All Forum Posts by: Phil Parris

Devang,  We had a free & clear property that was vacant we were considering for rent; In my area we estimated it would rent for roughly $1k per month. Which we believe is good cash flow.  We also spoke with our trusted realtor; we had our realtor assess the home and of course our realtor suggested making some updates and listing it. We went with our realtors suggestion.  Id say we spent about 8k in updates and took about a month to get it looking how we wanted. OMG we received multiple offers some up to 20k over our listing amount. We had soooo many offers we jokingly accused our realtor of starting a bidding war.  Long story short, after doing the math it would take roughly 12.5 years to get our offer amount by renting; yeah we understand homes usually appreciate over time; however in these current times where demand is super high; and all the red tape surrounding landlords; Id say cut sling load and sell. Go with the flow of the sellers market and Cash Out!   

@ Tim, agreed, relationships are vital, and glad to hear you were able to work it out with your tenant. We've tried offering help to the tenant such as waiving late fees, offered free rent for a month so tenant could use those funds to find another place and move, but didn't work. Tenant claimed no one would accept her application, and after research we found tenant had been evicted before, didn't tell us and we didn't know. So we have learned a lot from this experience and will definitely be tightening our shot group.  So right now, just waiting it out. Thanks for the feedback. 

@ Aj, best of luck in your eviction situation; I hope you're able to get your $6K back. We are approaching $10K loss on this particular property, fortunately for us other tenants are paying on time, so this helps a bit. Guess we need to tighten up our screening process.  

We have a rental property in which the tenant was kicked off Section 8 right before COVID hit.  Tenant wouldn't answer calls, email or text, and hasn't paid a dime. We took tenant to court (36th district). Hearing was in Feb and judge granted a 3 month adjournment without even hearing the plaintiff (our attorney)..SMH. Next virtual hearing is this month. Now that the moratorium has been extended until June,(thanks Joe) we anticipate tenant may get yet another adjournment. I've heard landlords may be eligible for landlord assistance programs providing about 80% back rent. However, even if offered this assistance we are skeptical about taking it.   Additionally, we are almost positive tenant is receiving unemployment, stimulus checks, and other income but just wont pay.  Really feel like knocking on the door but was advised by attorney not too as this could cause "tension" and favors toward tenant.  Anyone other landlords experiencing this?   

I just saw this and it was very depressing.  Stimulus receiving, capable but non-paying tenants get yet another break. 

Thanks Joe