All Forum Posts by: Gerardo Dominguez

@Dwanell Warren  I've never done that but I think it's a great idea.  Another idea would be to network w/ lawyers who handle those cases.  They can't share their clients' information but if they like/ trust you they might be willing to pass along your business card to them.  Good luck!

@Donnell Durden  You guys can definitely negotiate.  However, I would suggest you just cut your losses and get him out ASAP.  Make sure you use a contract from your lawyer if you end up doing cash for keys.  Also, do NOT give him any money until you inspect the property.  Basically, pay him at the apartment after he returns the keys and signs your contract (relinquishing his rights to live there).  Also, just to be sure, change your locks immediately after.

@Takeshia Martin  Ultimately, this is a question of how risk averse you are.  I definitely feel your pain and many of us have had this same inner conversation.  However, as much as I would love to be a full time investor, I'm too risk averse to walk away from a good paying job to take such a big chance.  I've decided to keep working until I'm able to replace my current income w/ passive income.  The pro is the ability to save, plan and not have to worry about paying my bills.  The con, is I'm giving up ~40hrs/ wk that could be used to look for deals/ submit offers/ market/ etc.

Maybe there's a middle option here? For example, I used to work a lot of hours as well (I was a consultant). When I quit, I made it a point to find someplace that values work-life balance. Now, I have a lot more free time to focus on REI without giving up on the stability that I value from being employed.

Whatever you do, make sure you think the decision through.  The best time to take a risk is when you're young.  However, that doesn't mean taking a risk is the right thing to do.  I wish you well either way :)

@Donnell Durden  First and foremost, consult w/ a lawyer so you can learn about the eviction process is in your area. In Chicago (very "tenant friendly"), it's common for landlords to get in trouble/ fined during the eviction process if there were issues with the lease or security deposit.  Depending on how "landlord friendly" your area is you'll have to decide what's the better option; full on eviction or cash for keys.   

Moral of the story, this guy needs to go!  Good luck :)

@Karen Harris I'm in the same boat. What's worked for me is to limit how often I talk about REI around my wife. However, I do make it a point to keep her in the loop. If and when anything significant happens I talk to her about it. In a nutshell, I treat my investing as if it were my 2nd job. And I talk to my wife about my investing in the same way that I would anytime she asks "how was your day?" or "how was work?".

Don't try to push him into it.  But make sure not to push him away just because he's not interested in something important to you.  The relationship is more important.

@Mike Nelson  Ugh!  Don't remind me. The water bill in general keeps getting higher in Chicago.  Why do we invest in the city again? lol

@JD Martin  I was laughing when I read your comment because I totally took it for granted that my tenant would renew her lease.  I've been worrying about the rent increase for a while now but I haven't even asked her if she's planning on staying.  Talk about putting the cart before the horse lol

@Thomas S.  Chicago is very tenant friendly, lopsidedly so.  I'm not worried about losing a good tenant because I'll be vacant for 'x' amount of time.  It's certainly a factor but not enough to keep me from raising my rent.  My main concern is that my current tenant has been a great so far.  If and when she moves I'll be rolling the dice again.  Tenant screening aside, you just never really know.  I'd rather not risk renting to a professional renter again if I can avoid it.  I suppose you can call that "fear of the unknown" but I call it mitigating risk.  I'll gladly lose out on $300 this year in order to mitigate the risk of going through another eviction process in Chicago.

Thanks everyone for sharing your insight.  Much appreciated :)

Hello BP'ers!  I need your advice.  I have a tenant whose lease is expiring soon.  So far she's been a great tenant so I don't want to lose her.  However, I also want to increase the rent to get it closer to market rate.  She's currently @ $850 and market is ~$900.  I was thinking of raising her to $875; about 3% increase.

Based on your previous experience, is this a reasonable increase?  If not, how high should I increase the rent?

Thanks in advance!

@Russell Brazil I have a 5 BR in the Southside of Chicago that rents for $1550.  Section 8 tenant.