All Forum Posts by: James Syed

@Megan Greathouse

Welcome to BP. 

Excellent job. Looks a like great deal. 

Welcome to BP!

We buy 2 or 3 bedrooms. 1 bedroom or studios means high turn over in our area. 

Hope it helps.

@Stephanie Soltero

Welcome to BP. 

You will get all sort of answers as tennant screening varies a lot among investors, landlords. 

We don't accept anyone unless their credit score is 600 or above. Believe me we learned this hard way. We accepted someone with 475 credit score and we are going thru some pain here. 

It looks like after bankruptcy their file was "clear". Don't take credit easily. It's one of the most important factor when determining resident eligibility. 

Hope it helps.

@Michael Shear

Welcome to BP!

Congratulations! Great job, bud. I knew when I met you that you would have a slam dunk one day and you did. Proud of you, Michael.

@Joel Owens, @Ben Wilkins, @Account Closed

Welcome to BP. 

So here is an update. 

I finally got a sign contact yesterday evening. 

Purchase price $375,000. 

My due diligence and inspections start next week. Waiting to hear back from property inspector I called today. Keep in mind this building is 52 years old. Only two furnaces along with air conditioners out twelve have been replaced so I would have replaced ten of them at some point that is the biggest expense I am aware of, any thoughts on that?

James

@Calvin Beeke

Welcome to BP! 

Good to see you bought the building. I will be submitting my update tomorrow. Seller have signed the contract for the 12 unit building that I am interested in buying. 

@Account Closed

Welcome to BP. 

Did you submit your offer? How did it go? 

@Kim Meredith Hampton

Welcome to BP. 

I love your response there. I actually just posted a similar post a few minutes ago. I have a tenant who has NOT paid my late fee and nsf fee and I know she will not pay. After digging deep inside this matter, I came to find out that Judge won't allow any late fees or any fees, but rent on a 5 day notice (I am in Illinois). So, I am seriously thinking about changing my lease agreement and changing the term "late fee" to "additional rent" like you had stated in your post. 

Thank you BP members!

Hello BP Members,

One of my properties is in Saint Clair County Illinois. As per state law, landlords are unable to include late fee, nsf fee or any other fee, but the rent only on a 5 day notice, otherwise Judge will throw out the 5 day notice. I have double checked it with 2 local attorneys and they said it was correct. 

I recently came across a blog from an attorney who said "if you term late fee as (additional rent) in your lease, you can include that on your 5 day notice". I have been thinking about doing it. 

I wonder BP members thoughts on it.

@Manolo D.

Welcome to BP.

Thank you for heads up. I will have to look else where for a new CPA.