All Forum Posts by: Quincy Lockett

@Jillian Campayno

How is the beneficial to landlords outside of Massachusetts?

@Nathan Gesner

Unfortunately in Illinois you can not stop a tenant from moving in another person that’s not on the lease. Part of the reason why I started buying next door in Indiana.

@Mike Dymski

Is the project new construction or re-purposing an existing structure?

@Demetrius Davis

My 3/2 condo in Bronzeville IS high end and renovated.

@Demetrius Davis

60653 zip code: 3 Bedroom: $1,550 for 2023

They publish these numbers at the HUD Fair Market Rent website. I've heard you can negotiate based on Comps but I have no proof of that. The website states that only commercial properties can negotiate based on Comps.

Market rate in 60653 is around $2,200/month for 3 bedrooms making it unlikely landlords would accept a voucher holder. I own a 3/2 in Bronzeville and I have a market tenant because of this.

@Bruce Woodruff

It depends on the market and the property. What I’ve found is that glamor photos get a lot more attention but it gets a lot of dreamers too who presume the property is perfect. This leads to a waste of both the agent AND the buyer’s time showing to “dreamers.” With certain properties it is best to present it in the least flattering light. You get less interest but the interest that you do get are That way the people that show interest are more likely to be legitimate buyers.

@Quincy Lockett

Also, I’ve started purchasing in Indiana. A much more landlord friendly state. Move that capital to a more reasonable state.

@Austin Smith

I thoroughly understand your plight. I’m in Illinois. Probably one of the worst states in the country for landlords. They’ve just changed the law that landlords now must give 90 days notice to not renew even if the tenant is monthly. Also, even if you do prove non-payment before the court the tenant now has a 1 time “get out of jail free” card in which they can stay as long as they pay past due rent plus a paltry $200 for plaintiffs attorney fees!

Your problem is not real estate investing. It’s WHERE you are investing. I can safely assume you are renting to the working poor. This is the most difficult sector to be successful as an investor. I have come to the conclusion that you (and I) should probably sell everything and move that capital to higher earning demographics. These sectors have lower eviction rates, clearer communication, higher appreciation but lower cash flow. I’m 100% OK with that trade off and I presume your are too.

@Vashist Dhanani

Average income for a Realtor is $45K per year. You have very little control over those numbers. Yes the typical “work harder”, “join a great brokerage” all sound good. But the Pareto principal exists for a reason. Unfortunately in America, EVERYONE believes they are the 20% exception until year 2 of being a Realtor, making scraps and the bills are due (they don’t tell you about the countless licensed Realtors that stop practicing every year). And realtor training and continuing education PREYS on that naïveté as capitalists are supposed to. It is not a career I would bet on for financial success unless I had a solid connection of inheriting high net worth clientele. My advice. Work a solid 9-5, save money and invest in rentals. At least the 9-5 paycheck is steady.