All Forum Posts by: Mark F.

@Jonathan Klemm, I will try to make this one, sounds like a good time.

@Thomas Gonzalez hey Tom long time no talk hope all is well with you and the family, Reach out to @Susie Wendel she and her brother in law Paul just finished a cute little place in Elgin recently and are doing short term rentals.  

Susie meet Tom, Tom meet Susie   

Either or both can hit me up off line if you'd like a more formal introduction 🤗

Mark 

@David Green I think the first question is are they willing to pay $8000 more then the appraised value? If they are just have them pay in cash and the mortgage company wont care in the least as it wont change their down payment or DTI. If they are not willing to pay more then the appraised value then its a moot point.

@Shyam Panchal most everything else has been commented on and you have good advice already, I only want to mention about the water heater. Just because it as manufactured in 2009 doesn't mean a used one was installed, I had one that was brand new in a box that was in storage until I needed it and sat that way for 5 years. I had actually got it free with a rental I bought that they had installed a brand new water heater and it stopped working, the manufacturer sent them a new on then they determined the problem wasn't with the original water heater to begin with and the manufacturer told them to just keep it. Anyway, my point is technically when I did finally install that one it was brand new and its life expectancy would/should be the same as if I went to Home Depot and picked on up that day.  Just fyi, truth be told you should be able to look at the installed water heater and if it was recently installed or not. If its really been there for 12 years there will be tell tale signs like the amount of dust on it, how the vent stack piping looks and if there is any slight corrosion on it or new/fresh screws, newly soldered copper joints, etc.   

@David A Slocum I've done it and could explain it but I will let my lender @Zack Karp give you a better explanation. I have done both, gotten 100% of my purchase and closing costs back on delayed financing AND have also done it with the construction/renovation costs included but those costs (contractor pre-paid) for at the time of original purchase. Of course the appraised value has to support getting all of you $$$ back out @75% cash out.  IE:  purchased for $100K, $50K in renovations - appraised at $200k     $200k x .75k = $150k

Not the first time it's happened, saw this one a few months ago and looks like after 15 months they finally got possession in CA

https://losangeles.cbslocal.co...

Yes, Illinois statute does allow for reasonable charges for work performed by the owner and states "If the lessor utilizes his or her own labor to repair or replace any damage or damaged items caused by the lessee, the lessor may include the reasonable cost of his or her labor to repair or replace such damage or damaged items". I understand some states do not allow this but I would argue that in the case where they agreed to it up front with the signed agreement that it should be allowed but as we all know the Judge can decide however they see fit.

Hi @Kate K. you are in Illinois, if you plan to keep any of the security deposit

you must inform them and return any remaining balance within 30 days, if you are going to return the security deposit in full you have 45 days. With that being said you need need to provide "estimated or actual cost for repairing or replacing each item on that statement, attaching the paid receipts, or copies thereof"
https://www.ilga.gov/legislati...  

I includ this security deposit agreement form on all of my leases, it clears up how much should be charged for what. Obviously it can't cover every possible situation but it will cover most, the other charges are typically covered by an invoice/receipt and proof of payment.

Mark 

@Scott Lyons I've offered to pro-rate/credit the rent for the day(s) that the shower was out of service as long as it can be done within 2-3 days. I feel this is more then fair for a short term inconvience, as @Nathan Gesner mentions they are still able to use and enjoy the rest of the house. 

@Tyler Jones welcome and you've come to the right place to learn and connect! I've personally connected with many that have already commented and they are the real deal and can/will help you in your REI journey.

Mark