All Forum Posts by: Joe K.

@Charles Carillo Thanks for the input. To the best of my knowledge, one of the tenants (married) are employed in the accounting field at a local air force base, which was the only reason I was considering it. It's probably a 50-60k/yr role.

As for amount, existing judgement is for right around $9,000.

I'm likely just more frustrated at the fact that they refuse to get out, even after eviction order, and it's likely it's not worth the effort, but...it's my first one, I thought I'd ask. I do appreciate the input from those more experienced than myself!

I have an eviction in process in Madison county IL (southern IL). Tenant did not pay May, June, July, or August. $1550/mo. Had court date 8/1, they no showed, so we have default judgement. Supposed to be out by 8/13, but they aren’t yet. We are moving to get Sheriff to remove them. If they keep dragging this out, it will completely kill my chance of Sept (probably alread has) and Oct rent. I believe both (married couple) are actively working. Anyone familiar with IL to know if it’s worth trying to garnish wages, etc? Or just take the loss and move on?

thanks!

I just bought a 4-plex and rents are all over the place. I'd like to get them a little more uniform and up to market rates. Purchase price was 600,000. Each unit is 3 bed, 2.5 bath, about 1630sq ft plus an attached 2 car garage. Definitely some of the nicest units in town. Currently, the rents are $1200, $1225, $1350, and $1550. I'd like to get everyone to at least $1500. My plan is to immediately move the three lower units to $1400, then in 6mos move to $1450, then a year from now, bump them to $1500 (leaving the one at $1550). At that point, I want to re-evaluate the market and determine if we're happy with that, or if there should be some small increases after. Does this seem like a good plan?

We're in a small town in Southern Illinois. Not many open places to rent - generally, if you have something available, it seems to fill up pretty quick.

How do you all handle increases on an ongoing basis? Do you leave rent alone if you have good tenants, or do you typically do a 2-3% increase each year?

Thank you!

Quote from @Nathan Harden:

It sounds like you are already questioning if you want to be in SF rentals and you were only a landlord for 8 months. 

This quote "I'm wondering if I want to be in IL long-term or not and if I want to be in SF rentals long-term..." 

Thanks Nathan, appreciate the input. To clarify, I didn't find being a landlord that bad. I managed it myself and can't say I found it to be bothersome or a lot of work or anything. It was an 85+ year old house and had little issues, but nothing that was outside of what I expected when getting into it.

I'm mostly curious what others are seeing as good opportunities these days and how difficult it is to manage something not geographically near you.

My long-term goals are to build at least $250K/yr of income from real estate. I am feeling like commercial or multi-family may be a better path to that, as it feels like it would take a lot of SF rentals to get there. Over my years, I've learned the value of asking questions, and listening to advice, from people that have been there and done that.

Thanks all!

Hi Logan, thanks for the response and offer! I'm in southern IL, real close to St. Louis. I'll look into some local meetups. Thanks!

Hi All!

Question:

What do you guys see as the best way to deploy $200K in capital currently? SF rentals? Multi-family? Commercial? As a newer investor, is it best to find things in my area, or does looking anywhere in the country make sense?

Background:

I'm a relatively new investor. Been trading stocks for about 10 years, but recently decided to diversify and get into some real estate. Bought a SFH in our small town for $125K in cash about 8 months ago. I'm getting $1250/mo for it (which is REALLY high for my area, congrats me, I guess). However, my tenant asked if I'd sell it. We are currently under contract for $140K (no agent). Between the $15K gain on the property and the 10K in rent I've received, it seemed too good to pass up making $25K on a $125K investment in 8 months. With the cashflow it was throwing off and the way the market is, maybe selling is a bad idea, but...we're in Illinois and the regulatory climate here is....questionable. I'm wondering if I want to be in IL long-term or not and if I want to be in SF rentals long-term...

Thanks in advance! Looking forward to learning from everyone here!