All Forum Posts by: Pavel Yurevich

Great question! I always wondered about that. "Five hundred units in five years!" How the heck do you do that, where do you get the money?

I have 5 units now, and for me, it was a combination of sources, but the biggest one was my parents. They bought a condo for me with cash in 2011, it was a $62K foreclosure, . Three years later I was able to refinance it, appraised at $140K, I took out a HELOC of $105K and financed the acquisition of my remaining 4 units. My wife and I have good jobs and about $20K in savings, but were it not for that condo, we would never begin investing.

Google Wallet - have your tenants link their debit cards to it for immediate money transfer. Never had a problem with it, and it's free!

Hi, fellow BiggerPockets readers! I'm looking to buy a duplex in the suburbs of Chicago, and a financing question came up. I'm going to do a house-hack on a duplex - occupy the downstairs unit, rent out the upstairs unit. My financing for this one is FHA. Question - if the upstairs unit has only one entrance, can I do FHA on it? Would I have to do conventional? Would I be able to do conventional? Thanks a lot in advance for any input!

Hi, Dustin!

It seems that you're at day 0 of your RE career. Start with getting educated, first and foremost. BP has a ton of resources - webinars, guides, ebooks; use those to advance your knowledge and you'll know where to go. 

Good luck!

@Scott Steffek @Dale Stevens

Hi, Everyone!

I cannot say that I checked with my lawyer, which I will; again, this clause was borrowed from a lease of a property management company that runs a multi-million portfolio in the suburbs of Chicago, and I have to admit, I trusted their advice. 

Again, my tenants have the same out - I'm not trying to play anyone. 

It makes little sense to me though that if the tenant tricks you into signing the annual lease and then turns out to be a major pain in the nec , you'll be stuck with them for a year. 

Let's say the tenant does not break the lease but starts calling you names every time they see you - and your efforts to bring them back to their senses fail. What is your out? Do you put up with the hostile behavior? 

Originally posted by @Kimberly H.:

@Pavel Yurevich You didn't say 30 day notice before, it sounded like next day notice.

But that only applies if it's a month to month lease.

 Good Morning!

I beg to differ. 

The lease is annual, but if the tenant causes me a headache, or turns out to be a slob, this is my out. 

The same was the case with the property management company - their lease are annual, and the clause is in the lease. 

@Pavel Yurevich "I have a clause in my leases - landlord can terminate the lease without cause by giving a written notice to the tenant. I hope you have that too."  Enjoy defending that one in court if the tenant does not have the same rights. 

 Thanks for your concern!

They do. 

Originally posted by @Kimberly H.:

@Pavel Yurevich "I have a clause in my leases - landlord can terminate the lease without cause by giving a written notice to the tenant. I hope you have that too."

There are lots of gurus out there who sell "leases" with all kinds of unenforcable clauses, like that one.

Good Morning!

I beg to differ. 

I borrowed this clause from a property management company that operates a multi-million dollar portfolio in Chicago suburbs - it's called a 30-day notice - has to be in writing and the tenant's lease is terminated at the end of next month after delivery. 

@Linda S.

Hi, Linda!

It's a relief to hear that :) I'm glad things got better, it really irks me when people make unreasonable requests and then get upset when the landlord declines to deliver. 

@Linda S.

I would try to find a way to get rid of them. If they are giving trouble to all of your neighbors, they are bound to bring trouble to you. I can already see one potential scenario - they may be badmouthing you to all of their acquaintances - saying that you're a slumlord and they live in a run-down property and you declined to make repairs when they asked. Who cares that they are misrepresenting the truth and lying through their teeth - this behaviour would be consistent with their other actions. 

I have a clause in my leases - landlord can terminate the lease without cause by giving a written notice to the tenant. I hope you have that too. 

If you're not looking to get rid of them , ask yourself this - are you looking to live in a happy community, or are you looking to have a tenant that isolates you from everyone else? Can you talk to your neighbors without feeling sorry? Can they talk to you without squirming?