All Forum Posts by: William Powell

10 years would make your payment sky high. Probably too high to cash flow. Plus you are doing a small downpayment. I'd be careful here seeing you are new. There are people out there who prey on newbies. They set you up under unfavorable terms (acting like they are a mentor or older brother) only to take the property back after a year because you can't make the high payments. The seller would end up getting what is essentially rent from you, all the while betting on you defaulting. You'd be breaking your back and your piggy bank trying to spruce up the place and rent it, struggling your butt off to the point of health problems. Be careful my friend 

The Chicago ordinance is basically law. 

1. Looking at how it reads you have to wait another month and a half to be at the 120 day mark. Then start the rental increase or eviction or whatever. 

Has the tenant been there over 3 years or under? You stated you guys signed the contract a year ago. If it's under 3 years, you are good. 

Send him a 15-day notice and evict him for subletting and failure to abide by the lease agreement.  Im not sure why he isn't in default. In my state, if the tenant is a "no-show", I win by default. Since you are out of state, an eviction lawyer should handle this. After you get your judgment the process server may handle the eviction as well(the physical part.) Contact a process server and eviction lawyer. Could you include the judge's reasons for not placing him in default?

Kill two birds with one stone. Build a metal gate or fence,  separating the two properties.  

I've been using these twist on slim LEDs. No problems for years. 

I've been removing older looking fans for the slim LEDs, especially if the place has low ceilings. LEDs seem to eliminate another short phone call to change a bulb because a tenant isn't sure how to remove the glass cover.

1. Save a nice bag. Buy a property under 100k and well undervalued. Use your sweat and do most if not all of the fixup. Refi and you're in the game. 

2. Save a bag. Buy a lot then ask the bank to fund your building of a spec home you plan to live in and sell it after a year or so. This one has more moving pieces and you could lose your shirt. 

or Become a real estate agent and stick your toes in the water.

or Become a bird dog for a large investor you know and learn all you can from him or her. 

*This is not everything but just gives you some ideas. 

My Lease doesn't single out Marijuana. My lease says illegal drug sales, production, use, etc. This verbiage will cover all illegal drug activity. Another thing you can do is make the facility or home a non-smoking unit. I'm starting to do this to my properties. This covers any smoking plus it voids their security deposit if they are good payers but I catch them smoking anyways.  It definitely makes turnover easier.

At 4.5% and 20% down this would cashflow nicely at 30yr amortization. In the owner finance, deals I've done, the owner became very friendly and flexible when I offered 20 - 25% down. 

1. You could you borrow the 20% down from another source then pay them back plus some interest in four years from the equity and a piece of the monthly cashflow. 

2. Ask the owner to carry the downpayment for four years during which time you give him $500 of the cashflow for four years or until you can refi out.

3. Work your but off until you can get the $46k and come back ready to wheel and deal. You may be able to negotiate the price down some more when the seller sees your serious business.

BTW: I'm assuming it's a nice deal in a good area. I'd like to know more about this property and it's location because these are knee-jerk reactions.

I had this issue when I refinanced a free and clear property. The problem: I've got twelve properties and the refinanced one was losing $70 a month after paying taxes and insurance.

I bit the bullet because I needed the cash to rehab another property but shortly increased rents across all my properties to balance the books.

I increased rents on all units creating another $900 out of thin air. My commercial bldg received a $500 increase and the other units totaled $400 in increases. Wow, $900 just like that! This is what I did and I hope it helps.