All Forum Posts by: Jarrett Harris

How long have you had this tenant? If they just moved in this month, I would look into refunding his money and releasing him from the lease. This is starting to look like this person will be a pain.

@Sam Leon 

I think you are speaking of a rider. Yes Celebrities and public speakers have those. You pay to be in their company. This guy is TENANT. He ain't special.  

Just remember when you take out a loan on your 401K you are locked into that job until the loan is paid back. Also remember you will be repaying pretax money with after tax money. (I think)

You probably want to look up Lisa Phillips on this site.

I think Mark and I have a similar line of thinking. I too am an engineer with a desk job. However yesterday  after I left work, I went to go supervise workers flipping one of my units. I enjoyed every minute of it. I am in my mid 30s but am doing this so I can be in a very comfortable position by the time I reach 50

Welcome

This happened to me in my 4-plex last winter. End up replacing 2 of the 4 boiler units ($$$Ouch$$$).....Anyway the company that I use actually loans out space heaters for customers to use while they work. I have 1 boiler left that is about 30 years old. I am praying to get 2 more years out of it before I replace it.

As others have said, you need to really evaluate how important it is to you to get the current tenants out so you can rehab. If they are not tearing up the property and paying their rent on time them it is probably worth keeping them around for a while. Are you simply not confortable with renovating one unit at a time or do you really just want to do it all over and done?

If both of your tenants are paying their rent on time I would not make too much of an issue out of this. The tenant that has a 6 month lease will be gone soon anyway. Would they happen to be the one with the drunk boyfriend?

I noticed you are in Chicago. I would try to work with the tenant at this point. That would include as @Steve Babiak said getting it in writing from the father he will pay for whatever his son can't. If you started the eviction process now, he MIGHT be out by sometime in October. Chicago/cook county makes it very hard for landlords in situations like this.

@Joe Fornasiero 

Congrats Joe, I think you are making a good decision here. I tried to do the same thing while in college at your age but it just didn't work out. Now almost 10 years later I just purchased my first 4 unit back in October. So far I have had to do some minor roof repairs, evict one family, and replace 2 of the four Boiler units. Please make sure to vet all of your present and future tenants.