All Forum Posts by: Mark Ainley

Another approach could be duplex down to had more space to the first floor unit which in return you should get more money.  You can avoid any zoning issues and the buildout will be cheaper if you don't have to add another kitchen, furnace, a/c, water htr, etc.... From a management standpoint it is one less tenant to manage.  Adding another unit can be a pain when it comes to the city so don't DIY and hire someone like mike B.  

I have also seen people keep the ceiling in finished (more of a loft/industrial look) to get the height they need if only off by a couple of inches.  Doing this you have to make sure you have the insulation/fire rating required. 

@Mike B. undefined

Hello all,

Does anyone know a roofer that will do a shingled roof in South Shore / Greater Grand Crossing neighborhood of Chicago?  I need to get a roof replaced in next couple weeks on a 2 Flat. 

If you are a roofer feel free to solicite me!!

Welcome Scott!!!  You should come to the next meet up in September. 

There are better deals to be found from time to time but there really isn't much on the MLS right now and a majority of investors are looking on the MLS.

Does anyone have any wholesale or off MLS properties in DuPage County or Northwest suburbs of Chicago? We can move fast on properties that can work for us under $200,000. Townhomes, condos, and SFH.

Hello All,

We have inherited a tenant in a property we manage in Crest Hill and we need to evict them.  We don't have an attorney that works out that way and don't want to pay our Cook County attorney to handle.  Does anyone have someone they can refer or is there an attorney on here that can help with an eviction for a property in Crest Hill Illinois in Will County?

It may not be a felony but it is a no no to HUD. You are only supposed to collect the HAP total and no side deals. A landlord could be kicked out of the program for good if HUD has proof to do so and they take it serious. Now I see people accept the $1000 and turn around and "rent the garage" for $200 per month or "rent the appliances" which is legal so long as the garage are appliances are not included amenities on the HAP contract.

Side deals like this story are tough to enforce especially cause you can't call section 8 on them and per your contract with section 8 you are getting paid the contract amount so u can't evict them. 

The security deposit can't be too much so I would advice give it back to avoid a larger long drawn out issue. 

Hello all,

The subject property located at 11924 S Lowe in Chicago is being listed for $74,900.00 which based on the numbers below comes out to a 15.01% cap.  

The property just went thru the turnover and was leased to a new CHA tenant(Section 8) for a monthly gross rent of $1,482.00 and that tenant will move in 8-1-14 and sign a lease thru August 2015.  CHA tenants tend to stay for multiple years but my vacancy rate below still reflects 8%.  The property was fully rehabbed in 2009.

I have a full spec sheet prepared with pictures so please email me at [email protected] or simply PM me with your contact info.  

Current Property Manager is willing to stay on as property managers and offering 6 months of free management fees or the 6 months can be paid in advance at closing to management company of choice. 

Our motivation for selling is we simply we have a partner in this one property that needs to get his money out and his expectations to be bought out by us as the remaining partner isn't realistic so we are letting the market determine the sale price and all parties will walk away from ownership.  

I plan to leave this property off the market(ONLY ON BP) until 8-1-14 of which I will then post it on MLS. If you work with an real estate broker we are more than willing to cooperate with a buyers broker and pay out a commission at closing.

@David P. undefined We were going to buy out his part of the investment or work a new partner in the deal but his value on the deal isn't realistic so we agreed to let the market decide.  

I don't think we will have an issue getting is sold just looking for any feedback on the approach to make it more efficient and hear more on what a buyer might look for.  

We are able to provide historical records so that is one benefit we have on this deal!

@chris 

@Chris Clothier undefined We are open to staying on as manager or walking away.  A hands on guy might want to do it himself so we are flexible.  

Thanks all!

Grace periods are still a time frame where rent is considered late.  If a lease has rent due on the first and a five day grace period(mostly a grace period is a few days were you are not charging a late fee) rent is considered late on the second which is when you serve the 5 day if you want to be aggressive.  Think about your mortgage. Your mortgage is due on the 1st but your lender may give you a 15 day grace period before they charge a late fee but on the first day of the following month your mortgage is 30 days late.  Same concept.  

Something else I just found out last year is for a section 8 tenant you must serve a 14 day notice, not a 5 day notice.  Same concept but it gives a subsidy holder a few more days to rectify a situation.