All Forum Posts by: Justin Johnson

First time landlord here! First tenants in July. It was difficult to verify income because of cash paid construction jobs, but previous landlord confirmed they never missed a payment. They have been late three months in a row. Paid on time with a bad check all three times. First two times payment was made shortly after and additional fees paid. This month they have yet to pay. Because income wasn't verified we asked for first AND last month rent in addition to deposit. Can I send an eviction notice at this point for non-payment? Technically I am paid in full until the end of this month. Also, can I accept partial payment and still be able to evict? I'm a landlord in IL.

Closed on my first single family rental 21 days ago. Listed it immediately with the disclaimer it was being rehabbed (nothing major, but lots of little stuff). We have had at least 12-15 groups/families walk through and take applications during the rehab. Only one filled out and returned it but she put a false landlord which quickly eliminated her. The house is 90% rent ready with only a few things left to do, but I'm stressing about not having more applicants. How long do your units stay vacant before they are filled? At what point do I consider lowering the asking price? I live in a town of 25,000 people and there are only 5 houses to rent -- mine is the cheapest!

Matthew Olszak Is there a website you use for ACH? I'm assuming there are fees associated with this method.

Jared Bouzek Refinancing at $112,500 gives a margin on the original loan of roughly $30k....does the bank cut you a check for that $30k free and clear or does that come as a line of credit?

Jared Bouzek Thanks for clarifying. So if the above example was initiated with 20% financing and $20k rehab the end result would be the same. I would be able to recoup all but about $7,500 of the invested $40k. Assuming I take that money for another down payment on a second property then I would actually be paying double interest, correct? One for the refinanced loan amount and one time for the new property loan amount? Is this right?

I understand the acronym, all except the details of refinancing. How do you "pull out" your invested money by refinancing? Or is this R referring to taking out a HELOC? Please explain at "dummy" level with detailed and step by step examples. Thanks, Newbie

I will be closing on my first rental in 3 weeks! I'm trying to decide which is the way to go (or if it really makes much difference)? Should I get $1M in liability insurance as part of my home owners insurance or only get the minimum liability and a $1M umbrella policy?

I recently got my first property under contract in Belvidere and am looking to build my team. I'm looking for a Tax advisor/accountant. Craig Wilcox would it be helpful to create a WIN Facebook page? If there already is one I can't seem to find it. Perhaps a FB page would just be redundant.

I'm from Belvidere, and just got my first rental property under contract, so not any more experienced than you, but I do have a great (investor knowledgeable) realtor if you're looking. 

I began negotiations on a HomePath property on March 10th. This my first real estate investing purchase.... planning on using for buy and hold. It took almost 4 business days to get an initial response and we have been back and forth ever since. I get my countesr in same day followed by 3-4 days of waiting. On Friday I finally agreed to their latest counter. It has now been two complete business days and still no response. What gives? Is this a common scenario? It's been hard enough to wait 3-4 days between counters, and now still waiting to finalize my acceptance. My realtor has followed up multiple times over the last two days and not even getting a response from the listing agent.