fix up whatever home you move into at this point!

Post: Bloomington/ Normal IL

John RobinsonPosted
  • Real Estate Investor
  • Yorkville, IL
  • Posts 23
  • Votes 15

Hi @Mark Bommarito-

  Here's the link to when I finally closed on the home --

https://www.biggerpockets.com/forums/223/topics/36...

  I literally just opened a new business in town ( last Wednesday in fact) - and buying this home was part of that deal, needed a place for my son/the manager of the business to live for the next year.  While he's in there, he will be fixing the place up and will be setting it up for renters in a little less than one years time.

  Still confident on the amount(s) I can get per room, but will post an update when that happens.  Working on a commercial deal right now in a different town and I'll be posting that one up for feedback this weekend before I close on it..

Thanks

Post: Closed on my first rental property Illinois - TINY HOUSE

John RobinsonPosted
  • Real Estate Investor
  • Yorkville, IL
  • Posts 23
  • Votes 15

Hi @Hy Schmiedeskamp -

  You're absolutely right, if I want to get a 2nd unit I'm pretty sure I'll need to refinance after fixing the home hope.  Point well taken!

   I'll post an update to the property once I've gotten my 2nd rental in place.

Post: Closed on my first rental property Illinois - TINY HOUSE

John RobinsonPosted
  • Real Estate Investor
  • Yorkville, IL
  • Posts 23
  • Votes 15

@Greg S, yes I paid cash, so the monthly expenses I showed you were correct. That money was lying dead already in multiple savings accounts earning next to nothing, if I had yanked it from my stock investments and they were actually averaging a 10% growth, then yes I'd have to totally agree.  An ideal situation vs reality is completely different.  My wife was uncomfortable with investing in the stock market where you have little to no control - so convincing her to invest it in real estate was way better than letting it sit in a savings account at multiple banks.

  And if you're saying there's only 1 advantage to real estate investment and that's the cash on cash return each month then yes I also see your point.