All Forum Posts by: Jarrett Harris

Welcome

@ Sharad

Did not like the properties.

The first one we bid on looked really good on the outside had a low price, and was supposed to be fully rented and had a garage. When my wife and I actually went to view the property we found out that the supposed 2 bed 1 bath units actually weren't bedrooms. The rooms were so small they had no closet space. The building was actually only 50% occupied. It is still for sale.

http://www.realtor.com/realestateandhomes-detail/6404-06-Jefferson-Ave_Hammond_IN_46324_M41729-71010?row=8

The other property we bid on was pretty decent but not worth the asking price. Even though a lot of updates have been done, there were still more issues that needed addressing. The tenants (in my opinion) are getting a break on their rent. THe place is still for sale, Over priced by about 25 grand in my opinion.

http://www.realtor.com/realestateandhomes-detail/8-Waltham-St_Hammond_IN_46320_M46252-08262?row=3

Looking forward to seeing this. My wife and I made offers on two properties in Hammond, IN before we ended up with the one in calumet city.

@Steve

Yep Section 31 of my lease. The problem is their only source of income is the husband's medical disability check. I think it would be kind of hard to sue them. I am actually going by my building today for something else. I will try to talk to them while I am there.

http://www.biggerpockets.com/forums/52/topics/117232-start-eviction-porcess-or-take-tenants-word

See my similar situation

I am still a new landlord. (just 4 months now) I go by my 4 unit at least twice a week to check on things. I usually text my tenants 2 days before their rent is due and ask when is a good time for me to come collect. I usually collect face to face (checks, cash, or money order). I have also gotten permission from a tenant to let myself in and pick up the check when they are not home. I always give a receipt.

So I'll try to make a long story short. I have a tenant that I inherited when I bought the property back in October. They have never paid in full or on time. Their lease runs out the end of this month and I told them about 3 weeks ago I was not going to renew it. I offered them $250 cash to be out by March 15th if they paid what was owed for this month and last month. They only made a partial payment. I told them deal was off and they need to be out by the 28th of Feb. They say they won't be able to move until the 15th of March. I have talked to my lawyer and it is going to cost $902 to evict them. (more than half of that is cook county IL court fees and such).

My question, do I wait and see if they will really leave by the 15th of next month or simply pay the $900 to start eviction now (which will still take about 6 weeks to get them out) I am concerned that if I pay the $900 and then they leave 2 days later. I am out $900 for nothing.

Yep, I just saw this on the news this morning.

Let me add my 2 cents since my wife and I just did this last year for our first investment property back in October. My wife left a previous employer a couple of years ago. She had a pension and 401K that was not growing much. We completely cashed it out along with a few "in service" withdrawals from my current employer. Yes there was a penalty but I just looked at it as converting the retirement plant from one form to another. Our property is producing a profit and should only grow in the future. I also had some extra tax taken out when I made my in service withdrawals. We should have to little to no extra taxes to pay when we do our taxes in the next month or so. The way I look at it the building will produce money we can use now and pad our retirement later in life. I am 33 she is 32

@ Colleen F.

She said her wallet was stolen when she briefly left out of her apartment. She left her door unlocked. The second time she said her laptop was stolen she locked the bottom (knob lock) but it is not very secure and easily bypassed. The third time someone kicked in her door she was not on the premises. The assailant(s) did not get all the way in her apartment but did enough damage for the police to temporarily screw it shut for her.