All Forum Posts by: Jackie Badiali

Thanks Matthew! I'm buying a property to fix up and hold. I want to rent it out. I'm not sure how I pay back my lender? Do I do all of the repairs and then get a standard mortgage for 75% of the ARV and pay out my lender with the agreed interest rate? Or is it a monthly payment and if so how do I figure that out? I appreciate your help

There are several hard money lenders on the site. Have you used any and if so, how was your experience? Are they legit? It would be my first time using a hard money lender so I'm not sure who to trust. Thanks!

@Yulia J. wow that's interesting. So because there was no lease, you were able to do another lease and increase their rents. Glad it worked out. I will check out the landlord kit also.

@Robert Richardson thanks for the information! Just found out our closing tomorrow is cancelled. Couldn't get transfer stamps because there is only one water line but 2 meters. City can't shut off one line without shutting off water to both units. Oh well... we'll see what happens.

Jackie

@George Skidis thanks so much for the very insightful tips. I took notes!

@Deanna McCormick @Kaycee Miller thanks so much for your responses...very helpful and I will get right on it. Unfortunately the lease is very "bare bones". The copy I have is very bad and there is a portion that's cut off, and I don't see anywhere where it states what date the rent is due so this will be a challenge. I truly appreciate your input and if you have any remedies for that situation, let me know. I will consider having them sign a new, more specific, lease if that's even something I can legally do.

@Jerome Foster yes Hi, I remember you! Thanks for the congrats. We're ready to embark on this rental property journey! Hope you're doing well.

Jackie

Thanks so much Thomas. I got a few books from the library and I will post in landlord forums for Illinois landlord

We will be landlords in about 10 days if all goes as planned.

Question 1: Do you know if we can add an amendment to the rental agreement that is currently in place? The agreement doesn't stipulate a late fee for late rent payments and we'd like to add one since the payment history shows they have been 7-10 days late quite frequently.

Question 2: What other things do landlords typically do once they've bought an established property with tenants already there?

What changes can we legally make?

Your help is appreciated.

Jackie

We will be landlords in about 10 days if all goes as planned.

Question 1: Do you know if we can add an amendment to the rental agreement that is currently in place? The agreement doesn't stipulate a late fee for late rent payments. 

Question 2: What other things do landlords do once they've bought an established property with tenants already there?

What changes can we legally make?