All Forum Posts by: John Clark

Thank you Dan, Colleen, and Henry for your help.

To answer everyone's questions, I approached 10 attorneys and none were interested, so I am feeling the forms alone. A couple of them that talked mentioned that from their experience judge will not grant eviction as the increase is over 10% regardless of what the market is. 

There is no rent control. The house has 3 units, and I don't live in any of them so the tenant is subject to the Anti-Eviction Act in New Jersey.

Let me know if you have any questions and this time I will get back to you on time :)

Quote from @Henry Lazerow:

Hopefully this does not pass. @Brie Schmidt has been super helpful in fighting for landlord rights. Lets keep everyone informed when the next call to action is!

Seems everyday now more radical policies are being announced. The way I recommend my clients avoid problems is to only buy nice building in areas with high quality tenants, I cannot stress this enough for new investors in Chicago. A good golden rule is only buy a rental property if you would be willing to live there yourself. For example, my 4-unit in Rogers Park has never had a late payment notice needed in 8 years of ownership and of course never an eviction. I raise the rents to market every year and if someone leaves there is enough demand for multiple qualified applicants who are happy to live in a nice rental. On the flip side, there are other neighborhoods in Chicago where numbers look like great cashflow on paper but they have high eviction rates, even sometimes double digit eviction rates where you are heavily involved in Chicago eviction/tenant politics. In areas where the tenants can't afford the rent raise, you get stuck with either high vacancy/turnover or below-market rents. It's very important you NEVER let your rents get more than 10% below market rate with upcoming potential laws like this. It is not passed yet so if anyone has below market units I recomend you raise them immediately at the next lease renewal. Below are some excerpts from the new law.....

City Council lawmakers are hoping to once again bring to fruition the advancement of such protections for tenants this 2025 legislative session. Introduced by Alderman Desmon Yancy (5th Ward), the city’s proposed just cause eviction ordinance (“Record No. O2025-0017516”) would strengthen tenants’ rights in a concerted way, including by (1) requiring that landlords have just cause, such as nonpayment of rent or violation of the rental agreement, to evict a tenant or refuse to renew a tenant’s lease; (2) requiring that landlords provide tenants with relocation assistance if the tenancy is terminated through no fault of the tenant, or if the rent is increased by more than 10%; and (3) requiring property owners to register their rental units in a citywide registry in order to increase transparency in the private rental market.

Tenants who are terminated from their tenancy due to one of the causes listed are entitled to receive relocation assistance in the amount equal to five times the median monthly rent in the city for a unit with the same number of bedrooms.

If the lease is finished, doesn't this violate freedom of contract? Since the agreement has expired, why is the landlord being penalized for not having a new agreement (does this violate the takings clause in the 5th Amendment)? I know this will never happen in Chicago, but why not hold the tenant accountable? 

Also, why is the landlord saddled with extra debt to reclaim their own property at the end of a legal lease? Perhaps when an alderman finishes their term, they should repay up to half their salary for any foolish laws they pass. 

I currently own a property I am renting in zip code 46256 and I have noticed significant property tax increases. This is my first rental property and I just received notice my county tax has increased from $1,534 in October 2024 to $3,019 as of April 2025, increasing my monthly payments $429. As this will significantly cut into my cash flow, is this something I should look into? Is it common for property taxes to increase this much? Any help, advice would be greatly appreciated.

Hi BP Community 👋🏾

I’m exploring sober living investing and came across the Sober Living Riches program by Andrew Lamb. It seems well-structured and includes mentorship, legal docs, market research tools, and a 6-month coaching setup. But before making a decision (it's not cheap!), I’d really appreciate any honest feedback from investors who have taken it or looked into it.

Specifically, I’d love to know:

• Was the content worth the cost?

• Did it actually help you launch and fill your first sober living home?

• How hands-on is the coaching/support?

• Are the tools and templates (like the policies manual) truly plug-and-play or did they need major customization?

• Any unexpected pros/cons?

Also open to hearing about other trusted resources or coaching programs you’ve used to build out recovery housing. I’m based in Philadelphia, so bonus points if you have local experience!

Thanks in advance 🙏🏾

Quote from @John Clark:

Quote from @Henry Lazerow:

That would be a GREAT idea! @Bill B. “Maybe they should make all politicians take an economics class.”

Take an economics class? Won’t do any good. PASS an Econ class with a B+ or better? Yes

Economics is about logic

Politics is about getting elected

How anyone can think more regulation will lower the cost of housing I don't understand. 

That would be a GREAT idea! @Bill B. “Maybe they should make all politicians take an economics class.”

Will try to keep this short…

I'm a first time real estate investor and bought my first shore home as a STR last November at the age of 25. This summer has been going well and I'm almost fully booked for the peak season.

I require my guests to bring their own linens. While it’s not stated outright in the description, I don’t have linens checked under amenities and I always message my guests 2 days before check in with a guide that states linens should be brought. This is very standard for the area I’m in. 

I have guests due for check in in 2 days. After sending them my check in message, they called VRBO to complain that I should be offering linens. VRBO called to to ask if I could provide linens, give a small refund, then if i could accept a cancellation. After saying no to all, my guests said that they will be cancelling (non-refundable) and threatened legal action. 

Since my listing shows that I don’t provide linens, I let them cancel. Fourth of July weekend is one of my highest revenue weekends and I didn’t feel I was in the wrong to take any financial hit.

Any advice on next steps to protect myself from a legal perspective or how these situations should be handled going forward?