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All Forum Posts by: Martin Neal

Martin Neal has started 20 posts and replied 288 times.

Post: Where do bad credit tenants go to rent?

Martin Neal
Pro Member
Posted
  • Rental Property Investor
  • Chicago, IL
  • Posts 293
  • Votes 381

@Johnny Quilenderino there is always landlords willing to give people another chance. You may need to call on their behalf and talk them up but I see it all the time. Some landlords in my area don’t even look at credit score! I’m not sure where he is staying now but I would tell the client to start paying off the lowest debt to improve his credit. Good luck.

Post: Enforcing purchase contract - seller canceled breaching contract

Martin Neal
Pro Member
Posted
  • Rental Property Investor
  • Chicago, IL
  • Posts 293
  • Votes 381

@Greg Gaudet if you got the property for much less than what it’s worth, you have to re-run your numbers and decide whether you can make the deal work without any seller credits. He’s not obligated to give you credits but is obligated to close within the agreed upon time. You have no wiggle room. You will not be granted extensions by the seller if your suspicion is correct. Good luck.

Post: First Deal! Now how do I raise the rents?

Martin Neal
Pro Member
Posted
  • Rental Property Investor
  • Chicago, IL
  • Posts 293
  • Votes 381

@Donald MacMillan Be upfront and honest. Tell them that rent is half of what is should be and you will be raising rents on a future date. Give them time to either move or adjust.

Post: Tenant's credit at 524

Martin Neal
Pro Member
Posted
  • Rental Property Investor
  • Chicago, IL
  • Posts 293
  • Votes 381

@Frank Agyeman-Duah I don’t do less than 600. Typically, anything less than that is always paying late or on the eviction list.

Post: Another Successful BRRRR in Chicago!

Martin Neal
Pro Member
Posted
  • Rental Property Investor
  • Chicago, IL
  • Posts 293
  • Votes 381

@Ola Dantis thank you!

Post: Another Successful BRRRR in Chicago!

Martin Neal
Pro Member
Posted
  • Rental Property Investor
  • Chicago, IL
  • Posts 293
  • Votes 381

@Ricardo S. 3 months. Our rehabs usually take a little more time that the average rehab. This could have been done in 2 months if I used a GC.

Post: Another Successful BRRRR in Chicago!

Martin Neal
Pro Member
Posted
  • Rental Property Investor
  • Chicago, IL
  • Posts 293
  • Votes 381

@Tony Angelos thank you!

Post: Another Successful BRRRR in Chicago!

Martin Neal
Pro Member
Posted
  • Rental Property Investor
  • Chicago, IL
  • Posts 293
  • Votes 381

@Kenton LeVay thank you!

Post: Another Successful BRRRR in Chicago!

Martin Neal
Pro Member
Posted
  • Rental Property Investor
  • Chicago, IL
  • Posts 293
  • Votes 381

@Jonathan Klemm thank you! Chicago, southeast side.

Post: Another Successful BRRRR in Chicago!

Martin Neal
Pro Member
Posted
  • Rental Property Investor
  • Chicago, IL
  • Posts 293
  • Votes 381

@Mark Ainley awesome! Thanks!