All Forum Posts by: Justin Glass

Curious to the 2022 lease availablity as well. I seen if we searched Chicago 202x lease it should show but i havent seen anything

Gotcha, I am not looking to force the appreciation as I plan on holding the property for quite some time. I am looking to take advantage of lower rates currently. 

Do you have a recommendation on a company to work with? I get a ton of spammy phone calls and mail about it always makes me skeptical about working with someone.

More info: I am doing a house hack of sorts and received an FHA 203k refinance where I have tenants above and below me (3 Unit). I have yet to finish the 203k construction but the Allied guy is telling me that I can still utilize the FHA streamline. Im researching this but looking to hear from someone who may be more familiar.

Thanks

Originally posted by @Kirk R.:

Originally posted by @Crystal Smith:

Originally posted by @Justin Glass:

Looking for guidance. Also seeking legal counsel if someone here can point me in right direction.

Recently purchased building with two legal units. I will owner occupy the third unit. Neither tenant has leases however not sure if eviction is an option Chicago has unique set of rules due to COVID and not forcing any eviction until July 25th. Would not mine keeping tenants however one tenant has not paid rent and is not communicating well at all. 

Wondering best move as tenant does not have lease and Currently occupies illegal unit (was there when building was purchased planned on signing new lease to legal unit).

Thoughts?

I'll give you a business recommendation, not legal counsel.You should only get legal council from an attorney.

I'd do the following: If available review the record of the non-paying tenant before the COVID lockdown. If the records show the tenant was not paying rent prior to COVID I would then send a notice terminating tenancy. The objective to put the tenant on notice that he will be evicted immediately after the lockdown is over and you will be first in line at the court to file an eviction. 

If the records show that the tenant was paying but stopped paying after the lockdown then I'd send a series of communications to the tenant that hopefully they respond to. The first letter should communicate at a general level an understanding of the impact of COVID on the economy, jobs & the potential ability of the tenant to pay. The letter should encourage the tenant to communicate so you can work something out. I'd send a second letter a couple weeks later again acknowleding what's happening around us and being empathic if the tenant has been affected financially but encouraging communication. A couple of weeks later- a 3rd letter should be a notice of terminating tenancy. 

The notice of terminating tenancy, whether 30 or 60 day notice, is not an eviction itself. It's a notice that your required to send before evicting a tenant. It's the start of the eviction process. You won't be able to go to court until 25 July. This is what I would do on the business side. Because of the cost for evicting (legal costs) I would also consider cash for keys. This may be one of the final communications before the notice.

Please don't take any of the above as legal advice. We first seek to understand circumstances, acknowledge & work with those who are communicating with us. If there's no communication we have to assume the worst and do what we can to protect our investment. 

 Thank

 ^^^^^

So glad Peoria didn't go the route of Chicago.

With everyone getting an extra $2,400 in unemployment.  Why would they not have to pay rent? at least they should be good til July 31.  What was logic in Chicago? maybe just it will help get reelected? 

IL seems so LL unfriendly.  If IL wanted to fix some things they would give LLs more power not less.  I've always said IL should legalize Marijuana & become really really Pro LL.  But instead goes route of evil LLs stealing their tenants 1st born smh.

Lol yes and Chicago is the worst. The truth is Illinois sucks by many standards. And LL policies are one of em. I'm not against them doing something but you are right the way they are doing it doesn't make sense long term for anyone in the middle class. 

I imagine if people foreclose on their properties mostly large firms could afford to come in and sweep up foreclosure and will do so as rents will jump just as they did in 2008 when people had to rent due to limited resources. 

maybe the goal is to increase the gap in income and wealth lol.

@All we have made a payment arrangement with the tenant and was able to secure partial payment and should receive rest by end of week. If not we will move forward with next steps which will be following up with a attorney.

Reaching out to the tenant for third time helped as I adjusted my approach in line with what @Crystal had suggested via email. Thanks again

Originally posted by @Quincy Lockett:

@Justin Glass

You have no options other than negotiating with the tenant to leave voluntarily. Maybe “cash for keys”, maybe 30 days notice to quit and see what happens. You may not have to evict.

The fact that the unit the tenant lives in is “illegal” is inconsequential. Going the “illegal” occupancy route to remove the tenant will probably cause more problems for YOU. The illegal occupancy problem should have been handled by your attorney and the seller BEFORE closing.

thanks this is something that we did bring up however it seems that those working with us not ourselves looked into all possiblities and certainly could not have predicted how COVID could affect us. I will look into cash for keys. For more context we are very knew to this process, our second unit we have purchased first in Chicago

Originally posted by @John Clark:

"Illegal?" or month-to-month? Leases do not have to be written. What is your basis for saying "illegal?"

Yes the tenant lives in the "family unit" which is an attic built out into a full unit

Looking for guidance. Also seeking legal counsel if someone here can point me in right direction.

Recently purchased building with two legal units. I will owner occupy the third unit. Neither tenant has leases however not sure if eviction is an option Chicago has unique set of rules due to COVID and not forcing any eviction until July 25th. Would not mine keeping tenants however one tenant has not paid rent and is not communicating well at all. 

Wondering best move as tenant does not have lease and Currently occupies illegal unit (was there when building was purchased planned on signing new lease to legal unit).

Thoughts?

This is awesome

I agree why not Quincy first? or even just across the river in Missouri? I know there are quite a few people from across the river that come into Quincy that may be able to give you insight. I purchased my first home a condo in a ok area in Springfield, but I don't think I will be looking at much else in the area. Unless Brian has some insider info or perspective on what he thinks is going to happen on South grand between 1st and 11th lol. I also agree with Mike if you can find a good deal in Champaign you may hit the jackpot!